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Kernex Microsystems IPO opens on Nov 28

Our Bureau

Mumbai , Nov. 23

THE Hyderabad-based Kernex Microsystems (India) Ltd is entering the capital market on November 28 to raise Rs 99 crore. The proceeds of the issue will finance the setting up of a manufacturing base for anti-collision devices (ACDs), auto driving devices (ADD) and special signalling systems used by the Indian Railways. The Kernex issue will have a price band of Rs 225-250 per equity share of Rs 10 face value and will close on December 3.

The final price would be decided through the 100 per cent book-building process. The issue-size would constitute 35-37 per cent of the post-issue paid-up capital.

The issue is being lead managed by BOB Capital Markets Ltd and Allianz Securities Ltd.

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