IKIO Lighting IPO Receives Strong Response from Investors
IKIO Lighting, a company that provides LED-related services, received a fantastic response from investors for its IPO. The company’s IPO was subscribed 67.75 times, indicating a strong interest from investors. The IPO was open for subscription from June 6 to June 8, and the price band was set at INR 270-285 per share. The IPO will issue 350 crore new shares and 90 lakh shares for sale. The qualified institutional investors subscribed to 163.06 times, while the non-institutional investors subscribed to 65.38 times, and the retail investors subscribed to 14.31 times.
Despite the strong response from investors, the grey market premium (GMP) for the company has fallen from INR 128 to INR 99, a decline of almost 23%. Experts suggest that the company’s fundamentals and financials are more crucial than the signals from the grey market. The shares will be allotted on June 13, and the listing will take place on both NSE and BSE on June 16.
Details About IKIO Lighting
IKIO Lighting designs and prepares LED-related products, which are then sold under brand names. The company has four plants, one in Sidcul Haridwar Industrial Park, Uttarakhand, and three in Noida, Uttar Pradesh. The company’s financial health has been consistently improving, with continuous growth in its net profit. In the financial year 2020, the company’s net profit was INR 21.41 crore, which increased to INR 28.81 crore in the financial year 2021 and further increased to INR 50.52 crore in the financial year 2022. In the financial year 2023, the company has reported a net profit of INR 51.35 crore between April and December 2022.
Conclusion
Despite the decline in the grey market premium, IKIO Lighting’s IPO has received a strong response from investors. The company’s financial health has also been consistently improving, which is a positive sign for investors. The shares will be allotted on June 13, and the listing will take place on both NSE and BSE on June 16.
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