IKIO Lighting’s IPO ready for debut on the Street
IKIO Lighting’s IPO is ready to debut on the Street and is expected to have a strong listing as the market is giving positive signals. In the grey market, the shares of IKIO Lighting are trading at a premium of INR 105-110. Market experts suggest that the listing of this stock on an exchange can lead to an increase of more than 40% from the issue price. The IPO of this LED light-making company opened on June 6.
Strong listing signals for IKIO Lighting
According to market experts, IKIO Lighting’s IPO is likely to have a strong listing for investors. The grey market premium has seen a sharp increase after the final allotment of shares, indicating the enthusiasm of investors to make quick money on the stock. Abhay Doshi, co-founder of unlisted arena, said that the company’s valuation is moderate and its fundamentals and balance sheet are strong. The excitement around the issue has increased after strong subscription on the issue.
Market expectations for the IPO
If we consider the grey market’s figures, IKIO Lighting’s IPO can list at INR 385, which is a premium of INR 100 per share. The IPO size was INR 606.5 crores, and 1.52 crores shares were offered under it. The issue received bids for 10,09,27,6892 shares against the offer of 1,52,00,000 shares.
Response from anchor investors
Anchor investors had already invested INR 181.94 crores in the company by buying 63,84,209 shares at the upper end of the price band of INR 285 per share. The investors included HDFC Mutual Fund, ICICI Prudential Mutual Fund, Goldman Sachs Asset Management, and others.
Lot size and price band
The lot size for the issue was 52 shares, and investors could bid for a maximum of 13 lots. The IPO had a price band of INR 270-285 per share, and 350 crores of new equity shares were issued.
The IPO received an overwhelming response from qualified institutional buyers (QIBs), who subscribed to 163.58 times their reserved portion. Non-institutional investors subscribed to 63.35 times their reserved portion, while retail investors subscribed to 13.86 times their portion.
In conclusion, investors can take cues from the grey market’s signals, but it is always advisable to consult a market expert before investing in the stock market.
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