Kaynes Technology Files Draft Papers With SEBI To Raise Rs 650 Crore Via IPO

Kaynes Expertise India Ltd has filed preliminary papers with the capital markets regulator Securities Board of India (SEBI) to lift funds through an Preliminary Public Provide (IPO).

The IPO contains a recent concern of Rs 650 crore and an offer-for-sale of as much as 7.2 crores by its present shareholders and promoters, accoring to to DRHP.

The OFS (Provide-For-Sale) consists of as much as 30 lakh shares by Ramesh Kunhikannan and as much as 35 lakh shares by Freny Firoze Irani. Irani has 11.36 per cent stake within the firm, whereas Kunhikannan holds an 87.14 per cent.

The proceeds from the recent concern value Rs 130 crore shall be used to repay debt and Rs 98.93 crore shall be utilised for funding capital expenditure for its manufacturing amenities at Mysore and Manesar.

Additionally, the corporate plans to make use of Rs 149.30 crore in direction of funding in its arm Kaynes Electronics Manufacturing Pvt Ltd for establishing a brand new facility in Karnataka state. It should use Rs 114.74 crore from the proceeds in direction of funding its working capital necessities.

DAM Capital Advisors and IIFL Securities are the lead managers to the difficulty.

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For Monetary Yr 21, the corporate’s income was at Rs 420.63 cr as in opposition to Rs 368.24 crore a 12 months in the past. Web revenue for the interval was at Rs 9.73 crore versus Rs 9.36 crore final 12 months.

About – Kaynes Expertise India Ltd

Kaynes Expertise is a Mysore-based main end-to-end and IoT (Web Of Issues) options enabled built-in electronics manufacturing participant, having capabilities throughout your complete spectrum of Electronics System Design and Manufacturing (ESDM) companies.

It has expertise in offering conceptual design, course of engineering, industrial, built-in manufacturing and life-cycle help for main gamers within the automotive, outer-space, aerospace and defence, railways, medical, IoT, info know-how (IT), nuclear and different segments.

As of December 2021, it had a mixed capability to assemble over 600 million elements and it served 313 clients in 20 nations globally. Moreover, the agency operates eight strategically situated manufacturing amenities in Himachal Pradesh, Karnataka, Haryana, Uttarakhand, and Tamil Nadu.