IKIO Lighting IPO to open on June 6; price band set at ₹270-285 per share
- The IPO consists of a fresh issue of equity shares worth up to ₹350 crore and an offer-for-sale (OFS) of up to 90 lakh equity shares by promoters Hardeep Singh and Surmeet Kaur.
IKIO Lighting Ltd, the LED lighting solutions provider, will launch its initial public offering (IPO) for subscription on June 6. The three-day IPO will close on June 8, while the bidding for anchor investors will open on June 5.
The company has set the price band for the public issue at ₹270-285 per share. The IPO consists of a fresh issue of equity shares worth up to ₹350 crore and an offer-for-sale (OFS) of up to 90 lakh equity shares by promoters Hardeep Singh and Surmeet Kaur, as per the red herring prospectus (RHP).
At the upper end of the price band, the company will raise over ₹607 crore from the IPO. It proposes to utilise the proceeds from the fresh issuance for debt payment, investment in its wholly-owned subsidiary IKIO Solutions and for general corporate purposes.
The IKIO Lighting IPO lot size is 52 shares and retail investors can bid for a maximum of 13 lots. The basis of allotment of shares is likely to be fixed on June 13, and the shares are expected to be listed on June 16 on the BSE and NSE.
Motilal Oswal Investment Advisors is the sole book-running lead manager to the issue, while Kfin Technologies is the registrar.
IKIO Lighting is a manufacturer of light-emitting diode (LED) lighting solutions. It is primarily an original design manufacturer (ODM) and designs, develops, manufactures, and supplies products to customers who then further distribute these products under its brands.
The company has four manufacturing facilities with one located in the SIDCUL Haridwar industrial park in Uttarakhand and three in Noida in the National Capital Region.
IKIO Lighting IPO GMP
IKIO Lighting IPO grey market premium (GMP) was ₹50 on June 1. This was more than the GMP of ₹20 on May 31.
(With PTI inputs)
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