IKIO Lighting IPO: IKIO Lighting’s IPO has proved to be the most successful IPO in 2023 so far. Due to the tremendous response received from the investors, the IPO has closed after being subscribed 66.30 times. The reserve quota for institutional investors has been subscribed more than 150 times. After this response to the IPO, a big bang listing is expected on the stock exchange.
Thursday was the last day of investment in IKIO Lighting’s IPO. According to BSE data, 42,42,592 shares were offered to institutional investors and this has been oversubscribed 163.38 times. Applications have come for 69,40,10,148 shares in this category. 32,94,445 shares were offered to non-institutional investors. And this category has been subscribed 63.35 times. And applications have come for a total of 20,87,14,480 shares. 76,87,037 shares have been reserved for retail investors and applications have been received for 10,65,64,068 shares in this category and this category has been subscribed 13.86 times.
IKIO Lighting had set a target of raising Rs 606.5 crore through the IPO. But the company has received about Rs 40,000 crore in the application. In the IPO, 350 crore rupees have been offered through fresh issue and 90 lakh shares have been offered through Offer For Sale. The company has fixed the price band of IPO at Rs 270-285 per share. IKIO Lighting has raised Rs 182 crore from anchor investors. Around 16 funds have invested in the IPO. Anchor investors like HDFC Mutual Fund, ICICI Prudential Mutual Fund, Goldman Sachs, Malabar India Fund and Mirae Asset Global are on the list.
IKIO Lighting is proposed to be listed on BSE and NSE. IKIO Lighting’s IPO is trading at about 40 per cent premium in the gray market. In such a situation, the investors to whom the shares will be allotted are expected to get handsome listing gains.
Out of the amount being raised through IPO, the company will spend Rs 50 crore on repaying the loan. Through Rs 212.31 crore, the company will set up a new plant in Noida through its subsidiary company IKIO Solution. The remaining amount will be spent on general corporate works.
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