Kaynes Technology IPO to open on Nov 10: Here’s everything you need to know

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.

Here are things to know about Kaynes Technology IPO:

1) The IPO is will be open for subscription on November 10 and will conclude on November 14. The bidding for anchor investors will open on November 9

2) Kaynes Technology has fixed its price band in the range of ₹559-587 apiece.

3) The issue consists of fresh equity shares worth ₹530 crore. The existing shareholders and promoters will offload 55,84,664 equity shares via offer for sale (OFS).

4) Promoter Ramesh Kunhikannan will sell up to 20,84,664 equity shares, shareholder Freny Firoze Irani will offload up to 35,00,000 equity shares in the OFS.

5) 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.

6) The company undertook pre-IPO placement of 23,38,760 equity shares at a price of ₹555.85 apiece to Acacia Banyan Partners and Volrado Venture Partners Fund II aggregating to ₹130 crore.

7)DAM Capital Advisors and IIFL Securities NSE 0.50 % are the book-running lead managers.