Kaynes Technology India Ltd has submitted draught papers to the Securities Board of India in order to generate funds through an initial public offering. The IPO consists of a Rs 650 crore new issuance and a 7.20 million offer-for-sale by the company’s existing shareholders and promoters.
The IPO consists of a Rs 650 crore new issuance and a 7.20 million offer-for-sale by the company’s existing shareholders and promoters. Ramesh Kunhikannan has up to 3.70 million shares in the OFS, while Freny Firoze Irani has up to 3.50 million shares. The corporation is owned by Kunhikannan, who owns 87.14 percent, and Irani, who owns 11.36 percent.
The Rs 130 crore raised from the offer would be used to pay off debt. Its total outstanding borrowings were Rs 212.97 crore as of February 28, 2022. The business would utilize Rs 98.93 crore to cover capital expenditures at its Mysore and Manesar manufacturing facilities. The company has eight strategically positioned production plants in Karnataka, Haryana, Himachal Pradesh, Tamil Nadu, and Uttarakhand as of December 2021.
Kaynes Technology also intends to invest Rs 149.30 crore in its subsidiary Kaynes Electronics Manufacturing Pvt Ltd, which would be used to build a new plant in Karnataka.
Kaynes is a major integrated electronics manufacturing company with capabilities throughout the whole range of electronics system design and manufacturing (ESDM) services, as well as IoT solutions. It has provided conceptual design, process engineering, integrated manufacturing, and life-cycle support to significant players in the automotive, industrial, aerospace and defence, outer space, nuclear, medical, railroads, Internet of Things (IoT), and information technology (IT), and other sectors.
It had a total capacity of approximately 600 million components as of December, and it served 313 clients in 20 countries. Revenue for FY21 was Rs 420.63 crore, up from Rs 368.24 crore the previous year. The net profit for the period was Rs 9.73 crore, compared to Rs 9.36 crore the previous year.
