Ikio Lighting IPO Subscribed 1.20 Times on First Day
IKIO Lighting, a company providing LED-related services, has received a massive response from investors on the first day of its IPO. The issue has been subscribed 1.20 times so far, with bids for a total of 1,80,76,604 shares received against 1,52,24,074 shares on offer. Institutional investors have shown the maximum interest, while retail investors have also shown a lot of interest in it. The IPO has already raised Rs 181.95 crore from anchor investors. The issue is open for investment until June 8, and the allotment of shares will be final on June 13. The company’s shares will be listed on the NSE-BSE on June 16.
Strong Response from Retail Investors
The share of qualified institutional buyers has been subscribed to 29%, while the reserve portion for non-institutional investors has been subscribed 2.4 times. Retail investors have subscribed to the issue 1.38 times. Fresh shares worth Rs 350 crore have been issued under this IPO, and 90 lakh shares are being sold under the offer for sale. The issue has been fixed with a price band of Rs 270-285 and lots of 52 shares.
Listing and Promoter Shares
After the success of the IPO, promoters Hardeep Singh and Surmeet Kaur will sell 10,00,000 shares of face value of Rs 10 each under the Offer for Sale. The company will use the proceeds to repay its debt of Rs 50 crore and invest Rs 212.31 crore in its wholly owned subsidiary Ikeo Solutions.
Conclusion
Ikio Lighting IPO has shown a strong response from investors, particularly retail investors. The IPO is priced competitively, and the company has a strong growth potential, making it an attractive investment opportunity. Investors can still invest in this issue until June 8, and the allotment of shares will be final on June 13. The company’s shares will be listed on the NSE-BSE on June 16.
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