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All that you should know about the Company before applying for the IPO

November 08, 2022     

The public issue of equity shares of KAYNES TECHNOLOGY INDIA LIMITED will open for subscription on November 10, 2022 and closes on November 14, 2022. It is expected to list on the stock exchanges on November 22, 2022. What does the company do? Why is the company going public? Who are its key competitors? Its key strengths, and lot more. Here’s everything that you want to know about the company to analyse the IPO.

Company Profile

Incorporated in 2008, the company is a leading end-to-end and IoT solutions-enabled integrated electronics manufacturing player with capabilities across the entire spectrum of electronic system design and manufacturing services. They have 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, Internet of Things (“IoT”), Information Technology (“IT”) and other segments.

The company operates in the following business verticals:

  • OEM–Turnkey Solutions–Box Build: They undertake “Build To Print” or “Build to Specifications” of complex box builds, sub-systems and products across various industry verticals.
  • OEM–Turnkey Solutions–Printed Circuit Board Assemblies (“PCBAs”): They undertake turnkey electronics manufacturing services for PCBAs, cable harnesses, magnetics and plastics ranging from prototyping to product realization, including mass manufacturing.
  • ODM: They offer ODM (Original design manufacturer) services in smart metering technology, smart street lighting, brushless DC technology, inverter technology, gallium nitride-based charging technology and provide IoT solutions for making smart consumer appliances or devices IoT connected.
  • Product Engineering and IoT Solutions: They offer conceptual design and product engineering services in the industrial and consumer segments. Their services include PCB cladding and electrical schematics for embedded design and submitting proof of concept for prototyping. They also provide end-to-end IoT and cloud enablement solutions and offer IoT data and analytics platforms and vertical IoT solutions.

The Company operates 8 strategically located manufacturing facilities across India in the states of Karnataka, Haryana, Himachal Pradesh, Tamil Nadu, and Uttarakhand. Their facilities are located in proximity to their customers, allowing them to serve their requirements efficiently and cost-effectively. Certain of its manufacturing facilities are approved under the Electronics Hardware Technology Park Scheme at the Software Technology Park of India in Bengaluru, which offers incentives similar to a special economic zone. As of June 30, 2022, they had a combined capacity to assemble over 150 crore components for the period. In addition, they have an exclusive line for Green Manufacturing and include 1 design facility and 2 service centres.

The Company has a diversified customer base and they served 229 customers in 21 countries across 3 continents in the 3 months ended June 30, 2022. Its customers span multiple sectors, ranging from electronics to automotive, to healthcare, industrial and IoT. They have a balanced mix of domestic and international customers, including certain Fortune 500 companies, multinational corporations and start-ups.

Who are the Promoters of the Company?

Ramesh Kunhikannan, Savitha Ramesh and RK Family Trust

Positives about the Company

  • Internet of Things solutions enabled integrated electronics manufacturing player with end-to-end capabilities across the Electronics System Design and Manufacturing spectrum.
  • Diversified business model with portfolio having applications across industry verticals
  • Long-standing relationships with marquee customer base
  • Global certifications for each industry vertical catered to and multiple facilities across India with advanced infrastructure
  • Strong supply chain and sourcing network
  • Track record of consistent financial performance
  • Experienced Promoters and senior management with extensive knowledge of the sector

Who are its listed peers?

  • Syrma SGS Technology Limited
  • Dixon Technologies Limited
  • Amber Enterprises India Limited

Why is the Company going public?

Given below are the objectives of the Company –

The Offer comprises a Fresh Issue by the company and an Offer for Sale by the selling shareholders. The company will not receive any proceeds from the Offer for Sale.

The Company proposes to utilise the Net Proceeds from the Fresh Issue towards funding of the following objects:

  • Repayment/ prepayment, in full or part, of certain borrowings availed by the Company.
  • Funding capital expenditure towards expansion of existing manufacturing facility at Mysuru, Karnataka, and near their existing manufacturing facility at Manesar, Haryana.
  • Investment in wholly owned Subsidiary, Kaynes Electronics Manufacturing Private Limited, for setting up a new facility at Chamarajanagar, Karnataka.
  • Funding working capital requirements of the Company
  • General corporate purposes

IPO Details

IPO Size ₹857.81 Crore*
Offer Mix Freash Issue ₹530 Crore + Offer For Sell ₹327.81 Crore*
Price Band ₹ 559 - ₹ 587
Lot Size 25 Shares (& in multiples thereof)
Face Value ₹ 10
Application Amount Min. ₹ 14,675 (1 lot) | Max. ₹ 1,90,775 (13 lots) [at upper price band]
Listing on NSE & BSE
Registrar Link Intime India Private Limited
Cut-off time for UPI Mandate Confirmation 14-November-2022 (up to 05:00 PM)
* at upper price band

Category Wise Availability*

QIB ₹ 428.15 Crore
(50% of the Issue Size)
NIB ₹ 128.45 Crore
(15% of the Issue Size)
Retail ₹ 299.71 Crore
(35% of the Issue Size)
Employee Reservation Portion ₹ 1.50 Crore
* at upper price band

Indicative Issue Timeline

Activity Date
IPO Opens November 10, 2022
IPO Closes November 14, 2022
Finalization of the basis of allotment November 17, 2022
Unblocking of funds / Initiation of refunds November 18, 2022
Credit of equity shares to Demat accounts November 21, 2022
Listing of equity shares November 22, 2022
Source: Company RHP  Alternate Text


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