Kaynes Technology IPO: GMP, Audit, Subscription Status after Day 2 of Bidding. To apply or not to apply?

Cairns Technology IPO: The initial public offering (IPO) of Kaynes Technology India Ltd opened for subscription on November 10, 2022, and after two days of subscription, the public offering has been subscribed 1.10 times. Its retail segment has been 0.47 times subscribed, while the public offering has been oversubscribed 3.22 times in the first two days of bidding.Meanwhile, shares of Kaynes Technology India Ltd are at a premium of rupee85 per share in the grey market today.Cairns Technology IPO Today GMP Market watchers say the Cairns Technology Grey Market Premium (GMP) today is rupee85, that is rupee10 higher than Friday’s GMP or rupee75 shares per share.This means that the grey market expects a Keynesian tech IPO to be listed at rupee672 ( rupee587+ rupee85), about 14% above its price range rupee559 to rupee587 shares per share. They said the grey market was bullish on public issues following a change in sentiment on Dalal Street.Cairns Technology IPO Subscription Situation After two days of bidding, public offering value rupee857.82 million has been subscribed 1.10 times while its retail segment has been subscribed 0.47 times. In the employee category, the public offering has been 3.22 times subscribed, while in the QIB category, the IPO has been 2.45 times subscribed. Kaynes Technology IPO: Filed or not? On whether Kaynes Technology IPO should be bought, Anand Rathi said, “In terms of valuation at the IPO price cap, Kaynes is asking for 81.9 times its TTM earnings, which is attributable to post-issue equity, asking for a market cap of Rs. Growth, strong revenue visibility, and growing demand for automation in underlying industries, we believe it’s reasonably priced. We recommend a “Long-Term Buy” rating for this IPO.

Ventura Securities gave the IPO a ‘subscription’ tag, “At an IPO price of Rs 587 (cap price range), KTIL is trading at 26.1x FY25 earnings. Considering growth opportunities in the EMS sector. Due to KTIL’s tailwinds and strong fundamentals , we recommend a SUBSCRIBE rating with a target price of Rs 675 (FY25 P/E of 30x), representing a 15.0% upside from the 18-month IPO price.”

Disclaimer: The above views and recommendations are those of an individual analyst or brokerage firm and not those of Mint.

Get all business news, market news, breaking news events and latest news updates on Live Mint. Download the Mint News app for daily market updates.

more less

Source link