Mumbai, November 14, 2022 (GPN): Kaynes Technology India Limited (“Kaynes Technology” or “Company”), an end-to-end and IoT solutions enabled integrated electronics manufacturing player, having capabilities across the entire spectrum of electronics system design and manufacturing (“ESDM”) services, has received bids of 35,76,20,400 shares against the offered 1,04,70,246 equity shares, at a price band of ₹559-587, according to the data available on the stock exchanges. Overall the issue was subscribed over 34 times on the last day of bidding.
The reserved portion for qualified institutional buyer portion saw a subscription of 98.47 times. Non-Institutional segment saw a response of 21.21 times. Employee portion was subscribed 11.89 times. The Retail Portion saw a subscription of 4.09 times. The issue kicked off for subscription on Thursday, November 10.
The issue with a face value of ₹10 per Equity Share consists of a fresh issue of Equity Shares aggregating to ₹ 530 crore (the “Fresh Issue”), and an offer for sale of up to 5,584,664 Equity Shares by Promoter and other Selling Shareholder. The offer also includes a reservation of up to ₹1.5 crore for subscription by eligible employees.
DAM Capital Advisors Limited and IIFL Securities Limited are the BRLMs to the Offer and Link Intime India Private Limited is the registrar to the Offer.
Company Information
Ramesh Kunhikannan, a technocrat founded Kaynes Technology as a sole proprietorship in 1989 and has over 33 years of expertise in the electronic manufacturing services industry, is the Company’s Promoter and Managing Director. Kaynes Technology was one of the first companies to offer design led electronics manufacturing to original equipment manufacturers (“OEMs“) using its mature embedded design capabilities. Among the listed space, Kaynes Technology competes with Dixon Technologies India Limited, Syrma SGS Technology Limited and Amber Enterprises India Limited.
KTIL has eight strategically located manufacturing facilities in India, in the states of Karnataka, Haryana, Himachal Pradesh, Tamil Nadu, and Uttarakhand, allowing it to service its customers efficiently and cost-effectively. It had a combined capacity to assemble over 1,500 million (on an annualized basis) as of June 30, 2022, with an exclusive line for “Green Manufacturing” compatible with Directive 2002/95/EC Restriction of Hazardous Substances (“RoHS”), and under the manufacturing infrastructure includes a design facility and two service centres.
The table below shows subscription data for all the categories of investors:
| KAYNES TECHNOLOGY INDIA LIMITED
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| Sr.No. | Category | No.of shares offered / reserved | No. of shares bid for | No. of times of total meant for the category |
| 1 | Qualified Institutional Buyers (QIBs) | 29,23,888 | 28,79,18,550 | 98.47 |
| 1(a) | Foreign Institutional Investors (FIIs) | – | 6,79,30,600 | – |
| 1(b) | Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies) | – | 16,74,93,075 | – |
| 1(c) | Mutual Funds | – | 1,88,27,925 | – |
| 1(D) | Others | – | 3,36,66,950 | – |
| 2 | Non Institutional Investors(NIIS) | 22,55,858 | 4,78,36,550 | 21.21 |
| 2.1 | Non Institutional Investors(Bid amount of more than Ten Lakh Rupees) | 15,03,905 | 3,47,01,125 | 23.07 |
| 2.1(a) | Corporates | – | 14,56,875 | – |
| 2.1(b) | Individuals (Other than RIIs) | – | 2,72,95,025 | – |
| 2.1(c) | Others | – | 59,49,225 | – |
| 2.2 | Non Institutional Investors(Bid amount of more than Two Lakh Rupees and upto 10 lakh rupees) | 7,51,953 | 1,31,35,425 | 17.47 |
| 2.2(a) | Corporates | – | 29,650 | – |
| 2.2(b) | Individuals (Other than RIIs) | – | 1,11,36,700 | – |
| 2.2(c) | Others | – | 19,69,075 | – |
| 3 | Retail Individual Investors (RIIs) | 52,63,667 | 2,15,46,350 | 4.09 |
| 3(a) | Cut Off | – | 1,73,85,125 | – |
| 3(b) | Price Bids | – | 41,61,225 | – |
| 4 | Employee Reserved | 26,833 | 3,18,950 | 11.89 |
| 4(a) | Employee (Cut off) | – | 2,85,500 | – |
| 4(b) | Employee (Price) | – | 33,450 | – |
| 5 | Reservation PortionShareholder | – | – | – |
| 5(a) | RPS (Cut off) | – | – | – |
| 5(b) | RPS (Price) | – | – | – |
| Total | 1,04,70,246 | 35,76,20,400 | 34.16 | |
BSE + NSE Cumulative Demand Live Link:
https://www.bseindia.com/markets/publicIssues/CummDemandSchedule.aspx?ID=5929&status=L
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