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Kaynes Technology IPO: Investors broke on the last day, this IPO filled 34 times, QIB invested heavily

The IPO of Kaynes Technology India Limited (KTIL) received an overwhelming response from investors on the last day. This IPO opened for subscription on Thursday, November 10 and closed on Monday. Initially, the investors’ attitude was a bit slow regarding this issue of Rs 857.8 crore, but there was a strong jump in the last day. This IPO has been subscribed 34.16 times.

Retail part of IPO so full
The highest subscription in the IPO was received in the Qualified Institutional Bidder (QIB) category. It was subscribed 98.47 times. After this, the Non-Institutional Bidders (NII) category got 21.21 times the subscription. The retail portion of the issue was subscribed 4.10 times, employee quota 11.91 times. Earlier it was getting less grant in the beginning.

So much money raised from anchor investors
The price band for the issue of Kaynes Technology was fixed at Rs 559-587 per share. Before launching the IPO, it was opened to anchor investors. The company has raised 257 crores from anchor investors. Under this issue, the company had offered fresh shares worth Rs 530 crore.

Great premium in the gray market
Shares of Cayennes Technology are performing well even in the gray market. On Monday, they were available at a premium (GMP) of Rs 115, which is more than Rs 75 as compared to the previous session. The Offer of Sale (OFS) in this IPO includes sale of 20.84 lakh equity shares by promoter Ramesh Kunhikannan and 35 lakh equity shares by existing shareholder Frennie Firoz Irani.

Listing expected on November 22
Keynes Technology is an end-to-end and IoT solution-enabled integrated electronics manufacturing company. The shares of the company can be listed on the stock market on November 22, 2022. The money raised from the market through the IPO will be used to pay off the company’s debt, finance capital expenditure for its manufacturing facilities in Mysore and Manesar and meet working capital requirements.

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