Kaynes Tech IPO subscription to open on November 10, price band fixed at Rs 559-587 per share

Kaynes Technology India Limited (KTIL) on Monday fixed the price band at Rs 559-587 per share for its Rs 530 crore-initial public offering that will open on November 10.

The Initial Public Offering (IPO) will conclude on November 14. The bidding for anchor investors will open on November 9, according to the Red Herring Prospectus (RHP).

The company has cut the fresh issue size to Rs 530 crore from Rs 650 crore planned earlier. Besides, there would be an Offer For Sale (OFS) of up to 55.85 lakh equity shares by a promoter and an existing shareholder.

The OFS comprises sale of 20.84 lakh equity shares by promoter Ramesh Kunhikannan and 35 lakh equity shares by existing shareholder Freny Firoze Irani.

Proceeds from the fresh issue will be used to repay debt, funding capital expenditure for its manufacturing facilities at Mysore and Manesar and funding working capital requirements.

Also, the company plans to invest in its arm Kaynes Electronics Manufacturing Pvt Ltd for setting up a new facility at Chamarajanagar in Karnataka.

Mysore-based Kaynes Technology is a leading end-to-end and IoT (Internet of Things) solutions-enabled integrated electronics manufacturing player, having capabilities across the entire spectrum of electronics system design and manufacturing services.

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

DAM Capital Advisors and IIFL Securities are the book-running lead managers to the issue