Kaynes Technology India (KTIL) has received the Securities and Exchange Board of India’s (SEBI) approval to float an initial public offering (IPO). The IPO consists of a fresh issue of equity shares aggregating to Rs 650 crore, and an Offer For Sale (OFS) of up to 72 lakh equity shares by a promoter and an existing shareholder.
The company, which filed the draft red herring prospectus with the SEBI in April 2022, got the regulator’s approval on October 6, 2022. Proceeds from the fresh issue worth Rs 130 crore will be used to repay debt and Rs 98.93 crore will be utilised for funding capital expenditure for its manufacturing facilities at Mysore and Manesar. Also, the company plans to use Rs 149.30 crore towards investment in its arm Kaynes Electronics Manufacturing for setting up a new facility at Chamarajanagar in Karnataka. It will use up to Rs 114.74 crore for funding working capital requirement and general corporate proposes. DAM Capital Advisors and IIFL Securities are the book-running lead managers to the issue.
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.
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