Kaynes Technology shares debut with 32.53 pc premium

NEW DELHI: Shares of Kaynes Technology India on Tuesday listed with a premium of 32.53 per cent against the issue price of Rs 587.

The stock made its debut at Rs 775, a jump of 32 per cent from the issue price on the BSE. It further rallied to Rs 787, up 34 per cent from its issue price.

At the NSE, it listed at Rs 778, a premium of 32.53 per cent.

In traded volume terms, 5.83 lakh shares of the firm were traded at the BSE and over 93 lakh shares at the NSE during morning deals.

The Initial Public Offering (IPO) of Kaynes Technology India had received 34.16 times subscription.

The IPO comprises a fresh issue of Rs 530 crore and an offer-for-sale of up to 55,84,664 equity shares.

It had a price range of Rs 559-587 a share.

Mysore-based 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.

It has an experience in providing conceptual design, process engineering, integrated manufacturing and life-cycle support for major players in the automotive, industrial, aerospace and defence, outer-space, nuclear, medical, railways, IoT, Information Technology (IT) and other segments.

The company has eight production plants in Karnataka, Haryana, Himachal Pradesh, Tamil Nadu and Uttarakhand.