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Business News/ Markets / Stock Markets/  IKIO Lighting IPO : Issue oversubscribed on Day 2; NIIs steal the show
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IKIO Lighting IPO : Issue oversubscribed on Day 2; NIIs steal the show

IKIO Lighting IPO Subscription Status: The IPO has been subscribed 6.83 times on the second day of the sale, according to BSE data. The majority of brokerages have given the IPO a ‘subscribe’ rating due to its solid business model and reasonable pricing.

IKIO Lighting IPO: The public issue that has opened for subscription on Tuesday, June 6, will close on Thursday, June 8.Premium
IKIO Lighting IPO: The public issue that has opened for subscription on Tuesday, June 6, will close on Thursday, June 8.

IKIO Lighting IPO Subscription Status: The initial public offering (IPO) of IKIO Lighting Ltd was subscribed 6.83 times on Day 2, according to BSE data. The public issue that has opened for subscription on Tuesday, June 6, will close on Thursday, June 8.

On Day 2 of the subscription, the issue saw overwhelming response from Non Institutional Investors (NIIs) who subscribed 15.99 times followed by retail investors who subscribed to the issue 5.92 times of the portion reserved, and qualified institutional buyers portion was subscribed 1.37 times.

The company has received bids for 10,40,31,096 shares against 1,52,24,074 shares on offer, according to data from the BSE.

The qualified institutional buyers' (QIBs) portion received bids for 58,05,072 shares against 42,42,592 on offer for this segment.

The retail investors' portion received bids for 4,55,38,688 shares against 76,87,037 shares on offer for this segment.

The non-institutional investors' portion received bids for 5,26,87,336 shares against 32,94,445 on offer for this segment.

The employees' portions did not receive any subscription.

IKIO Lighting IPO : Issue subscribed 1.55 times on Day 1 ; NII, retail portion overbooked

The IKIO Lighting IPO, worth 607 crore, is made up of an offer for sale (OFS) of up to 90 lakh shares by the promoters and a fresh issuance for 350 crore.

The price band for the IPO has been set at 270 to 285 per share. Promoters Hardeep Singh and Sumeet Kaur will take part in the OFS by selling 60 lakh and 30 lakh equity shares, respectively.

As of June 5, IKIO Lighting has already received 182 crore from anchor investors. According to information posted on the BSE, the company allocated 63.84 lakh equity shares to a total of 16 funds at an issue price of 285 per share.

The majority of brokerages have given the IKIO Lighting IPO a 'Subscribe' rating for the long term because to its solid business model and reasonable prices.

IKIO Lighting IPO: GMP, should you subscribe, other details as issue opens today

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Published: 07 Jun 2023, 12:38 PM IST
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