IKIO Lighting Ltd makes a strong debut on NSE with a 42% surge on its first day of trading. The LED lighting solutions provider had issued shares at a price of INR 285 per share through its initial public offering (IPO), which were listed at INR 391 per share on Friday. During the day, the stock price had jumped up to 49.96% but closed at INR 403.75, indicating a 41.66% increase on its debut day.
IKIO Lighting had received almost 66.29 times subscription for its IPO last week, raising INR 607 crore from the market. The issue price was set at INR 270-285 per share, and the company plans to use the funds to repay a debt of INR 50 crore and invest INR 212.31 crore in IKIO Solutions, its fully-owned subsidiary, to build a new plant in Noida. The remaining funds will be used for general corporate purposes.
IKIO Lighting designs and manufactures LED products, which are later sold by its customers under their brand names. The company operates four plants, with one in Sidcul Haridwar Industrial Park in Uttarakhand and three in Noida, Uttar Pradesh.
The stock market ended the day with the BSE Sensex closing at a record high of 63,384.58, up by 466.95 points or 0.74%, while the NSE Nifty closed near its lifetime high at 18,826, up by 137.90 points or 0.74%.
In conclusion, the successful listing of IKIO Lighting on the NSE is a positive sign for the company and the LED lighting industry in India. With its IPO being oversubscribed by 66.29 times, the company’s future prospects seem promising.
Follow DelhiBreakings on Google News
Superfast News Coverage by DelhiBreakings.com team.
For Superfast national news and Delhi Breaking Stories visit us daily at https://delhibreakings.com