IKIO Lighting raises ₹182 crore from 14 anchor investors at ₹285 per share ahead of IPO
IKIO Lighting IPO: The issue, with a price band of ₹ ₹270-285 per share, will be open for public subscription during June 6-8.
PremiumLED lighting solution provider IKIO Lighting announced on June 5 that it has mobilised ₹182 crore from anchor investors ahead of its initial public offer (IPO) that opens for subscription on Tuesday. The company has allotted 63.84 lakh equity shares to 16 funds at ₹285 apiece, aggregating the transaction size to ₹182 crore, according to a circular uploaded on the stock exchanges.
Societe Generale, Citigroup Global Markets Mauritius, Goldman Sachs, Malabar India Fund, Quant Mutual Fund (MF), HDFC MF and ICICI Prudential MF are among the anchor investors. The issue, with a price band of ₹270-285 per share, will be open for public subscription between June 6-8.
Also Read: IKIO Lighting IPO: Ahead of subscription, GMP surges sharply
The IPO of the Noida-based firm 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 stocks by promoters Hardeep Singh and Surmeet Kaur. At the upper end of the price band, the initial share sale will fetch ₹606.5 crore.
Proceeds from the fresh issuance worth ₹50 crore will be used for debt payment, ₹212.31 crore in the company's wholly-owned subsidiary IKIO Solutions to set up a new facility at Noida, Uttar Pradesh, and for general corporate purposes.
Half of the issue size has been reserved for qualified institutional buyers (QIBs), 35 per cent for retail investors, and the remaining 10 per cent is parked for non-institutional investors. Further, investors can bid for a minimum of 52 equity shares and in multiples of 52 equity shares thereafter.
IKIO Lighting is a manufacturer of light-emitting diode (LED). It is primarily an original design manufacturer (ODM). The company designs, develops, manufactures and supplies products to customers, who then further distribute these products under their brands.
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