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Kaynes Technology share price: Kaynes Technology India makes a strong debut, lists at 33% premium

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New Delhi: Shares of Kaynes Technology India were off to a strong start as they listed at a premium of 33% at Rs 778 on NSE compared to the issue price of Rs 587 apiece.

The Internet of Things (IoT) player debuted at a premium of 32% at Rs 775 as against the given issue price on BSE.

A day prior to its debut at the bourses, the company was exchanging hands at a premium of Rs 200 per share in the unofficial market, which translated into a listing pop of 35% over the issue price.

The initial public offering (IPO) of Kaynes Technologies received a strong subscription of 34.16 times between November 10-14. The company raised Rs 858 crore by selling its share in the range of Rs 559-587 apiece.

The quota reserved for qualified institutional buyers (QIBs) was subscribed 98.47 times while the one reserved for non-institutional investors (NIIs) and retailers was subscribed 21.21 times and 4.1 times, respectively.

Incorporated in 2008, Kaynes provides manufacturing and life-cycle support for players in the automotive, industrial, aerospace and defence, outer-space, nuclear, medical, railways, Internet of Things (IoT), IT and other segments.

Kaynes Technology operates eight manufacturing facilities across India in the states of Karnataka, Haryana, Himachal Pradesh, Tamil Nadu, and Uttarakhand.

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