IKIO Lighting Jump 60% On 2nd Day From Issue Price Amid Strong Bulk Deals

Shares of IKIO Lighting opened today on the BSE at Rs 411.85 apiece and clocked an intraday high of Rs 454.45 apiece during afternoon deals which logs in a gain of 10.34%. Over its issue price of Rs 285, the stock is currently trading at an upside premium of 60%.

On the day of its listing i.e. June 16, Quant Mutual Fund acquired more than 2% stake in IKIO Lighting. As per the bulk deals data available with exchanges, Quant Mutual Fund via Quant Quantamental Fund acquired 6.01 lakh shares in IKIO Lighting while Quant Multi Asset Fund bought another 6.02 lakh shares, totaling 12.03 lakh fully paid up equity shares or a 2.15 per cent stake in the company.

On the other hand, Musigma bought 1,000,118 shares at an average price of Rs 407.30 and NK Securities Research Pvt Ltd bought 1,634,203 shares at an average price of Rs 407.70. Graviton Research Capital LLP bought 879,087 shares or at an average price of Rs 410.62 whereas Grt Strategic Ventures Llp bought 477,526 shares at an average price of Rs 407.14 on the listing day of IKIO Lighting.
Marwadi Chandarana Intermediaries Brokers Pvt Ltd bought 495,509 shares at an average price of Rs 410.97 and Patronus Research LLP bought equity shares of 516,021 at an average price of Rs 405.83. Goldmine Stocks Pvt Ltd bought 389,848 equity shares of IKIO Lighting on June 16 at an average price of Rs 408.98.

IKIO Lighting raised about Rs 607 crore through IPO and the subscription period was open from June 6 and June 8. The issue price was fixed at Rs 270-285 apiece. The total number of subscriptions for the IPO was 66.30x; the portion allocated for qualified institutional bidders (QIB) received 163.68 subscriptions; the category for non-institutional investors (NIIs) received 63.35 subscriptions; and the quota set aside for retail investors received 13.86 subscriptions.

Commenting on the outlook of IKIO Lighting, V.L.A. Ambala (SEBI Registered Research Analyst), Stock Market Today (SMT) said "IKIO Lighting had raised investors' capital by 51% since its listing and it is just its 2nd Day in stock market. Many DIIs and FIIs are being bullish in this stock and buying. As per the bulk deals data available with exchanges, Quant Mutual Fund via Quant Quantamental Fund acquired 6.01 lakh shares in IKIO Lighting while another 6.02 lakh shares were bought by its Quant Multi Asset Fund, totalling 12.03 lakh shares or a 2.15 per cent stake.

And overall price movement is also indicating to hold it for more with stop loss level. I had asked that if you notice any profits booking then you can avoid it and if you see that price is sustained above it 430 (which was above its listing day high), can consider to enter in it with stop loss at 390 and target. Today it had made a high of 449 already. Further targets that we can see in very near terms are 460/475/495/510/530/550/580 and 600."

Milan Sharma, 35North Ventures, founder said "My view is that investors should hold for the long term as the growth prospects are very right for the sector and the company. The company has given consistent returns in the last many quarters, and the management commentary is strong about the growth in the future overall, a long-term buy."

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.