IKIO Lighting makes stellar stock market debut, lists 37% higher than issue price

IKIO Lighting shares made a stellar stock market debut on Friday, the stock opened at Rs 391 on the BSE, marking an upside of 37.19 per cent from the issue price of Rs 285. On the National Stock Exchange, the stock opened at Rs 392, up 37.54 per cent from the issue price. 

After making a blockbuster market debut, the stock climbed as much as 45 per cent to hit high of Rs 412 on the NSE.

IKIO Lighting sold shares in price band of Rs 270-285 in the initial public offering (IPO) which ended on June 8. The company raised Rs 607 crore from the IPO which comprised of fresh issue of Rs 350 crore and an offer for sale aggregating to 90 lakh shares of face value of Rs 10.

IKIO Lighting shares were in very high demand among investors as the issue was subscribed 67.75 times. Portion reserved for retail investors was subscribed 14.31 times, category of shares reserved for qualified institutional buyers (QIBs) was booked 163.06 times and pie reserved for non-institutional investors was booked 65.38 times.

A retail investor was allowed to bid for minimum one lot of 52 shares up to maximum of 13 lots. At the upper end of the price band one lot of IKIO Lighting shares was priced at Rs 14,280.

IKIO Lighting raised Rs 182 crore from anchor investors a day ahead of IPO. The company allotted 63.84 lakh equity shares to a total of 16 investors at an issue price of Rs 285 per share, according to BSE.

IKIO Lighting has proposed to utilise proceeds from the IPO for repayment/prepayment, in full or part, of certain borrowings availed by the company and its subsidiaries and for setting up a new facility at Noida.

Incorporated in 2016, IKIO Lighting Limited is an Indian manufacturer of light-emitting diode (LED) lighting solutions. In its journey of over seven years, the entity focused on providing sustainability and low-energy LED products to help India meet its sustainability goals.

Half of the shares in the IPO were reserved for QIBs, 15 per cent of the issue is reserved for NIIs which include high net-worth individuals (HNIs) as well and 35 per cent of the issue is reserved for retail investors.

As of 10:21 am, IKIO Lighting shares traded 41.51 per cent higher than the issue price at Rs 403.30.