IPO screener: IKIO Lighting subscribed 1.55 times on Day 1

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606.50 crore The initial public offering of IKIO Lighting Limited, which opened for public offering on Tuesday, was fully subscribed (1.55 times) on the first day. Individual investors and high net worth individuals have shown a lot of interest.

Subscription details

The LED lighting manufacturer in India has made an overhaul The price range is from Rs 270 to Rs 285 (From face value of $10 each). Investors can bid for a A minimum of 52 shares of stock and multiples of 52 shares thereafter. The initial public offering consists of a new issuance of equity shares worth up to Rs 350 crore and an offer for sale (OFS) of up to 90,000 shares by the existing shareholders.

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The bid is to be submitted through the record-building process, where no more than 50 percent of the offer is available for allocation to qualified institutional buyers, no less than 15 percent of the offer must be available for allocation to non-institutional bidders, and no less than 35 percent of the offer will be available for customization to individual bidders.

Participants

The non-institutional segment was the most subscribed at 2.97 times, the retail segment was the second most subscribed at 1.64 times, while the eligible institutional buyer segment was subscribed at 0.30 times.

The main investors

IKIO Lighting Ltd has secured Rs 181.94 crore from 14 anchor investors ahead of its Initial Public Offering which opens for public subscription on Tuesday 6th June 2023. The company has informed the exchanges that it has allocated 63,84,209 shares of stock at a price of $285 each on Monday 5th June 2023, to attract investors.

The foreign and local institutional investors who participated in the anchor were HDFC Mutual Fund, ICICI Prudential Mutual Fund, Goldman Sachs Asset Management, Malabar India Fund, Mirae Asset Global, Rohdea Master Fund, Motilal Oswal Select Opportunities Fund, Cohesion MK Best Ideas, Bengal Finance and Investment, Among other things.

Out of the total allocation of 63,84,209 equity shares to anchor investors, 21,38,409 equity shares have been allocated to three local investment funds through a total of five schemes worth around Rs.61 crore.

About IKIO

IKIO Lighting Limited Revenue from operations on a consolidated primary basis grew by 55.47 per cent from Rs.213.45 crore in FY2021 to Rs.331.84 crore in FY2022, profit after tax increased by 75.37 per cent from Rs.28.81 crore in FY2021 to Rs.50.52 crore in the financial year 2022.

The company, on a Proforma Consolidated basis for fiscal year 2022, has a return on net worth (RoNW) of 46.40 percent versus some of its peers listed on a consolidated basis such as Dixon Technologies (19.08 percent), Amber Enterprises (6.30 percent), and Sirma SGS Technology (10.29 percent), and Ellen Electronics (12.93 percent).

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For the nine months ended 31st December 2022, on a consolidated pro forma basis, the Company’s Revenue from Operations was Rs. 328.63 crores and Profit after Tax was Rs. 51.35 crores.

Motilal Oswal Investment Advisors Limited is the sole principal responsible for managing the records and KFin Technologies Limited is the showrunner. It was proposed to list equity shares in the main board of directors of Bahrain Stock Exchange and NSE Company.