Kaynes Technology's IPO subscribed 23% on day one

Representative image.

The initial share sale of Kaynes Technology India Ltd got subscribed 23 per cent on the first day of subscription on Thursday.

The Initial Public Offering (IPO) received bids for 24,29,325 shares against 1,04,70,246 shares on offer, according to NSE data.

The quota for Qualified Institutional Buyers (QIBs) got subscribed 52 per cent while the category for Retail Individual Investors (RIIs) received 12 per cent subscription.

The portion for non-institutional investors was subscribed 10 per cent and that for employees got subscribed a little over two times.

On Wednesday, Kaynes Technology raised Rs 257 crore from anchor investors.

The company's IPO comprises fresh issue of equity shares worth Rs 530 crore and an Offer For Sale (OFS) of up to 55.85 lakh equity shares by a promoter and an existing shareholder.

The price band for the issue is Rs 559-587 per share.

Proceeds from the fresh issue will be used to repay debt, funding capital expenditure for its manufacturing facilities at Mysore and Manesar and for funding working capital requirements.

The Mysore-based company is a leading end-to-end and IoT (Internet of Things) solutions-enabled integrated electronics manufacturer.

DAM Capital Advisors and IIFL Securities are the book-running lead managers to the IPO.