Kaynes Technology has fixed the price band of its forthcoming initial public offer (IPO) at Rs 559-Rs 587. The issue will hit the primary market on Thursday, November 10 and conclude on November 14. It would consist of a fresh issue aggregating Rs 530 crore and an offer for sale of up to 5,584,664 shares.
The selling shareholders included Ramesh Kunhikannan (promoter, up to 2,084,664 shares)and Freny Firoze Irani (investor, up to 3,500,000 shares). Investors could bid for a minimum lot of 25 shares and in multiples of 25 shares thereafter. The offer would include a reservation of up to Rs 1.5 crore for subscription by eligible employees.
Kaynes Technology is an end-to-end and IoT solutions enabled integrated electronics manufacturing player, with capabilities across the entire spectrum of electronics system design and manufacturing (“ESDM”) services. It had an order book of Rs 2,266.26 crore as of June 30 , with orders from several customers across business verticals.
Among the listed space, Kaynes Technology competes with Dixon Technologies India Limited, Syrma SGS Technology and Amber Enterprises India.
The company had in consultation with book running lead managers to the offer had undertaken the pre-IPO placement of 2,338,760 at a price of Rs 555.85 per share, aggregating up to Rs 130 crore. The pre-IPO placement was comprised of a private placement of 1,439,237 shares to Acacia Banyan Partners (Rs 80 crore on October 12) and 8,99,523 shares to Volrado Venture Partners Fund II (₹ 50 crore on October 14).
Kaynes Technology has eight manufacturing facilities in India, in the states of Karnataka, Haryana, Himachal Pradesh, Tamil Nadu, and Uttarakhand, allowing it to service its customers efficiently and cost-effectively. It had a combined capacity to assemble over 1,500 million components on an annualised basis, as of June 30.
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