The initial public offer (IPO) of IKIO Lighting received bids for 1,00,92,76,892 shares as against 1,52,24,074 shares on offer, according to stock exchange data at 17:36 IST on Thursday (8 June 2023). The issue was subscribed 66.29 times. The issue opened for bidding on Tuesday (6 June 2023) and it will close on Thursday (8 June 2023). The price band of the IPO is fixed at Rs 270-285 per share. An investor can bid for a minimum 52 units and in multiples thereof
The issue comprises fresh issue of equity shares amounting to Rs 350 crore and an offer for sale upto 90,00,000 equity shares by promoter shareholders.
The offer for sale comprises sale of 60,00,000 equity shares by Hardeep Singh and 30,00,000 equity shares by Surmeet Kaur. Post the issue, the two selling promoters together will have 72.46% stake in the company.
Of the net proceeds from fresh issue, about Rs 50 crore will be used for repayment/ prepayment, in full or part, of certain borrowings availed by the company and its subsidiaries on consolidated basis; Rs 212.311 crore towards investment in IKIO Solutions (a wholly owned subsidiary), for setting up a new facility at Noida (in Uttar Pradesh) for carrying out electronic manufacturing services; and general corporate purposes.
Ahead of the IPO, IKIO Lighting on Monday, 5 June 2023, raised Rs 181.94 crore from anchor investors. The board allotted 63.84 lakh units at Rs 285 each to 16 anchor investors.
IKIO Lighting is a manufacturer of light emitting diode (LED) lighting in India. It also manufactures refrigeration lights; ABS piping; fan regulators and switches as well as Led spare parts and others. The company is primarily an original design manufacturer (ODM) and designs, develops, manufactures and supplies products to customers who then further distribute these products under their own brands.
The company reported a net profit of Rs 34.58 crore and revenue from operations of Rs 240.72 crore for the nine months ended 31 December 2022.
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