Kaynes Technology IPO subscription status: Issue booked 34.16 times on last day of offer

The Initial Public Offer (IPO) of Kaynes Technology India received 34.16 times subscription on the last day of offer on Monday.

The IPO got bids for 35.76 crore shares against 1.04 crore shares on offer, according to NSE data.

The portion meant for Qualified Institutional Buyers (QIBs) was subscribed 98.47 times, non-institutional investors category got 21.21 times subscription and Retail Individual Investors (RIIs) 4.09 times.

The IPO had a fresh issue of Rs 530 crore and an offer for sale of up to 55,84,664 equity shares.

It had a price range of Rs 559-587 a share.

On Wednesday, Kaynes Technology India said it has collected Rs 257 crore from anchor investors.

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.

It has an experience in providing conceptual design, process engineering, integrated manufacturing and life-cycle support for major players in the automotive, industrial, aerospace and defence, outer-space, nuclear, medical, railways, IoT, Information Technology (IT) and other segments.

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

DAM Capital Advisors and IIFL Securities were the managers to the offer