+

Cookies on the Business Insider India website

Business Insider India has updated its Privacy and Cookie policy. We use cookies to ensure that we give you the better experience on our website. If you continue without changing your settings, we\'ll assume that you are happy to receive all cookies on the Business Insider India website. However, you can change your cookie setting at any time by clicking on our Cookie Policy at any time. You can also see our Privacy Policy.

Close
HomeQuizzoneWhatsappShare Flash Reads
 

Kaynes Technology IPO subscribed by 1.10 times on day 2

Nov 11, 2022, 18:24 IST
  • The IPO of Mysore-based Kaynes Technology saw the portion for qualified institutional investors subscribed 2.45 times.
  • The company’s IPO consists of a fresh issue of shares worth ₹530 crore and an offer for sale by promoters and shareholders worth ₹327 crore.
  • The price band of the IPO is ₹559-587 a share.
  • The grey market premium of the company’s shares stood at ₹75 per share.
Advertisement
The initial public offering of Mysore-based Kaynes Technology has been subscribed 1.10 times on the second of the IPO subscription process Friday. The IPO opened on November 10 and will close on November 14.

The IPO saw the portion for qualified institutional investors subscribed 2.45 times.

The company’s IPO consists of a fresh issue of shares worth ₹530 crore and an offer for sale by promoters and shareholders worth ₹327 crore.

Kaynes Technology is an internet-of-things (IoT) solutions-enabled integrated electronics manufacturing company.

The company intends to use the proceeds of the fresh issue for repaying some of its borrowings, funding capital expenditure requirements for expanding its manufacturing capacity, and for working capital needs.
Category of investors Subscription status
Qualified institutional buyers 2.45 times
Non institutional investors0.77 times
Retail0.47 times
Overall1.10 times

Advertisement

The company’s business ranges from offering built-to-specification products, manufacturing printed circuit board assemblies (PCBA), to making smart metres, smart street lights and more. Kaynes Technology also offers product engineering and IoT solutions to industries as well as common users.

Kaynes Technology said that it has 313 customers in 20 countries. These customers are from multiple industries, including automotive, aerospace and defence, railways, medical, industrial and IT.

Kaynes Technology notes that in Q1 FY23, its top ten customers contributed to nearly 63% of the total revenue. The company’s dependence on these top ten customers was lower in FY22, when they contributed only 51% to its topline.

The grey market premium (GMP) of the company’s shares are at ₹75 per share. GMP is the premium at which IPO shares are traded in an unofficial market before they are listed on the stock exchanges.

SEE ALSO: Five Star Business Finance IPO subscribed only 70% on last day
Archean Chemical Industries IPO subscribed 32.54 times on last day
You are subscribed to notifications!
Looks like you've blocked notifications!
Next Article