Kaynes Technology Ipo date: Kaynes Technology IPO to open on November 10
Incorporated in 2008, Mysore (Karnataka) based Kaynes Technology is an IoT solutions-enabled integrated electronics manufacturing company.
The issue consists of issuance of fresh equity shares worth Rs 530 crore whereas existing shareholders and promoters will offload 55,84,664 equity shares via offer for sale (OFS).
Promoter Ramesh Kunhikannan will sell up to 20,84,664 equity shares, whereas another shareholder Freny Firoze Irani will offload up to 35,00,000 equity shares in the OFS.
The company has trimmed the fresh issue from Rs 650 crore earlier. Kaynes Technology will announce its price band two days before the opening of the issue.
The net proceeds from the fresh issue will be utilised towards repayment or prepayment of certain borrowings, funding capex for expansion of existing manufacturing facilities, investments in its subsidiary, working capital needs and general corporate purposes.
The company provides manufacturing and life-cycle support for players in the automotive, industrial, aerospace and defence, outer-space, nuclear, medical, railways, Internet of Things (IoT), Information Technology (IT) and other segments.
Kaynes Technology operates eight manufacturing facilities across India in Karnataka, Haryana, Himachal Pradesh, Tamil Nadu, and Uttarakhand.
The company, which filed preliminary IPO papers with Sebi in April, obtained its observations letter on October 6. In Sebi’s parlance, the observation implies its go-ahead to launch IPO.
For the year ended on March 31, 2022, it reported a net profit of Rs 41.68 crore with a revenue of Rs 706.25 crore. For the three months ended June 30, 2022, its net profit stood at Rs 10.46 crore with a revenue of Rs 199.27 crore.
DAM Capital Advisors and
are the book-running lead managers to the issue, whereas Link Intime India has been appointed as the registrar to the issue.
Gloss