IKIO Lighting shares debut at nearly 38 per cent premium

Shares of IKIO, the LED lighting solutions provider, made a stellar debut in the market on Friday, posting a gain of around 38 per cent, against an issue price of Rs 285.

The stock debuted at Rs 391, an increase of 37.19 per cent over the issue price on BSE. It was subsequently enlarged by 42.52 per cent to Rs 406.20.

On NSE, it is listed at Rs 392.50, an increase of 37.71 per cent.

In the broader stock market, the 30-share BSE Sensex index was up 289.69 points, or 0.46 percent, at 63,207.32, and the NSE Nifty was trading up 64.10 points, or 0.34 percent, at 18,752.20.

Also read: Should you sign up for IKIO Lighting’s IPO?

The initial public offering (IPO) of IKIO Lighting has been subscribed 66.29 times On the final day of the IPO on Thursday last week, helped by an overwhelming participation from institutional buyers.

The initial share sale of Rs 606.5 crore had a price range of Rs 270 to 285 per share.

The proceeds of the new issue of Rs 50 crore will be used to pay off debts, Rs 212.31 crore in the company’s wholly owned subsidiary IKIO Solutions for the construction of the new facility in Noida and for general corporate purposes.

IKIO Lighting is a light emitting diode (LED) manufacturer. It is primarily an original design manufacturer.

They design, develop, manufacture and supply products to customers, who then distribute these products under their own brands.

It has four manufacturing facilities with one located at the SIDCUL Haridwar Industrial Park in Uttarakhand and three in Noida in the National Capital Region.