Ikeo Lighting’s IPO Makes Huge Earnings on Listing
The IPO of Ikeo Lighting, a company that designs, manufactures, and sells LED lighting products, has made a great listing today. The company had taken out an IPO of Rs 607 crore a few days back, which got about 68 times the money. The shares of Ikeo Lighting were listed at around Rs 391 this morning and the investors got a profit of about Rs 106 per share today. The stock was trading at Rs 403 on the NSE till noon and made a high of Rs.427 today.
The company has four plants, one at Sidkul Haridwar Industrial Park in Uttarakhand and three at Noida in Uttar Pradesh. The money from the IPO will be used to pay off the debt of Rs 50 crore and about Rs 212 crore will be invested in wholly-owned company Ikeo Solutions to set up a new plant in Noida.
Ikeo Lighting received a bumper response during the IPO and was subscribed 66.29 times on the last day. The IPO was strongly supported by eligible institutional investors and the issue was subscribed 163.58 times in this category. The issue was also subscribed 13.86 times in the category of retail individual investors.
The company’s IPO has made a huge profit on the day of listing, making it a big investment opportunity for the future. Investors can keep a close watch on the stock prices to make informed decisions about investing in the company.
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