Kaynes Know-how India Restricted (KTIL) on Monday mounted the value band at Rs 559-587 per share for its Rs 530 crore-initial public providing that may open on November 10.
The Preliminary Public Providing (IPO) will conclude on November 14. The bidding for anchor traders will open on November 9, in accordance with the Purple Herring Prospectus (RHP).
The corporate has reduce the contemporary challenge dimension to Rs 530 crore from Rs 650 crore deliberate earlier. Apart from, there can be an Provide For Sale (OFS) of as much as 55.85 lakh fairness shares by a promoter and an present shareholder.
The OFS contains sale of 20.84 lakh fairness shares by promoter Ramesh Kunhikannan and 35 lakh fairness shares by present shareholder Freny Firoze Irani.
Proceeds from the contemporary challenge will probably be used to repay debt, funding capital expenditure for its manufacturing services at Mysore and Manesar and funding working capital necessities.
Additionally, the corporate plans to put money into its arm Kaynes Electronics Manufacturing Pvt Ltd for establishing a brand new facility at Chamarajanagar in Karnataka.
Mysore-based Kaynes Know-how is a number one end-to-end and IoT (Web of Issues) solutions-enabled built-in electronics manufacturing participant, having capabilities throughout the complete spectrum of electronics system design and manufacturing companies.
The corporate has eight manufacturing vegetation in Karnataka, Haryana, Himachal Pradesh, Tamil Nadu and Uttarakhand.
DAM Capital Advisors and IIFL Securities are the book-running lead managers to the difficulty.