IKIO Lighting shares list at 38% premium over issue price, debut at Rs 392.5 on NSE

Shares of IKIO Lighting made a better-than-expected debut at Dalal Street on Friday as the stock was listed at Rs 392.50 on the National Stock Exchange (NSE), a premium of 38 per cent above its issue price of Rs 285. Similarly, on BSE, the issue was listed at Rs 391, 37 per cent above its issue price.

A day ahead of listing, IKIO Lighting was commanding a premium of Rs 95-100 in the grey market, suggesting an upside of 33-35 per cent to the investors. However, the issue was listed at a higher price, pulling off a positive surprise for the investors in its maiden trading session.

The issue had majorly garnered positive reviews from analysts who mostly suggest 'subscribing' to the issue for both listing gains and long term, citing its strong valuations, robust balance sheet and solid business model among the key factors.

Watch: IKIO Lighting shares list a 38% premium, stock debuts at Rs 392.5 on NSE; what should investors do?

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.

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