IKIO Lighting IPO Subscription Status on Day 2
IKIO Lighting, a prominent LED lighting solutions provider, experienced strong investor interest in its initial public offering (IPO) as the subscription rate reached an impressive 3.61 times on the morning of June 7, marking day 2 of bidding.
According to exchange data, investors purchased 5.48 crore equity shares, surpassing the offer size of 1.52 crore shares.
The retail investor segment exhibited substantial enthusiasm, oversubscribing their allotted quota of shares by 3.70 times. Meanwhile, high-net-worth individuals showed significant interest by subscribing 7.61 times their designated portion.
Qualified institutional investors, who hold 50 percent of the shares in the offering, purchased 33 percent of their reserved allocation.
The IPO allocation includes a reservation of 15 percent for high-net-worth individuals and the remaining 35 percent for retail investors.
After achieving a subscription rate of 1.55 times on June 6, the offering is scheduled to close on June 8.
IKIO Lighting aims to raise Rs 350 crore through the issuance of fresh shares and Rs 256.5 crore through an offer for sale, with the upper end of the price band set at Rs 270-285.
The company plans to utilize the proceeds from the fresh issue to repay debts and establish a new facility at Noida, operated by its subsidiary IKIO Solutions. Additionally, the funds will be allocated towards general corporate purposes.
IKIO possesses a fully integrated manufacturing infrastructure, enabling the production of innovative LED lighting products. The company’s product portfolio includes LED lighting solutions, refrigeration lights, ABS piping, and various other offerings.
With manufacturing facilities located in the SIDCUL Haridwar industrial park in Uttarakhand and Noida, IKIO serves a diverse customer base across different industries and geographical regions. Noteworthy clients include Signify Innovations India, Western Refrigeration, Panasonic Life Solutions India, and Novateur Electrical & Digital Systems.
About IKIO Lighting:
Founded in 2016, IKIO Lighting Limited has emerged as a leading Indian company focused on manufacturing LED lighting solutions. Over the past seven years, the company has established itself as a dedicated provider of sustainable and energy-efficient LED products, in line with India’s commitment to a greener future. IKIO offers a wide array of products that can be categorized into different segments. These encompass LED lighting solutions, Refrigeration lights, ABS (acrylonitrile butadiene styrene) piping, and several other innovative offerings.
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