Kaynes Tech IPO value band set at Rs 559-587/share; problem opens on Thursday

Kaynes Technology India Limited (KTIL) on Monday fastened the worth band at Rs 559-587 per share for its Rs 530 crore-initial public providing that can open on November 10.

The Initial Public Offering (IPO) will conclude on November 14. The bidding for anchor buyers will open on November 9, in accordance with the Red Herring Prospectus (RHP).

The firm has reduce the recent problem measurement to Rs 530 crore from Rs 650 crore deliberate earlier. Besides, there can be an Offer For Sale (OFS) of as much as 55.85 lakh fairness shares by a promoter and an present shareholder.

The OFS contains sale of 20.84 lakh fairness shares by promoter Ramesh Kunhikannan and 35 lakh fairness shares by present shareholder Freny Firoze Irani.

Proceeds from the recent problem might be used to repay debt, funding capital expenditure for its manufacturing services at Mysore and Manesar and funding working capital necessities.

Also, the corporate plans to spend money on its arm Kaynes Electronics Manufacturing Pvt Ltd for organising a brand new facility at Chamarajanagar in Karnataka.

Mysore-based Kaynes Technology is a number one end-to-end and IoT (Internet of Things) solutions-enabled built-in electronics manufacturing participant, having capabilities throughout your complete spectrum of electronics system design and manufacturing providers.

The firm has eight manufacturing crops in Karnataka, Haryana, Himachal Pradesh, Tamil Nadu and Uttarakhand.

DAM Capital Advisors and IIFL Securities are the book-running lead managers to the problem.