New Listing: Kaynes Technology shares close 17.5% higher from issue price after stellar market debut – should you Buy, Sell or Hold?

Kaynes Technology share price: Shares of Kaynes Technology India on Tuesday ended with a gain of 17.5 per cent in its debut trade against the issue price of Rs 587.

The stock made its debut at Rs 775, a jump of 32 per cent from the issue price on the BSE. During the day, it rallied to Rs 787, up 34 per cent from its issue price. Shares of the firm ended at Rs 690.10 per piece, up 17.56 per cent.

On the NSE, it was listed at Rs 778, a premium of 32.53 per cent. Later, the stock jumped 16.73 per cent to end at Rs 685.25 apiece.

In volume terms, 9.55 lakh shares of the firm were traded on the BSE and over 1.56 crore shares on the NSE during the day.

In his recommendation, Zee Business Managing Editor Anil Singhvi said, “Short term investors trail by placing a stoploss of Rs 700, while long term investors can HOLD.”

“Allottees who applied for the public issue for listing premium are advised to maintain a stop loss at Rs 710 and wait for further upside whereas those who have medium to long-term perspective can hold the stock maintaining a stop loss at Rs 680, Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd said recommending what should investors do?

The Initial Public Offering (IPO) of Kaynes Technology India had received 34.16 times subscription. It comprised a fresh issue of Rs 530 crore and an offer for sale of up to 55,84,664 equity shares with a price range of Rs 559-587 a share.

Kaynes Technology is a leading end-to-end and IoT (Internet of Things) solutions-enabled integrated electronics manufacturing company in India. It provides conceptual design, process engineering, integrated manufacturing, and life-cycle support for major players in various industries.

The company has reported strong financial growth, especially in recent years, and its margins have also improved significantly. It has a diversified business and customer profile and robust expansion in the order book.

The company has eight production plants in Karnataka, Haryana, Himachal Pradesh, Tamil Nadu and Uttarakhand.

With PTI Inputs