Kaynes Technology India, electronics manufacturing company has debuted in the stock market with its stock listed at 32 percent premium with an issue price of INR 587. The company started trading on NSE with INR 778 and on the BSE with INR 775.
It is a Mysore-based company having INR 858 cr IPO providing electronics system design and manufacturing (ESDM) that was subscribed 34.16 times from 10 to 14 November.
Institutional investors got their shares 98.47 times the allotted quota along with non-institutional investors getting them at 21.21 times subscription. While retailers at 4.10 times and its employees at 11.92 times the allotted quota.
This ESDM market was at the INR 2,65,400 crore in 2021 with an average growth of 30.3 percent in the next five years. This will put domestic addressable electronics system design and manufacturing market at INR 9,96,300 crore in 2026. According to Kaynes Technology RHP, the domestic ESDM market contribution will increase by 41.4 percent in 2026.
The company has stated that it will use the proceeds gathered from fresh stock issues for debt repayment, expanding its manufacturing units in Mysore and Manesar. It will also set up a new manufacturing unit at Chamarajanagar (Karnataka). Currently, it operates its facilities in the states of Karnataka, Himachal Pradesh, Haryana, Uttarakhand, and Tamil Nadu.