This small-cap company stock jumps up to 14%, hits all-time high in today's trade; do you own it?

Stock market news: Shares of Kaynes Technology India jumped as much as 14.18 per cent to hit an all-time high of Rs 2,122.85 apiece on the BSE in the early morning trade on Friday, August 25. The stock jumped after the company announced on Thursday that Kaynes Technology and the Karnataka Electronics, IT, and BT Department had signed an MoU to drive innovation. The shares of the company ended at Rs 1,984.75, up 6.75 per cent.

Kaynes Technology's pivotal role positions it as the ESDM Semicon ecosystem's anchor in Mysuru, and this MoU will help put Mysuru on the global map, the company said in its press release.

Kaynes Semicon Private Limited will lead the setup of a Semiconductor Assembly and Testing (OSAT) facility, and Kaynes Circuits India Private Limited will spearhead the establishment of a Printed Circuit Board (PCB) manufacturing plant for producing complex multi-layered boards.

The MoU with Kaynes will put Karnataka at the forefront of OSAT and PCB with an investment of Rs 3,750 crore, which will help in creating 3,200 jobs by harnessing collective expertise. The partnership is primed to not only meet pressing demands but also position Karnataka as a hub for cutting-edge semiconductor manufacturing and cultivating a self-sustaining and self-reliant ecosystem, the press release added.

Kaynes Tech IPO

Kaynes Technology India Limited's (KTIL) IPO opened for subscription on November 10, 2022, and continued until November 14, 2022. The company had fixed the price band at Rs 559–Rs 587 per share for its Rs 530 crore initial public offering (IPO). The scrip was listed on the bourses on November 22, 2022.

According to a PTI report, 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 the sale of 20.84 lakh equity shares by promoter Ramesh Kunhikannan and 35 lakh equity shares by existing shareholder Freny Firoze Irani.

Mysore-based Kaynes Technology is an 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, as per the PTI report.