Kaynes Technology's IPO subscribed 1.10 times on Day 2 of offer

The initial share sale of Kaynes Technology India Ltd got subscribed 1.10 times on the second day of subscription on Friday.

The Initial Public Offering (IPO) received bids for 1,14,70,150 shares against 1,04,70,246 shares on offer, according to NSE data.

The quota for Qualified Institutional Buyers (QIBs) got subscribed 2.45 times while the category for non-institutional investors was subscribed 77 per cent.

The portion for Retail Individual Investors (RIIs) received 47 per cent subscription and that for employees got subscribed over three times.

On Wednesday, Kaynes Technology had raised Rs 257 crore from anchor investors.

The company's IPO comprises fresh issue of equity shares worth Rs 530 crore and an Offer For Sale (OFS) of up to 55.85 lakh equity shares by a promoter and an existing shareholder.

The price band for the issue is Rs 559-587 per share.

Proceeds from the fresh issue will be used to repay debt, funding capital expenditure for its manufacturing facilities at Mysore and Manesar and for working capital requirements.

The Mysore-based company is a leading end-to-end and IoT (Internet of Things) solutions-enabled integrated electronics manufacturer.

DAM Capital Advisors and IIFL Securities are the book-running lead managers to the IPO.