The commercial electronics participant bought listed at Rs 778, a premium of 33%, on the Nationwide Inventory Change (NSE), whereas on BSE, it debuted at a premium of 32% at Rs 775. The inventory was issued at Rs 587 apiece.
Following the debut, shares of Kaynes Know-how made an intraday excessive of Rs 787 on BSE earlier than dropping to Rs 675 as traders took some cash off the desk.
Market contributors majorly stay constructive on the counter in the long term and counsel contemplating it as a long-term play. Nonetheless, a couple of have really helpful to partially ebook income within the counter.
Pravesh Gour, Senior Technical Analyst,
mentioned allottees who utilized for the general public difficulty for itemizing premium are suggested to take care of a cease lack of Rs 710 and look forward to additional upside.
He stays constructive on the counter in the long run and means that medium to long-term traders can maintain the inventory, sustaining a cease loss at Rs 680.
The preliminary public providing (IPO) of Kaynes Applied sciences acquired a robust subscription of 34.16 occasions between November 10-14. The corporate raised Rs 858 crore by promoting its share within the vary of Rs 559-587 apiece.
The quota reserved for certified institutional patrons (QIBs) was subscribed 98.47 occasions whereas the one reserved for non-institutional traders (NIIs) and retailers was subscribed 21.21 occasions and 4.1 occasions, respectively.
Ravi Singh, Vice President and Head of Analysis, Share India mentioned Kaynes Know-how noticed some revenue reserving after sturdy itemizing features.
“Buyers could ebook half the income on the itemizing costs and place a cease lack of Rs 650 ranges for the remaining place,” he instructed. “The inventory is an effective guess for the long run.”
After a robust itemizing pop, Manoj Dalmia, Founder and Director, Proficient Equities mentioned traders can maintain it with a mid-term to long-term perspective.
Echoing an identical tone, Ravi Singhal, CEO, GCL Securities mentioned the inventory nonetheless appears good for long-term play. Buyers can maintain a goal of Rs 1,000 apiece, whereas cease loss shall be put at Rs 688.
(Disclaimer: Suggestions, ideas, views, and opinions given by the specialists are their very own. These don’t symbolize the views of Financial Occasions)
