IKIO Lighting Makes Strong Debut, Shares Settle With 41% Premium

IKIO Lighting shares made a strong debut on June 16, 2023 as the scrip listed at Rs 391 per share on BSE and Rs 392 per share on NSE, at a premium of 37.19% and 37.54% respectively. It is worth mentioning that IKIO Lighting's stock price closed at Rs 403.75 per share on the BSE, a 41.67% premium, and at Rs 404.50 per share on the NSE, a 41.93% premium.  

Hardeep Singh, Chairman and Managing Director - IKIO Lighting Limited said, "On this momentous occasion, I would like to express my deep appreciation to our shareholders who have placed their trust and confidence in our company. It is their unwavering support that has propelled us forward, enabling us to reach this milestone. Today's listing marks a significant chapter in the company's journey, and we are honoured to have you as our valued partners."

IKIO Lighting has a market capitalisation of Rs 3120.21 crore on BSE at today's closing price and the market cap on NSE is Rs 3126 Crore, respectively.

The Initial Public Offering (IPO) of IKIO Lighting was subscribed 66.29 times on the last day of subscription on Thursday last week, helped by overwhelming participation from institutional buyers, as per a PTI report. The Rs 606.5 crore-initial share sale had a price range of Rs 270-285 a share.

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 and for general corporate purposes, added the PTI report.

According to Suman Bannerjee, CIO, Hedonova a US based hedge fund, "I think this company has the potential to make a bumper listing today. Looking at the financials of this company I feel we could see a huge upmove today."

When asked about IKIO Lighting outlook ahead, Suman Bannerjee said, "The IPO listing of IKIO Lighting has been successful, with the stock debuting at a premium of 37.71% over the issue price. I believe there is a strong investor interest and positive market sentiment towards the company."

IKIO Lighting is an Original Design Manufacturer (ODM) and design, develop, manufacture and supply products to customers who then further distribute these products under their own brands, and they work with their customers to develop, manufacture and supply products that are designed by their customers. Products are categorized as LED lighting, refrigeration lights, ABS (acrylonitrile butadiene styrene) piping and other products. Equipment and systems produced by the company are used in various industries, including residential, industrial, and commercial lighting.