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Business News/ Markets / Stock Markets/  IKIO Lighting IPO listing: Stock lists at a premium of 37.7% on NSE

IKIO Lighting IPO listing: Stock lists at a premium of 37.7% on NSE

IKIO Lighting share price: On the NSE, the stock was listed at ₹392.50 per share, 37.7% higher than the issue price.

IKIO Lighting lists on the bourses today. Premium
IKIO Lighting lists on the bourses today.

Stock Market Listing: IKIO Lighting share price listed on the bourses at a premium on Friday. On the NSE, the stock was listed at 392.50 per share, 37.7% higher than the issue price, while on the BSE, the stock was listed at 391 apiece.

The stock hit a intraday of 412 and low of 392 on NSE. 

IKIO Lighting IPO listing date today. GMP, stock market experts signal 'fancy' debut of shares.

According to Anubhuti Mishra, Equity Research Analyst at Swastika Investmart Ltd,  IKIO Lighting made its strong debut in the market at a listing price of Rs. 392. The company's issue price at the upper band was 285, so it is around 37% of the gain for investors which is even more than expected.

“Considering its strong focus on R&D and backward integration, its well-established relationship with clients, and its consistent financial performance we still have a positive view on this thus we will suggest investors hold this share for a longer period by keeping a stop loss 10% below its listing price," added Mishra.

On Day 3 of subscription, the public issue received fantastic response from qualified institutional buyers' (QIBs) who subscribed to the issue 163.06 times of the portion reserved, followed by non-institutional investors who subscribed 65.38 times and retail investors subscribed 14.31%. The issue was subscribed 67.75 times. On Day 2 and Day 1 the issue was subscribed 7.02 times and 1.61 times, respectively. 

The company fixed the price band at 270 to 285 per equity share for the proposed initial public offer. The public issue that opened for subscription on Tuesday, June 6, closed on Thursday, June 8.

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.

Promoters Hardeep Singh and Sumeet Kaur will take part in the OFS by selling 60 lakh and 30 lakh equity shares, respectively.

The proceeds from the new issue will be invested in a wholly-owned subsidiary of IKIO Solutions in order to fund the construction of a new facility in Noida, Uttar Pradesh, as well as general corporate reasons. In the meanwhile, selling stockholders will receive the profits from OFS.

IKIO Lighting has 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.

52 equity shares make up a market lot. For eligible institutional buyers, the maximum bid quantity is 1,52,24,040 equity shares, while it is 1,09,81,464 equity shares for non-institutional investors. 52 equity shares constitute the minimum bid quantity.

Motilal Oswal Investment Advisors is the book-running lead manager of the IPO. KFin Technologies is the registrar of the issue.

IKIO Lighting IPO: Ahead of subscription on Tuesday, GMP surges sharply; 10 key points here

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Published: 16 Jun 2023, 10:02 AM IST
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