Amid volatile markets and a revival in the primary issue market, integrated electronics manufacturer Kaynes Technologies Ltd. launched its initial public offering on Nov. 10.
The IPO was subscribed 0.23 times on day 1. The bidding was led by employees.
The largely Karnataka-based electronics maker is raising Rs 530 crore in a fresh issue and offering around 55.84 lakh equity shares at Rs 559 to 587 apiece in the IPO that closes on Nov. 14. The company made a pre-IPO placement at Rs 555 per share in October 2022.
According to the company's red herring prospectus, at the upper end of the price band, the IPO is expected to fetch Rs 857.8 crore. Both the promoter and investor shareholders are looking to offload up to 55.84 lakh company shares.
Promoters and the promoter group hold 63.8% of the post-issue paid-up equity share capital.
The company is valued at Rs 3,413 crore at the upper end of the price band. The offer constitutes 25% of the post-issue equity capital.
IPO Details
Duration: Nov. 10-14.
Fresh Issue: Rs 530 crore.
Offer for sale: Rs 327.8 crore.
Price band: Rs 559–587 per share.
Issue size: Rs 857.8 crore at the upper end of the price band.
Face value: Rs 10 apiece.
Lot size: 25 shares and multiples.
Listing on: BSE and NSE.
Lead managers: DAM Capital and IIFL Securities.
Subscription Status: Day 2
The IPO was subscribed 1.1 times as of 5 p.m. on Nov. 11.
Institutional investors: 2.45 times
Non-institutional investors: 0.77 times
Retail investors: 0.47 times
Employee Reserved: 3.22 times
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