IKIO Lighting Limited IPO Closes with 66% Subscription Rate
IKIO Lighting Limited’s initial public offering (IPO) has closed on Thursday with a 66% subscription rate. The subscription rate rose up to 66.29 times on the last day of the IPO, leaving some investors unable to invest. The LED lighting company’s IPO opened on June 6 and was subscribed to 66% by the end of the last day. The company will now initiate the allocation, refund, and listing process. The shares of the company are also performing well in the grey market. The grey market premium for the shares of the company has reached INR 113.
Grey Market Premium Reaches INR 113
After the three-day subscription period, IKIO Lighting IPO’s closing has received a tremendous response from investors. The grey market price of the company’s shares is skyrocketing, and the grey market premium (GMP) for the lighting company has reached INR 113. The subscription numbers for the eligible institutional investors and non-institutional investors were 163.58 and 63.35 times, respectively. Moreover, the retail category was subscribed to 13.86 times.
IPO Pricing and Allotment
IKIO Lighting Limited’s IPO issue size was INR 606.5 crore, and 1.52 crore shares were offered. The company received bids for 10,09,27,6892 shares. The company fixed the price band at INR 270-285 per share. The IPO issued 350 crore new equity shares. The IPO opened for anchor investors on June 5 and for retail investors on June 6.
Anchor Investors Raise INR 182 Crore
IKIO Lighting Ltd’s IPO had a lot size of 52 shares, and investors could place bids for a maximum of 13 lots. Anchor investors purchased 63,84,209 shares of the company during the IPO. The shares were allotted to these investors at the highest price band of INR 285 per share, raising INR 181.94 crore for the company. HDFC Mutual Fund, ICICI Prudential Mutual Fund, Goldman Sachs Asset Management, and others are among the anchor investors.
Listing to Take Place on June 16
After the closing of the IPO, the company will allocate shares to investors on June 13, 2023. The refund process will take place on June 14, and the shares will be credited to investors’ demat accounts on June 15. The company will initiate the listing process of the shares on BSE and NSE, with the expected date of June 16, 2023.
Investors are advised to seek advice from their market expert before investing in the stock market.
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