The Initial Public Offering (IPO) of IKIO Lighting Limited a leading manufacturer of Light Emitting Diode (LED) Lighting in India, was subscribed 66.29 times on the final day of bidding, making it the most subscribed IPO after DCX Systems since Nov 2022.
The Qualified institutional buyer portion was the most subscribed with 163.58 times, followed by Non-Institutional portion with 63.35 times and the Retail Portion was subscribed 13.86 times.
The IPO received bids of 1,00,92,76,892 shares against the offered 1,52,24,074 equity shares, at a price band of ₹270-285, according to the data available on the stock exchanges.
Among all the IPOs made available to the public since Nov 2022, IKIO Lighting witnessed an overwhelmingly positive response across investor categories. The Qualified Institutional Buyer segment recorded a subscription of 163.58 times, followed closely by Kaynes Technology India Ltd at 98.47 times. The Non-institutional segment witnessed a subscription of 63.35 times, with Mankind Pharma trailing closely at 49.16 times. The Retail segment garnered a subscription of 13.86 times, with Archean Chemicals Industries Ltd at 9.96 times.
The issue with a face value of Rs 10 per equity share comprising a fresh issue aggregating up to Rs 350 crore, and an offer for sale of up to 9,000,000 equity shares by existing shareholders.
The Offer for Sale comprises up to 6,000,000 equity shares by Hardeep Singh, and up to 3,000,000 by Surmeet Kaur (“Selling Shareholders”).
Motilal Oswal Investment Advisors Limited is the sole book running lead manager and KFin Technologies Limited is the registrar to the offer.
IKIO Lighting is primarily an Original Design Manufacturer (ODM) 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.
In Fiscal 2022, Signify Innovations India Limited, (formerly known as Philips Electronics India Limited) was the largest customer of the IKIO Lighting was, with 50% market share in the decorative lighting category (including LED spotlights, LED downlights and cove lights) and a 10% market share in true-blue decorative lighting segment (including chandeliers, wall lights, pendants, outdoor lights) according to Frost & Sullivan Report.