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Mumbai:Kaynes Technology India Limited is an end-to-end and IoT solutions enabled integrated electronics manufacturing player, having capabilities across the entire spectrum of electronics system design and manufacturing (“ESDM”) services has garnered Rs 256.90crore from anchor investors ahead of its Initial Public Offer that opens for public subscription on Thursday, November 10, 2022.The company informed the bourses that it allocated 4,376,421 equityshares at Rs. 587 per share on Wednesday, November 09, 2022, to anchor investors.

Foreign Portfolio Investors and Institutions who participated in the anchor were Nomura, Goldman Sachs, Eastspring Investments, Public Sector Pension Investment Board, Ashoka India Opportunities Fund (White Oak), Government Pension Fund Global, Malabar Investments, Carmignac, Theleme, MK Cohesion and India Acorn ICAV

In addition, shares have been allocated to domestic institutionsi.e Volrado Venture Fund (ENAM), White Oak Mutual Fund, Abakkus,ICICI Prudential MF, Axis Mutual Fund, Nippon Life India, Aditya Birla SunLife, Mirae Asset, Franklin India and Tata Mutual Fund

Out of the total allocation of 4,376,421 equity shares to the anchor investors, 1,766,065 equity shares were allocated to 9 mutual funds through 14 schemes amounting to Rs103.66crore i.e.40.35% of the Total Anchor Book Size.

Ramesh Kunhikannan, a technocrat founded Kaynes Technology as a sole proprietorship in 1989 and has over 33 years of expertise in the electronic manufacturing services business, is the company's Promoter and Managing Director. Kaynes was one of the first companies to offer designled electronics manufacturing to original equipment manufacturers ("OEMs") using mature embedded design capabilities. Among the listed space, Kaynes competes with Dixon Technologies India Limited Syrma SGS Technology Limited and Amber Enterprises India Limited.

Kaynes Technologyhas eight manufacturing facilities in India, in the states of Karnataka, Haryana, Himachal Pradesh, Tamil Nadu, and Uttarakhand, allowing it to service its customers efficiently and cost-effectively. It had a combined capacity to assemble over 1,500 million (on an annualized basis) as of June 30, 2022, with an exclusive line for "Green Manufacturing" compatible with Directive 2002/95/EC Restriction of Hazardous Substances ("RoHS"), and under the manufacturing infrastructure includes a design facility and two service centres.

As on June 30, 2022, Kaynes had an order book of Rs 2,266.26 crore, with orders from several customers across business verticals.

Kaynes Technology clocked a profit after tax of Rs41.68 crore in FY22 againstRs9.73crore in the previous year, whereas revenue during FY22 increased 67.90% to ?706.24 crore from ?420.63 crore in the previous year, primarily due to increase in sale of goods (net) and sale of services (net).

Profit after tax for the three-month period ended June 30, 2022 stood atRs10.05 crore on revenue from operations of Rs199.27 crore. In the three months period ended June 30, 2022, the top 10 customers account for 62.81%of the revenue from operations.

DAM Capital Advisors Limited and IIFL Securities Limited are the book-running lead managers and Link Intime India Private Limited is the registrar to the offer.

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