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Kaynes Technology IPO: GMP zooms 53% on final day; bumper listing likely

Kaynes Technology IPO: GMP zooms 53% on final day; bumper listing likely

Kaynes Technology IPO: The GMP of Kaynes Technology IPO stood at Rs 130 on November14 against the GMP of Rs 85 on November 12. The price band of the issue is Rs 559 to Rs 587 per share

Kaynes Technology IPO: The 53 per cent surge in the GMP came on a day when the issue was subscribed 34.16 times on the final day of bidding Kaynes Technology IPO: The 53 per cent surge in the GMP came on a day when the issue was subscribed 34.16 times on the final day of bidding

The grey market premium (GMP) of Kaynes Technology IPO surged 53 per cent on the last day of subscription on November 14. The GMP of Kaynes Technology IPO stood at Rs 130 on November14 against the GMP of Rs 85 on November 12, according to IPOWatch.  

The 53 per cent surge in the GMP came on a day when the issue was subscribed 34.16 times on the final day of bidding. This implies that the Kaynes Technology stock is likely to be listed at Rs 717 (Rs 587 plus Rs 130) on the bourses. The price band of the issue is Rs 559 to Rs 587 per share. 

The GMP of the IPO remained unchanged at Rs 130 today.  The IPO of the leading end-to-end and IoT solutions-enabled integrated electronics manufacturing company was open from November 10 to November 14.  The issue received bids for 35,76,21,075 crore equity shares against the IPO size of 1,04,70,246 shares.

The quota for qualified institutional buyers (QIBs) was subscribed 98.47 times while the category for non-institutional investors saw 21.21 times subscription. The portion for retail individual investors (RIIs) was subscribed 4.09 times and that for employees received bids 11.89 times the issue size. 

The company had reserved half of the offer for qualified institutional buyers, 35 percent for retail investors, and the rest 15 percent for non-institutional investors or high networth individuals.  The company has raised Rs 857.8 crore through its public issue at the upper end of the price band. 

The company will carry out the allotment of shares on November 17, 2022. The allotment status will be declared on the official website of the registrar and on the BSE website. Link Intime India Private is the registrar of the Kaynes Technology IPO.  

The lot size of Kaynes Technology IPO was 25 shares for which one would have to spend Rs 14,675. A retail individual investor could submit bids for up to 13 lots or 325 shares by spending Rs 1,90,775. The shares of Kaynes Technology are likely to be listed on November 22. 

A day before the IPO, Kaynes Technology collected Rs 256.90 crore from anchor investors.  Kaynes Technology allocated about 4.4 million equity shares at Rs 587 apiece to anchor investors. 

Foreign investors including Malabar Investments, Ashoka Opportunities Fund (White Oak), Government Pension Fund Global, Nomura and Goldman Sachs were among the 28 anchor investors. Domestic institutions that participated include Volrado Venture Fund (ENAM), White Oak Mutual Fund, Abakkus, ICICI Prudential MF, Axis Mutual Fund, Nippon Life India, Aditya Birla Sun Life, Mirae Asset, Franklin India and Tata Mutual Fund. 

Kaynes Technology is a leading end-to-end and IoT solutions-enabled integrated electronics manufacturing company. The company provides conceptual design, process engineering, integrated manufacturing and life-cycle support for major players in the automotive, industrial, aerospace and defence, outer-space, nuclear, medical, railways, Internet of Things (IoT), Information Technology (IT) and other segments.

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Published on: Nov 15, 2022, 10:10 AM IST
Posted by: Priya Raghuvanshi, Nov 15, 2022, 10:07 AM IST