The first-ever public offering by IKIO Lighting has received an outstanding response, as investors oversubscribed to the offering 66.3 times the original size on the final day of bidding, which occurred on June 8th.
According to exchange data, investors have shown great interest in the IPO, submitting bids for 100.92 crore equity shares, exceeding the IPO size of 1.52 crore shares.
High net-worth individuals, who are entitled to 15 percent of the IPO shares, have played a pivotal role in supporting the offering, purchasing shares that amount to 63.35 times their allocated quota. Retail investors have also shown enthusiasm, bidding for 13.86 times the reserved portion.
Qualified institutional buyers, who enjoy a 50 percent reservation in the public issue, have acquired a staggering 163.58 times their allocated portion.
By the end of the second day of bidding, on June 7, the offering had already been subscribed 6.83 times.
IKIO Lighting, a Noida-based provider of LED lighting solutions, aims to raise Rs 606.5 crore from the public issue, with a price band set between Rs 270 and Rs 285. This consists of a fresh issuance of shares valued at Rs 350 crore and an offer-for-sale of Rs 256.5 crore by the company’s promoters.
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The net proceeds from the fresh issue will be utilized by IKIO Lighting, with Rs 212 crore allocated for the establishment of a new facility in Noida, and an additional Rs 50 crore designated for debt repayment.
Several brokerage firms have expressed their support for the offer, citing attractive valuations, strong financial performance, and IKIO Lighting’s expertise in functional decorative lights, commercial refrigeration lighting, and recreational vehicles.
About IKIO Lighting:
Established in 2016, IKIO Lighting Limited has risen as a prominent Indian firm specializing in the production of LED lighting solutions. Throughout the past seven years, the company has cemented its position as a committed provider of environmentally friendly and energy-efficient LED products, aligning with India’s dedication to a more sustainable future. IKIO offers a diverse range of products that can be classified into various segments, including LED lighting solutions, Refrigeration lights, ABS (acrylonitrile butadiene styrene) piping, and a variety of other innovative offerings.
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