Kaynes Technology files DRHP with SEBI for IPO
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Kaynes Technology India (KTIL) has filed draft red herring prospectus (DRHP) with Securities and Exchange Board of India (SEBI) for its initial public offering (IPO). The IPO consists of a fresh issue of equity shares aggregating to Rs 650 crore, and an offer for sale (OFS) of up to 7.2 crore equity shares by a promoter and an existing shareholder. DAM Capital Advisors and IIFL Securities are the book-running lead managers to the issue.
The proceeds from the fresh issue worth Rs 130 crore will be used to repay debt and Rs 98.93 crore will be utilized for funding capital expenditure for its manufacturing facilities at Mysore and Manesar. Also, the company plans to use Rs 149.30 crore towards investment in its arm Kaynes Electronics Manufacturing for setting up a new facility at Chamarajanagar in Karnataka. It will use up to Rs 114.74 crore for funding working capital requirement and general corporate proposes.
Kaynes Technology is a leading end-to-end and IoT (Internet of Things) solutions-enabled integrated electronics manufacturing player, having capabilities across the entire spectrum of electronics system design and manufacturing services.
