The shares of Kaynes Technology jumped nearly 2 percent on June 20 after the firm announced that it has launched a qualified institutional placement (QIP) at a floor price of Rs 5,625.75. The shares of the company were trading at Rs 5,699.50 apiece during early trading.
Kaynes Tech announced its QIP in the post market hours of June 19. In its exchange filing, the company announced that its board has approved the opening of the issue on the same day at the floor price, which is nearly 0.25 percent higher than the stock's previous closing price of Rs 5,612 apiece.
The total issue size of the QIP is Rs 1,600 crore, according to the data available on NSE. Repayment of outstanding debt, funding of working capital requirements as well as inorganic growth opportunities like strategic investments and joint ventures, along with general corporate purposes were listed as the objectives of the issue.
Motilal Oswal Investment Advisors, Axis Capital and Nomura Financial Advisory and Securities (India) were named the book running lead managers for the issue, according to the preliminary placement document filed by the company.
Kaynes Technology is an integrated electronics manufacturer, providing end-to-end IoT-enabled solutions across the full range of Electronics System and Design Manufacturing (ESDM) services. With over 30 years of expertise, it delivers conceptual design, process engineering, integrated manufacturing, and lifecycle support for key sectors such as automotive, industrial, aerospace, space, strategic electronics, medical, railways, IoT, and IT.
Kaynes Tech share price history:
The shares of the company have gained over 4 percent in the past five days, but have fallen more than 5 percent in the past one month. The stock is down nearly 25 percent in 2025 so far. They, however, jumped nearly 51 percent in the past one year. The stock currently has a market capitalisation of Rs 36,508.83 crore.
The sharp rise in the share price today comes on the back of heavy trading volumes. Nearly 5 lakh shares of the company were involved in active trade in the first half an hour of trade on June 19, higher than its overall 10-day average. The stock currently has a P/E ratio of nearly 122.5.
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