IKIO Lighting Subscribed 1.55 Times On Day 1
The IPO was subscribed 1.55 times as of 5:00 p.m. on June 6.
The initial public offering of LED lighting solution provider IKIO Lighting Ltd., was fully subscribed on first day. The three-day issue opened on June 6 and will continue till June 8.
The third-party lighting solution provider counts household names like Phillips among its clientele. The Noida-based company is looking to raise Rs 606.5 crore from its maiden share sale. The offer includes a fresh issue of Rs 350 crore, and an offer for the sale of around 90 lakh shares.
The fresh issue size is 15.90% and promoters are together divesting 11.65% of their holdings. Post-offer, the promoter's shareholding will be 72.5%.
IKIO Lighting is eyeing a market value of Rs 2,202.5 crore at the upper end of the price band of Rs 270–285 apiece.
IKIO Lighting intends to use the net proceeds from the fresh issue for repayment and prepayment of borrowings to the tune of Rs 50 crore. It will invest Rs 212.3 crore in its wholly owned subsidiary IKIO Solutions Pvt.
IKIO Lighting IPO Details
Issue opens: June 6.
Issue closes: June 8.
Issue size: Rs 606.5 crore.
Face value: Rs 10 apiece.
Lot size: 52 equity shares and multiples.
Listing: BSE and NSE.
Lead managers: Motilal Oswal Investment Advisors Ltd.
Subscription Status: Day 1
The IPO was subscribed 1.55 times as of 5:00 p.m. on June 6.
Institutional investors: 0.30 times
Non-institutional investors: 2.97 times
Retail investors: 1.64 times