Kaynes Technology IPO: If you also have a plan to invest money in IPO in the coming days, then let us tell you that soon many companies are going to bring IPO in the market. Electronics systems and design manufacturing services company Kaynes Technology has submitted documents to market regulator SEBI to raise money through an initial public offering (IPO). The company is planning to raise Rs 650 crore through this IPO.
650 crore new shares will be issued
According to the draft red herring format (DRHP), under this IPO, new equity shares worth Rs 650 crore will be issued and an offer for sale (OFS) of 7.2 crore equity shares will be made by the promoter and an existing shareholder.
Will also be offered through OFS
Under the OFS, promoter Ramesh Kunhikannan will offer 37 lakh equity shares and shareholder Frenzy Firoz will offer sale of 35 lakh equity shares. Shares up to Rs 1.5 crore in the issue will be reserved for eligible employees.
Where will the money be used?
Of the proceeds from the IPO, about Rs 130 crore will be used to repay debt and Rs 98.93 crore will be used for capital expenditure for manufacturing centers in Mysuru and Manesar. At the same time, Rs 140.30 crore will be done in the company’s subsidiary, Cannes Electronics Manufacturing Private Limited.
Senco Gold’s IPO will also come soon
Apart from this, jewelry retailer company Senco Gold is also preparing to bring IPO. The company has filed a draft paper with the stock market regulator SEBI for approval of the IPO. Senco Gold can raise Rs 525 crore from the market through IPO.
Fresh issue will be of 325 crores
Fresh issue of Rs 325 crore will be issued in the IPO. At the same time, the stake will be sold through an offer for sale of Rs 200 crore. Investor SAIF Partners India IV Limited will sell its stake in the company.