The scrip was listed at Rs 775, exhibiting a premium of 32.03% to the issue price.

So far, the stock has hit a high of 787 and a low of 703.25. On the BSE, over 4.93 lakh shares of the company were traded in the counter so far.

The initial public offer (IPO) of Kaynes Technology India was subscribed 4.10 times. The issue opened for bidding on 10 November 2022 and it closed on 14 November 2022. The price band of the IPO was fixed at Rs 559 to 587 per share.

The issue comprised both fresh issue of equity shares by the company and offer for sale by promoter selling shareholders. Fresh issue of equity shares aggregated to Rs 530 crore. The offer for sale involved selling of 55,84,664 equity shares [20,84,664 equity shares by Ramesh Kunhikannan (promoter) and 35,00,000 equity shares by Freny Firoze Irani (investor selling shareholder)].

On post issue expanded equity, the holding of the promoter selling shareholders declined to 63.77% and that of investor selling shareholder to about 3.09%.

Of the net proceeds from the fresh issue, the company plans to utilize about Rs 130 crore will be used for repayment of debts, Rs 98.93 crore for funding capital expenditure towards expansion of existing Mysure and Manesar facilities, Rs 149.3 crore for investment in Kaynes Electronics Manufacturing, a wholly owned subsidiary that is setting up a new facility at Chamrajnagar, Rs 114.74 crore for working capital funding and balance for general corporate purposes.

Kaynes Technology India (KTI) is an end-to-end and Internet of Things (IoT) solutions enabled integrated electronics manufacturing player, having capabilities across the entire spectrum of electronics system design and manufacturing (ESDM) services. The company provides conceptual design, process engineering, integrated manufacturing and life-cycle support for major players in the automotive, industrial, aerospace and defence, outer-space, nuclear, medical, railways, IoT, Information Technology (IT) and other segments.

The company reported a net profit of Rs 10.05 crore and net sales of Rs 199.27 crore in the three months ended on June 2022.