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 Dixon Technologies India, Syrma SGS Technology, and Amber Enterprises India.

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 ₹9.73crore 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 IIFL Securities are the bankers to the issue.