IKIO Lighting IPO to open on June 6; price band fixed at Rs 270-285 per share
Indian LED lighting solutions manufacturer, IKIO Lighting, has set a price band of INR 270 to INR 285 for its initial public offering (IPO), which opens for subscription on June 6 and is available until June 8. The IPO comprises a fresh equity iss...
By Akash Podishetti, ETMarkets.com |
Agencies
The initial public offering (IPO) of IKIO Lighting will open for subscription on June 6 and will be available for the public to bid till June 8.
The company had filed its draft papers in October last year and received regulatory approval in December.
The Noida-based company has fixed a price band of Rs 270-285 per equity share, and investors can bid for a minimum of 52 shares in one lot and multiples thereafter.
About 50% of the offer is reserved for qualified institutional buyers (QIB), 35% of the issue is set aside for retail investors, and 15% for non-institutional investors.
The IPO comprises a fresh equity issue of up to Rs 350 crore and an offer for sale (OFS) of up to 90 lakh shares by selling shareholders.
Under the OFS, promoters Hardeep Singh will offload 60 lakh shares and Surmeet Kaur will sell about 30 lakh shares.
IKIO Lighting is an Indian manufacturer of light-emitting diode (LED) lighting solutions. The company is primarily an original design manufacturer and supplies products to customers, who then further distribute these products under their brands.
The company's equipment and systems are used in various industries and products, including residential, industrial, and commercial lighting.
LEDs make up 91% of the company's revenue from operations, while refrigerator lights contribute about 2%.
The net proceeds from the public offer will be used to repay borrowings, investments in its subsidiary IKIO Solutions for setting up a new facility in Noida, and other general corporate purposes.
Motilal Oswal Investment Advisors is acting as the book-running lead manager to the issue, while KFin Technologies is the registrar.
The company had filed its draft papers in October last year and received regulatory approval in December.
The Noida-based company has fixed a price band of Rs 270-285 per equity share, and investors can bid for a minimum of 52 shares in one lot and multiples thereafter.
About 50% of the offer is reserved for qualified institutional buyers (QIB), 35% of the issue is set aside for retail investors, and 15% for non-institutional investors.
The IPO comprises a fresh equity issue of up to Rs 350 crore and an offer for sale (OFS) of up to 90 lakh shares by selling shareholders.
Under the OFS, promoters Hardeep Singh will offload 60 lakh shares and Surmeet Kaur will sell about 30 lakh shares.
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IKIO Lighting is an Indian manufacturer of light-emitting diode (LED) lighting solutions. The company is primarily an original design manufacturer and supplies products to customers, who then further distribute these products under their brands.
The company's equipment and systems are used in various industries and products, including residential, industrial, and commercial lighting.
LEDs make up 91% of the company's revenue from operations, while refrigerator lights contribute about 2%.
The net proceeds from the public offer will be used to repay borrowings, investments in its subsidiary IKIO Solutions for setting up a new facility in Noida, and other general corporate purposes.
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For the nine months ended December 2022, the company has clocked revenue of Rs 243 crore and a net profit of Rs 34.5 crore.Motilal Oswal Investment Advisors is acting as the book-running lead manager to the issue, while KFin Technologies is the registrar.
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