HomeLifestyleBe ready to earn, IPO of technology company is coming next week,...

Be ready to earn, IPO of technology company is coming next week, new shares of ₹ 500 crore will be issued

Highlights

Cans Technology is an IoT based integrated electronics manufacturing company.
In the IPO, 55 lakh shares will be offered for sale under the OFS.
The company will use the amount received from the fresh shares for debt repayment and other works.

New Delhi. The IPO (Initial Public Offering) of Internet of Things (IoT) based electronics manufacturing company Cannes Technology India Limited (KTIL) will open on November 10. According to the documents submitted with market regulator SEBI, this IPO will close on November 14. Anchor investors will be able to bid for the shares on November 9. Cans Technology will issue fresh shares worth Rs 530 crore under the IPO.

Apart from this, the promoters and an existing shareholder will also make an offer for sale of 55.85 lakh equity shares. These will also include 20.84 lakh shares of promoter Ramesh Kunikannan. The proceeds from the sale of new shares will be used to pay off debt, fund capital expenditure for manufacturing plants in Mysore and Manesar and raise working capital. Apart from this, the company will also use the money to set up a manufacturing plant in Chamarajanagar, Karnataka.

Also read- New job opportunities will be available in Karnataka, investment of 10 lakh crores came in the state, investment increased in these sectors

what does the company do
Cannes Technology is an Internet of Things (IoT) based integrated electronics manufacturing company. It has a total of eight production plants across the country. It provides conceptual design, process engineering, integrated manufacturing and life cycle support in automotive, industrial, aerospace and defence, outer space, nuclear, medical, railways, IoT, IT and other sectors.

What is the meaning of Internet of Things?
In the Internet of Things, physical objects (things) are equipped with sensors, software or other technology. With this, they connect with other devices and systems and exchange data. In this, data transfer takes place through a network and there is no human to human or human to computer communication.

what is ipo
IPO means Initial Public Offering i.e. Public Initial Issue. When a company offers its shares to the general public for the first time, it is called IPO. If any private or government company in the country needs funds, then it takes its shares to the people. It is bought by the investors and they become the shareholders of the company. Information about the decisions of the company listed in the market is also given to its general investors. Buying and selling can be done in the shares of the company listed in the stock market.

Tags: business news in hindi, Investment tips, IPO, Share market, stock market

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