Kaynes Technology GMP Today: Kaynes Technology, a leading end-to-end and IoT (Internet of Things) solutions-enabled integrated electronics manufacturing company, opened for initial public offering (IPO) subscription between November 10 and 14. The IPO has received 34.16 times subscription with 35.76 crore bids against 1.04 crore shares on offer, revealed NSE data. The price band for the issue is Rs 559 to Rs 587.
Quotas set aside for retailers and non-institutional investors were each subscribed 21.21 times and 4.1 times where a portion of qualified institutional buyers (QIBs) was subscribed 98.47 times.
Latest GMP of Kaynes Technology
Market analysts claim that Kaynes Tech shares are currently trading at a grey market premium (GMP) of Rs 220, an increase from the previously projected GMP of Rs 195–200. This means that Kaynes Tech shares could get listed around a price level of Rs 807 (Rs 587 + 220).
After the finalisation of allotment last week, the company’s shares listing is expected to make its debut on stock markets on Tuesday, November 22.
The company is planning to raise Rs 857 crore from the IPO, which comprises a fresh issue of Rs 530 crore and an Offer For Sale (OFS) worth Rs 327 crore. Ramesh Kunhikannan, the promoter, and Freny Firoze Irani, an existing shareholder, each sold 20.84 lakh and 35 lakh equity shares as part of the OFS.
The latest issue’s proceeds will be utilised to pay off debt, support capital expenditures for the company’s manufacturing sites in Mysore and Manesar, and meet working capital needs. In addition, the business intends to invest in Kaynes Electronics Manufacturing Pvt Ltd to build a new plant in Chamarajanagar, Karnataka.
Kaynes Technology, founded in 2008 offers conceptual design, process engineering, manufacturing services, and life-cycle support to major organisations in the defence, automotive, aerospace and nuclear, medical, railways, and several other segments. The company operates eight manufacturing facilities in Haryana, Himachal Pradesh, Karnataka, Uttarakhand, and Tamil Nadu.