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Mumbai: Kaynes Technology made a strong stock market debut on Tuesday with the stock listing at ₹775, a 32% premium over its IPO price of ₹587 apiece.
The stock however, gave up part of its gains before closing at ₹690.10, up 17.6% over its issue price. The ₹858-crore IPO, in which shares were sold in the price band of ₹559-587 between November 10 and November 14, was subscribed over 34 times.
The public issue consists of a fresh issue of ₹530 crore and an offer for sale worth ₹328 crore by the promoter and other shareholders.
Most analysts are optimistic about the company’s long-term prospects.
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