IKIO Lighting’s shares have been listed on the stock exchanges with a premium of around 38%. The LED company’s shares were listed on BSE and NSE at Rs. 391 and Rs. 392.5, respectively, with a premium of 37.19% and 37.71%. As a result, the investors made a huge profit as soon as the shares were listed. Analysts expect to see a surge in the company’s shares on Monday as Qunat Mutual Fund purchased a large number of IKIO Lighting’s shares on the day of the listing.
Bulk Deal in IKIO Lighting’s Shares
According to data available on the stock exchanges, Qunat Mutual Fund purchased more than 2% equity shares in IKIO Lighting on the day of the listing. The fund purchased 6.01 lakh shares, and Quant Multi Asset Fund purchased 6.02 lakh shares. Thus, a total of 12.03 lakh shares, or a 2.15% stake, was acquired through this deal. The average price for this deal was Rs. 409.08 per share.
Expectations of a Strong Listing
Some analysts suggest that investors can consider booking profits in the company and re-entering at lower levels. However, others advise holding the stock for the long term. Swastika Investmart’s Equity Research Analyst Anubhuti Mishra said that IKIO Lighting had made a strong debut in the market, which is better than expected. The IPO of this LED lighting company opened on June 6.
Strong Response to the IPO
Looking at the figures on the final day of the subscription, the qualified institutional buyers subscribed to the category by 163.58 times. In addition, the non-institutional investors subscribed to the issue by 63.35 times. The retail category was filled 13.86 times. The IPO issue size of IKIO Lighting was Rs. 606.5 crores, and 1.52 crore shares were offered under it. In comparison, the IPO received bids for 10,09,27,6892 shares.
The company had set a price band of Rs. 270 to Rs. 285 per share for this IPO. In this initial public offering, 350 crores worth of new equity shares were issued. On Friday, IKIO Lighting’s shares closed at Rs. 404.50, up 41.93% from its issue price.
(Note – Seek advice from your market expert before investing in the stock market.)
In conclusion, IKIO Lighting’s shares have made a strong debut on the stock exchanges, with a premium of almost 38%. The company’s IPO received a strong response from the investors, and Qunat Mutual Fund purchased a significant number of shares on the day of the listing. Analysts have high expectations for the company’s future and recommend holding the stock for the long term.
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