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Kaynes Technology IPO subscribed 23% on day 1

Kaynes Technology IPO subscribed 23% on day 1

Kaynes Technology IPO subscription: The firm received bids for 24.28 lakh shares against an IPO size of 1.04 crore shares today.

The end-to-end and IoT solutions enabled integrated electronics manufacturing player allocated 4,376,421 shares to anchor investors at Rs 587 per share ahead of the share sale The end-to-end and IoT solutions enabled integrated electronics manufacturing player allocated 4,376,421 shares to anchor investors at Rs 587 per share ahead of the share sale

The Kaynes Technology initial public offer (IPO) was subscribed 23 per cent on the first day of the share sale today. The firm received bids for 24.28 lakh shares against an IPO size of 1.04 crore shares, data on BSE showed. The quota for retail investors was subscribed 0.12 times of the allotted portion, while the portion set aside for non-institutional investors was subscribed 0.10 times today. The firm plans to raise Rs 857.82 crore through the share sale.

The end-to-end and IoT solutions enabled integrated electronics manufacturing player allocated 4,376,421 shares to anchor investors at Rs 587 per share ahead of the share sale.

The IPO consists of a fresh issue aggregating Rs 530 crore and an offer for sale of up to 5,584,664 shares. The shares are being offered in a price band of Rs 559-Rs 587.

The issue was commanding a grey market premium (GMP) of Rs 11-13 per share. The share sale will conclude on November 14.

The lot size of the IPO is 25 shares for which one would have to spend Rs 14,675. A retail individual investor can submit bids for up to 13 lots or 325 shares by spending Rs 1,90,775. The allotment of shares will be done on November 17 and they are likely to be listed on BSE and NSE on November 22.  

Kaynes Technology is an end-to-end and IoT solutions enabled integrated electronics manufacturing player. It has capabilities across the entire spectrum of electronics system design and manufacturing (ESDM) services.  The company's order book stood at Rs 2,266.26 crore as of June 30.

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Published on: Nov 10, 2022, 4:51 PM IST
Posted by: Priya Raghuvanshi, Nov 10, 2022, 4:48 PM IST