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ipo: Kaynes Tech Rs 858-cr IPO opens on Nov 10

The ₹858-crore initial public offering of Kaynes Technology India will open for public subscription on November 10.

The IoT solutions-enabled integrated electronics manufacturing player has fixed the price band at ₹559 to ₹587 per share for its public offer. The issue will close on November 14. Investors can bid for a minimum of 25 shares and in multiples of 25 thereafter.

The IPO consists of a fresh issue of shares aggregating to ₹530 crore and an offer for sale of up to ₹328 crore by the promoters and existing shareholders. The company had also undertaken the pre-IPO placement aggregating up to ₹130 crore, comprising a private placement of shares worth ₹80 crore to Acacia Banyan Partners and ₹50 crore to Volrado Venture Partners Fund.

Kaynes Technology offers design-led electronics manufacturing to original equipment manufacturers. Among the listed space, Kaynes Technology competes with

Syrma SGS Technology, and .

As on June 30, 2022, Kaynes Technology had an order book of ₹2,266.26 crore. The company posted a profit after tax of ₹41.68 crore in FY22 against ₹9.73 crore in the previous year, whereas revenue during FY22 increased 67.90% to ₹706.24 crore from ₹420.63 crore in the previous year. DAM Capital Advisors and

are the bankers to the issue.

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