IKIO Lighting raised about Rs 607 crore from its initial stake sale, which was open for bidding between June 6-8 in a price band of Rs 270-285 apiece. 
Special 
IKIO Lighting raised about Rs 607 crore from its initial stake sale, which was open for bidding between June 6-8 in a price band of Rs 270-285 apiece. IKIO Lighting finalized the allotment of shares on Tuesday, June 13 after the conclusion of its initial public offering (IPO) last week. As the allotment status is out, activity in the grey market continues to remain resilient after the correction in the last few days.
The grey market premium (GMP) of IKIO Lighting has stabilized around Rs 95-100 apiece, suggesting an upside of more than 30 per cent from its issue price of Rs 285 apiece. The grey market premium was around Rs 120-125 on Friday after the issue was heavily oversubscribed.
Analysts tracking the unofficial market said that the dust has settled after the buzz of strong oversubscription of the issue. The current premium of the company is signaling healthy listing gains to the investors, which may climb higher after the policy outcome of the US Federal Reserve on Wednesday. There is no rush to buy or sell, they suggest.
Considering the overwhelming response the IKIO IPO received and its current grey market premium, we can expect an upside listing at around 30–35 per cent, and the company's current performance and growth potential justify this gain said Anubhuti Mishra, Equity Research Analyst at Swastika Investmart
"Secondly, its strong focus on R&D and backward integration, its well-established relationship with clients, and its consistent financial performance are also some reasons why this IPO is attracting such demand," she said.
Abhay Doshi, Co-Founder at UnlistedArena said that the current premium appears to be more realistic as the euphoria of oversubscription has fizzled out The current cues suggest an upside of 30-35 per cent, which is a decent listing pop considering the recent performance of the primary markets. "The company fundamentals remain intact and there is a possibility of a better listing pop if the market sentiments improve further after the US Fed's policy later in the evening," he said. IKIO Lighting raised about Rs 607 crore from its initial stake sale, which was open for bidding between June 6-8. The company had a price band of Rs 270-285 apiece for the issue with a lot size of 52 equity shares. The issue garnered a strong response from the investors during the three-day bidding process. The issue was overall subscribed more than 66.30 times, with the portion for qualified institutional bidders was booked 163.68 times; the category for non-institutional investors' category subscribed 63.35 times and the quota reserved for retail investors was subscribed 13.86 times. Incorporated in 2016, the Noida-based IKIO Lighting manufactures light-emitting diode (LED) lighting solutions. The company is primarily an original design manufacturer (ODM). The company's LED lighting offerings focus on the premium segment. Bidders, who have not yet checked their allotment status, can check the allotment status on the Bombay Stock Exchange (BSE) website, by visiting its website- https://www.bseindia.com/investors/appli_check.aspx. Investors can also check the allotment status on the online portal of KFin Technologies (https://kosmic.kfintech.com/ipostatus), the registrar to the issue. The registrar is a Sebi-registered entity, qualified to act as such and which electronically processes all applications and carries out the allotment process, as per the prospectus.
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