Cannes Technology’s IPO opens on November 10: Here’s everything you need to know

The company provides manufacturing and life-cycle support for players in the automotive, industrial, aerospace and defense, outer space, nuclear, medical, railway, Internet of Things (IoT), information technology (IT) and other sectors.

Here are the things to know Cannes Technology IPO,

1) The IPO will be open for subscription on 10th November and will end on 14th November. Bids for anchor investors will open on November 9.

2) Cannes Technology has fixed its price band in the range of 559-587 each.

3) The issue consists of fresh equity shares of value 530 crores. The existing shareholders and promoters will sell 55,84,664 equity shares through an offer for sale (OFS).

4) Promoter Ramesh Kunhikannan will sell 20,84,664 equity shares, shareholder Frenny Firoz Irani will sell 35,00,000 equity shares in OFS.

5) The net proceeds from the fresh issue will be used for repayment or prepayment of certain borrowings, capital expenditure for expansion of existing manufacturing facilities, investment in its subsidiary, working capital requirements and general corporate purposes.

6) The company did pre-IPO placement of 23,38,760 equity shares at a price of 555.85 Acacia Banyan Partners and Volrado Venture Partners Fund II Aggregate 130 crores.

7) DAM Capital Advisors and IIFL Securities are the NSE 0.50% book-running lead managers.