Kaynes Tech IPO subscribed 34x, Keystone receives 8% bid on Day 1 & more

Kaynes Tech reported a net profit of Rs 10.05 crore and net sales of Rs 199.27 crore in the three months ended on June 2022

Kaynes Tech offer subscribed 34x

The initial public offer (IPO) of Kaynes Technology India was subscribed 34.15 times as it concluded on Monday. The IPO received bids for 357.5 million shares against an offer size of 10.4 million shares. 

The issue was opened for bidding on Thursday. The firm has put its price band at Rs 559 to 587 per share. 

It aims to raise Rs 857.8 crore from the IPO of which about Rs 130 crore will be used for repayment of debts, Rs 98.93 crore for funding capital expenditure towards expansion of existing Mysure and Manesar facilities and Rs 149.3 crore