On day one of Kaynes Technology's IPO, 23% of the retail component was subscribed. - Global Continent

On day one of Kaynes Technology’s IPO, 23% of the retail component was subscribed.

According to NSE statistics, the Kaynes Technology initial public offering has received bids for 24,29,325 shares versus the 1,04,70,246 shares that are being offered, or 23 percent, as of November 10.

Qualified institutional buyers (QIBs) received 52% of the subscriptions, compared to retail individual investors (RIIs), who only received 12%.

10% of the allotment for non-institutional investors was taken up. Employees bid the most, purchasing shares at a rate of 2.04 times the limit allowed to them.

Kaynes Technology received $257 crore from anchor investors on Wednesday.

A fresh issue of equity shares worth 530 crore rupees and an offer for sale (OFS) of up to 55.85 lakh equity shares by a promoter and an existing shareholder make up the company’s initial public offering (IPO).

In its first public offering, Kaynes Technology, a leading end-to-end and IoT (Internet of Things) solutions-enabled integrated electronics maker, hopes to raise $857.8 crore. This includes a new issue of shares worth 530 crores and an offer for sale of 327.8 crore. The issue’s price range is $559 to $587 per share.

The latest issue’s proceeds will be applied to debt repayment, working capital needs, and capital expenditures for the company’s production plants in Mysore and Manesar.

Investors may place a minimum bid of 25 shares and then bid in multiples of 25 shares.