IKIO Lighting IPO Listing: Shares of IKIO Lighting, a company providing services related to LED lighting, made a stellar entry in the market today. Its IPO also received an excellent response from investors, with 67.75 times oversubscription. The shares listed at Rs. 391, giving investors a 37% listing gain and earning a profit of Rs. 106 per share. The lot size was 52 shares. The IPO was issued at Rs. 285 per share. The shares have seen a significant surge and are currently trading at Rs. 403.05 on the BSE.
IKIO Lighting IPO Receives a Great Response: The IPO of IKIO Lighting, worth INR 607 crore, received a tremendous response. The issue was subscribed 67.75 times on the back of qualified institutional investor demand. QIBs subscribed 163.06 times, while non-institutional investors subscribed 65.38 times and retail investors 14.31 times. Under this issue, 350 crore new shares were issued at a price of Rs. 285, and 90 lakh shares were sold through an offer for sale.
Proceeds of the IPO: The proceeds raised from the issuance of new shares will be utilized to repay debt of INR 50 crore and invest INR 212.31 crore in IKIO Solutions, which holds the full ownership of IKIO Lighting, to set up a new plant in Noida. The remaining funds will be utilized for general corporate purposes.
Details of IKIO Lighting: The company designs and prepares LED-related products to be sold by customers under their brand names. It has four plants, one in Sidkul Haridwar Industrial Park in Uttarakhand and three in Noida, Uttar Pradesh. In terms of its financial health, the company’s net profit has been steadily increasing. It earned a net profit of INR 21.41 crore in fiscal year 2020, which increased to INR 28.81 crore in fiscal year 2021 and then to INR 50.52 crore in fiscal year 2022. For the nine months of fiscal year 2023 (April-December 2022), it earned a net profit of INR 51.35 crore.
Investors have high hopes for the future of IKIO Lighting, given its strong financial performance and the growing demand for LED lighting products.
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