Public Market

IPO

EMS player Kaynes Technology attracts Rs.257-Cr from anchor investors

Business Standard  

Mysore-based Kaynes Technology India Limited (KTIL) has collected INR 257 crore from anchor investors ahead of its initial share sale. The company has allotted 43.76 lakh equity shares to anchor investors at Rs 587 apiece, aggregating to INR 257 crore. Nomura, Goldman Sachs, ICICI Prudential Mutual Fund (MF), Axis MF, Aditya Birla Sun Life MF, Tata MF, HDFC MF and WhiteOak Capital are among the anchor investors, it added. The company IPO comprises fresh issue of equity shares worth INRs 530 crore and an Offer For Sale (OFS) of up to 55.85 lakh equity shares by a promoter and an existing shareholder. Proceeds from the fresh issue will be used to repay debt, funding capital expenditure for its manufacturing facilities at Mysore and Manesar and funding working capital requirements. Kaynes Technology is a leading end-to-end and IoT (Internet of Things) solutions-enabled integrated electronics manufacturing player, having capabilities across the entire spectrum of electronics system design and manufacturing services. The company has eight production plants in Karnataka, Haryana, Himachal Pradesh, Tamil Nadu and Uttarakhand. DAM Capital Advisors and IIFL Securities are the book-running lead managers to the issue.