KARNATAKA, INDIA – Kaynes Technology India filed draft papers with the Securities Board of India to raise funds through an initial public offering.

The IPO comprises a fresh issue of Rs 6.5 billion (US$85.2 million) and an offer-for-sale of up to 7.2 million by existing shareholders and promoters.

Some Rs 1.3 billion will be used to repay debt. As of Feb. 28, total outstanding borrowings were Rs 2.1 billion.

The company will use Rs 989.3 million for funding capital expenditure for its manufacturing facilities in Mysore and Manesar.

The electronics manufacturer also plans to use Rs 1.5 billion toward investment in Kaynes Electronics Manufacturing to build a new facility in Karnataka.

The company will use Rs 1.14 billion toward funding its working capital requirements. As of December, net working capital requirements were Rs 2.5 billion.

The firm’s 2021 revenue was Rs 4.2 billion, up 14.2% year-over-year. Net profit was Rs 97.3 million, an increase of 4%.

Ed.: Rs 1 = US$0.013

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