Kaynes Technology IPO opens right now: All it’s worthwhile to know

Kaynes Technology IPO GMP right now: The preliminary public providing (IPO) of Kaynes Technology India, an IoT solutions-enabled built-in electronics manufacturing firm, opened for subscription on Thursday, November 10, 2022. It opened for public subscription at 10 am and was subscribed round 5 per cent by 2:39 pm on the primary day of bidding.

It acquired whole bids for five,73,575 shares throughout each the inventory exchanges in opposition to 1,04,70,246 shares on provide, knowledge from National Stock Exchange (NSE) confirmed.

The Rs 3,413 crore Kaynes Technology IPO can be obtainable for subscription until Monday, November 14, 2022, and the value band of the corporate has been mounted at Rs 559-587 per share.

Kaynes Technology IPO includes a contemporary difficulty of Rs 530 crore and a suggestion on the market of as much as 55,84,664 fairness shares.

The OFS includes sale of 20,84,664 fairness shares by promoter Ramesh Kunhikannan and 35,00,000 fairness shares by current shareholder Freny Firoze Irani.

The web proceeds from the contemporary difficulty can be used for reimbursement/prepayment of sure borrowings availed by the corporate, funding capital expenditure in the direction of the enlargement of the present manufacturing facility at Mysuru, Karnataka, and close to their current manufacturing facility at Manesar, Haryana, funding of their wholly owned subsidiary Kaynes Electronics Manufacturing Pvt Ltd, organising a brand new facility at Chamarajanagar, Karnataka, funding working capital necessities of the corporate and normal company functions, as per the knowledge offered within the pink herring prospectus (RHP).

Half of the difficulty dimension has been reserved for certified institutional patrons (QIBs), 15 per cent for non-institutional traders and the remaining 35 per cent for retail traders.

Mysore-based Kaynes Technology India is an end-to-end and IoT (Internet of Things) solutions-enabled built-in electronics manufacturing participant, having capabilities throughout all the spectrum of electronics system design and manufacturing companies.

As of June 2022, the corporate has eight manufacturing amenities, one design facility, two service facilities and one packaging and dispatch facility in Karnataka, Haryana, Himachal Pradesh, Tamil Nadu, Uttarakhand, Kerala and Maharashtra.

Investors who want to subscribe to Kaynes Technology IPO can bid in numerous 25 fairness shares and multiples thereafter. At the higher value band, they are going to be shelling out Rs 14,675 to get a single lot of Kaynes Technology India. The shares can be listed on each BSE and NSE.

The candidates additionally should notice that the cut-off time for UPI mandate acceptance is Monday, November 14, 2022, upto 5:00 pm, the final day of IPO bidding. Further bids with confirmed standing of mandate quantity blocked (RC100) shall be thought of as legitimate purposes and therefore, traders are suggested to submit their UPI purposes in IPO properly upfront to keep away from any final minute technical/systemic constraints that will hamper their capacity to take part in IPOs by efficiently accepting the mandate.

DAM Capital Advisors and IIFL Securities are the book-running lead managers to the provide whereas Link Intime India is the registrar of the difficulty.

Before heading into the IPO, Kaynes Technology India on Wednesday raised over Rs 255.89 crore (Rs 2,56,89,59,127) from 28 anchor traders in lieu of 43,76,421 fairness shares at Rs 587 every, knowledge from the inventory exchanges confirmed.

The anchor traders embody Nomura, Goldman Sachs, ICICI Prudential Mutual Fund (MF), Axis MF, Aditya Birla Sun Life MF, Tata MF, HDFC MF and Aditya Birla Sun Life Insurance Company amongst others.

The analysis groups at Reliance Securities and PhillipCapital (India) of their respective IPO notes have given a “Subscribe” ranking to the provide.

Reliance Securities in its IPO notice stated, “Based on the FY22 earnings, the company is valued at 82x P/E, 38x EV/EBITDA and 5x EV/Sales. The company is IoT solutions enabled with end-to-end capabilities across the ESDM spectrum. The company aims to implement comprehensive backward integration measures by manufacturing in-house components and get into deep competencies in design of integrated circuits and chip sets. In view of strong financials, diversified business model, long-standing relationships with marquee customers, global certifications, strong supply chain and sourcing networks, we recommend ‘SUBSCRIBE’ to the issue.”

The share allotment is prone to happen on Thursday, November 17, 2022, and the shares are anticipated to be listed on Tuesday, November 22, 2022, in line with the timeline given within the RHP.