The IPO of Kaynes Technology was subscribed over 34.16 times on Monday, the last day of bidding. The public issue, with a price band of ₹559-587, has received bids of 35.76 crore shares against the offered 1.047 crore shares, according to the data available on the stock exchanges.
The portion reserved for qualified institutional buyer portion saw a subscription of 98.47 times while the quota for non-Institutional and employees segments witnessed a response of 21.21 times and 11.89 times respectively. The retail portion saw a subscription of 4.09 times.
The IPO comprises fresh issue of equity shares worth ₹530 crore and an offer for sale (OFS) of up to 55.85 lakh equity shares by a promoter and existing shareholder. Ahead of the issue, the company on Wednesday garnered ₹256.90 crore from anchor investors by allocating 43.76 lakh shares at ₹587 a share to them.
Proceeds from the fresh issue will be used to repay debt, fund capital expenditure at the Mysore and Manesar manufacturing facilities, and for working capital requirements. The company also intends to invest in its arm, Kaynes Electronics Manufacturing Pvt Ltd, to set up a new facility at Chamarajanagar in Karnataka.