Kaynes Tech soars 5% on Rs 1,400-crore QIP launch; approves $2.5-million acquisition

The stock has shot up around 250 percent in 2023 so far.

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26 Aug, 2025 12:21

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Kaynes Technologies soared over 5 percent in early trade on December 19, a day after the company launched a qualified institutional placement (QIP) issue. According to CNBC-TV18, the company is looking to raise Rs 1,400 crore through the QIP.

At 09.42 am, shares of Kaynes Technology India was trading 4.1 percent higher at Rs 2,707.30 on the National Stock Exchange.

The floor price of the QIP is Rs 2,449.46 apiece, reflecting a 6 percent discount to the stock's closing price on December 18. The company may further offer a discount of not more than 5 percent on the floor price, it said in an exchange filing.

The company's fund-raising committee will also meet on December 21 to fix the issue price for the QIP. As per sources, the issue price for the QIP is likely to be Rs 2,424 a share, which is at a discount of over a percent to the floor price, CNBC-TV18 reported.

The promoters will also have a lock-in period of 90 days after the QIP issue, the report said.

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Aside from this, the company also approved the acquisition of US-based electronic manufacturing services company Digicom Electronics for $2.5 million.

The acquisition will help boost Kaynes' expansion in the American market and is likely to be completed on or before the conclusion of the March quarter of FY24.

Digicom Electronics reported a turnover of $7.78 million for 2022, up from the $6.15 million it reported in 2021 and the $6.59 million clocked in 2020.

A QIP is a process through which a listed company can raise capital by issuing securities to qualified institutional buyers without the need for a public offering.

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