kaynes technology ipo subscription status: Kaynes Technology IPO subscribed 1.64 times so far on day 3; issue closes today


New Delhi: Investors showed a decent interest in the Rs 588 crore-initial public offering (IPO) of Kaynes Technology during the third day of the bidding process on Monday. The issue had sailed through on the second day of the bidding.

The company is selling its shares in the range of Rs 559-587 apiece between November 10-14, with a lot size of 25 equity shares. The issue closes for subscription today.

According to the data from BSE, investors made bids for 1,71,39,350 equity shares or 1.64 times compared to 1,04,70,246 equity shares offered for subscription by 10.50 am on Monday.

The quota for employees was booked 4.15 times and retail bidders subscribed only 86% of the shares allotted to them. Whereas the allocation for HNI investors fetched 2.35 times bids. The portion for institutional investors was booked 2.45 times.

The company provides manufacturing and life-cycle support for players in the automotive, industrial, aerospace and defence, outer-space, nuclear, medical, railways, Internet of Things (IoT), Information Technology and other segments.

The majority of brokerage firms remain positive on the company given its strong order book and growth prospects. However, a few remain concerned about the company amid high competition and customer concentration.

“With a constant thrust towards product innovation and R&D and higher backward integration, the company will be able to achieve higher operational efficiency in the future,” said Phillip Capital with a subscribe rating on the issue.
Broking, which remains neutral on the issue, has cited high competition in the electronics system design and manufacturing industry and negative cash flows as the key risks to the company.

DAM Capital Advisors and

are the book-running lead managers to the issue, whereas Link Intime India has been appointed as the registrar to the issue.

(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)



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