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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Repayment or prepayment of borrowings
Reducing outstanding debt to strengthen the balance sheet.
Capital expenditure at existing facilities
Funding expansion of the existing manufacturing facility at Mysore, Karnataka and near the existing facility at Manesar, Haryana.
Investment in subsidiary for new facility
Investing in subsidiary Kaynes Electronics Manufacturing Private Limited to fund a new manufacturing facility at Chamarajanagar, Karnataka, estimated to start commercial production around March 2024.
Funding working capital requirements
Meeting the company's incremental working capital needs as the business scales.
General corporate purposes
General corporate purposes as permitted under applicable regulations.
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(₹ in Crore)
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Kaynes Technology India Limited, incorporated in 2008 and headquartered in Mysore, Karnataka, is an integrated electronics manufacturing services company offering conceptual design, process engineering, manufacturing and life cycle support across the automotive, industrial, aerospace and defense, outer space, nuclear, medical, railways, IT and IoT sectors. The company operates eight manufacturing facilities across Karnataka, Haryana, Himachal Pradesh, Tamil Nadu and Uttarakhand, along with a dedicated R and D team based in Mysore. It served roughly 229 customers across 21 countries as of mid 2022 and sourced from more than 870 vendors globally, and it carried an order book of over Rs 2,266 crore at the time of its public offering. Kaynes' Rs 857.82 crore initial public offering, comprising a Rs 530 crore fresh issue and a Rs 327.82 crore offer for sale, listed on the NSE and BSE in November 2022. Fresh issue proceeds were earmarked mainly for debt repayment, capacity expansion at its Mysore and Manesar facilities, an investment in its subsidiary Kaynes Electronics Manufacturing Private Limited for a new facility at Chamarajanagar, and working capital and general corporate purposes.
The company raised approximately Rs 257 crore from anchor investors on 9 November 2022, ahead of the issue opening, with participation from domestic mutual funds and global institutional investors.
Source: RHP • Analysis provided for informational purposes
Last Updated: 18 July 2026, 5:30 AM
Diversified, high-reliability end markets
The company serves regulated, quality-sensitive sectors including aerospace and defense, medical, railways and nuclear alongside automotive and industrial customers, which raises entry barriers for competitors.
Broad manufacturing footprint
Eight manufacturing facilities spread across five states, supported by a dedicated R&D team, give the company scale and geographic redundancy in serving its customer base.
Strong recent growth trajectory
Revenue nearly doubled and profit after tax grew more than four-fold between FY20 and FY22, reflecting rapid scaling of the business ahead of the IPO.
Healthy order book
The company held orders worth over Rs 2,266 crore on hand at the time of the offering, providing visibility into near-term revenue.
Rich issue valuation
The IPO was priced at a high trailing price-to-earnings multiple, which analysts flagged as leaving little room for error and making the stock sensitive to any growth disappointment.
Working-capital intensive operations
A portion of the fresh issue proceeds was earmarked for working capital, indicating the business ties up significant capital in its operating cycle.
New facility execution risk
A meaningful part of the fresh issue was committed to a new manufacturing facility for a subsidiary that was not yet in commercial production, exposing the company to execution and ramp-up risk.
Kaynes Technology India Limited
23-25 Belagola Food Industrial Estate, Metagalli PO, Mysore 570016, Karnataka, India
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