IKIO Lighting IPO collects Rs 182 cr from anchor investors LED lighting solution provider IKIO Lighting Ltd on Monday said it has mobilised Rs 182 crore from anchor investors ahead of its initial share sale that opens for public subscription on Tuesday. The company has allotted 63.84 lakh equity shares to 16 funds at Rs 285 apiece, aggregating the transaction size to Rs 182 crore, according to a circular uploaded on the BSE website. Also read: Record date for Wipro buyback set for 16 June; should investors tender shares? The issue, with a price band of Rs Rs 270-285 per share, will be open for public subscription during June 6-8. The IPO of the Noida-based firm consists of a fresh issue of equity shares worth up to Rs 350 crore and an offer-for-sale (OFS) of up to 90 lakh equity stocks by promoters Hardeep Singh and Surmeet Kaur. At the upper end of the price band, the initial share sale will fetch Rs 606.5 crore. Proceeds from the fresh issuance worth Rs 50 crore will be used for debt payment, Rs 212.31 crore in the company’s wholly-owned subsidiary IKIO Solutions to set up a new facility at Noida, Uttar Pradesh, and for general corporate purposes. Half of the issue size has been reserved for qualified institutional buyers (QIBs), 35 per cent for retail investors, and the remaining 10 per cent for non-institutional investors. Further, investors can bid for a minimum of 52 equity shares and in multiples of 52 equity shares thereafter. IKIO Lighting is a manufacturer of light-emitting diode (LED). It is primarily an original design manufacturer (ODM). It designs, develops, manufactures and supplies products to customers, who then further distribute these products under their brands. It has four manufacturing facilities with one located in the SIDCUL Haridwar industrial park in Uttarakhand and three in Noida in the National Capital Region. Also read: Tata Motors, Lupin, Titan among 139 NSE stocks to hit 52-week highs; 16 touch 52-week lows IKIO Lighting’s revenue from operations jumped 55.47 per cent on a year-on-year basis to Rs 331.84 crore in fiscal 2022 from Rs 213.45 crore in fiscal 2021 and profit after tax surged 75.37 per cent to Rs 50.52 crore from Rs 28.81 crore during the period. Motilal Oswal Investment Advisors is the sole book-running lead manager to the issue. The equity shares are proposed to be listed on BSE and NSE.
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FII and DII trades: Foreign Institutional Investors (FII) have been net buyers of domestic stocks for successive days now. On Wednesday, FIIs pumped in Rs 2,347 crore. Domestic Institutional Investors (DII) have been net sellers, pulling out Rs 510 crore yesterday.
IPO watch: Syrma SGS Technology enters the final day of bidding today. So far the issue, that opened last week, has been subscribed 2.27 times. Retail investors have subscribed their portion 2.66 times while NIIs have bid for their quota 3.58 times and QIB portion has been bid for 0.71 times.