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IPO

Kaynes Technology India IPO subscribed 34.16 times

Business Standard  

The initial public offer (IPO) of Kaynes Technology India was subscribed 34.16 times, receiving bids for 35,76,22,925 shares against 1,04,70,246 shares on offer. Ahead of the IPO, Kaynes Technology India raised INF 256.89 crore from 28 anchor investors. The board allotted 43.76 lakh shares at INR 587 each. The price band of the IPO is fixed at INR 559 to INR 587 per share. The issue comprises both fresh issue of equity shares by the company and offer for sale by promoter selling shareholders. Fresh issue of equity shares aggregates to INR 530 crore. The offer for sale involves selling of 55,84,664 equity shares [20,84,664 equity shares by Ramesh Kunhikannan (promoter) and 35,00,000 equity shares by Freny Firoze Irani. Of the net proceeds from the fresh issue, the company plans to use about INR 130 crore for repayment of debt, INR 98.93 crore towards expansion of its Mysure and Manesar facilities, INR 149.3 crore for investment in Kaynes Electronics Manufacturing, a wholly owned subsidiary that is setting up a new facility at Chamrajnagar, INR 114.74 crore for working capital funding and balance for general corporate purposes.