IKIO Lighting IPO Day 2: Subscription Status, GMP And Other Details; Should you Buy?

IKIO Lighting IPO Subscription Day 2 (June 7): Ikio Lighting IPO Lighting, a LED lighting solutions provider, was subscribed 2.43 times till 11 am on Day 2. The offer subscrption will conclude on Thursday (June 08).

IKIO Lighting IPO Subscription Status:

The Initial Public Offer (IPO) of LED lighting solution provider IKIO Lighting received 1.55 times subscription on the first day of the share sale on Tuesday. The Rs 606.5 crore IPO received bids for 2,36,67,020 shares against 1,52,24,074 shares on offer, according to NSE data. The category for non-institutional investors was subscribed 2.97 times, the portion for Retail Individual Investors (RIIs) received 1.64 times subscription and Qualified Institutional Buyers (QIBs) 30 per cent.

IKIO Lighting IPO Issue Price Band:

The Noida-based company has fixed a price band of Rs 270-285 per equity share, and investors can bid for a minimum of 52 shares in one lot and multiples thereafter.

IKIO Lighting IPO Issue Size:

The total issue size of IKIO Lighting IPO is worth ₹607 crore, comprising of a fresh issuance of equity shares worth up to ₹350 crore and an offer-for-sale (OFS) of up to 90 lakh equity shares by promoters.

IKIO Lighting IPO Lot Size:

The lot size of IKIO Lighting IPO is 52 shares, making the minimum investment amount for retail investors at ₹14,820. Retail investors can bid upto 13 lots.

IKIO Lighting IPO Basis of Allotment:

The basis of allotment of IPO shares will be fixed on June 13 and the initiation of refunds will take place on June 14. The IPO shares will be credited to the demat account of eligible investors on June 15.

IKIO Lighting IPO Listing Date:

The Noida-based company is likely to debut bourses on June 16, and join listed peers Dixon Technologies, Amber Enterprises, Syrma SGS, and Elin Electronics.

IKIO Lighting IPO Objective of the Issue:

The company 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.

IKIO Lighting IPO Registrar:

Kfin Technologies is the registrar of the issue.

IKIO Lighting IPO Lead Managers:

Motilal Oswal Investment Advisors is the sole book-running lead manager to the IKIO Lighting IPO.

IKIO Lighting IPO GMP Today: 

According to IPO watch, shares of Ikio Lighting enjoyed a premium of Rs 90 apiece in grey markets, translating to a likely listing price of Rs 375 on the upper price band.

IKIO Lighting IPO Reviews:

“IKIO Lighting enjoys long term relationships with most of its clients Considering the healthy business prospects, company’s high return ratios & margins, debt repayment and valuation comfort at 47.8 times P/E (price-earnings) on annualised FY23 financials,” analysts at Reliance Securities said, adding a ‘subscribe’ rating to the issue.

Analysts at Swastika Investmart has advised investors to “subscribe” to the issue both for listing gains and long term. “The company has a diverse product basket with a focus on high-margin areas, and we can witness its growth through consistent financial performance,” the note stated.