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Bumper listing of Kaynes Techonology’s IPO, listed at 32% premium rate from issue price

Kaynes Technology India IPO: Kaynes Techonology’s IPO has got a great listing on the Stock Excahnges. The company’s stock is listed on the National Stock Exchange at Rs 778 with a 32 per cent premium to its issue price. But currently the stock has come down from its high and now the stock is trading at Rs 680 with a gain of 16 per cent. With this listing, the market capitalization of the company is Rs 3993 crore. Kaynes Techonology raised money from investors in the IPO at a price of Rs 587 per share.

The IPO of Kaynes Techonology received a great response from the investors. The IPO was oversubscribed 34.16 times. The IPO was open on 10 November and investors could apply for the IPO till 14 November. The company had fixed the price band of IPO from Rs 559 to Rs 587. The Quota of Qualified Institutional Buyers was subscribed 98.47 times. While the quota of non-institutional investors was subscribed 21.21 times and the quota of retail investors was subscribed 4.09 times.

Kaynes Techonology has raised Rs 257 crore from Anchor Investors. Shares have been allotted to anchor investors at a price of Rs 587. A total of 43.76 lakh shares have been allotted to anchor investors. These anchor investors include Nomura, Goldman Sachs, Axis Mutual Fund, ICICI Prudential Mutual Fund, Aditya Birla, Tata Mutual Fund, HDFC Mutual Fund and WhiteOak Capital.

The money raised by the company through the IPO will be spent on repaying the debt as well as on the manufacturing facility and working capital requirements of Mysore and Manseer. The company will also invest in setting up a new facility for its second company, Kaynes Electronics Manufacturing.


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