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IPO

Integrated electronics manufacturer Kaynes files papers to raise funds

Economic Times  

Mysore-based Kaynes Technology India Ltd (KTIL), an end-to-end and IoT solutions enabled integrated electronics manufacturer, has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO). The IPO consists of a fresh issue of equity shares aggregating to INR 650 crore, and an offer for sale (OFS) of 7.2 crore equity shares by a promoter and an existing shareholder. The OFS comprises sale of up to 37 lakh equity shares by promoter Ramesh Kunhikannan and up to 35 lakh equity shares by existing shareholder Freny Firoze Irani. The company may consider a further issue of equity shares for INR 130 crore. The proceeds from the fresh issue up to INR 130 crore will be used to repay debt and INR 98.93 crore will be used for funding capital expenditure for its manufacturing facilities at Mysore and Manesar. DAM Capital Advisors and IIFL Securities are the book-running lead managers to the issue. The company has eight production plants in Karnataka, Haryana, Himachal Pradesh, Tamil Nadu and Uttarakhand.