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Soon after listing, IKIO Lighting’s stock jumped 8.4 per cent to touch an intraday high of Rs 425.65, which was 46.3 per cent higher than its issue price.
(File image)
Shares of IKIO Lighting debuted on the stock exchanges on Friday with a premium of 38 per cent. The stock of IKIO Lighting was listed 37.7 per cent higher on NSE at Rs 392.5 against the issue price of Rs 285. While on BSE, IKIO Lighting shares were listed at Rs 391.
Soon after listing, the stock jumped 8.4 per cent to touch an intraday high of Rs 425.65, which was 46.3 per cent higher than its issue price.
By 11.05 am, broader NSE Nifty50 was trading 72.80 points, or 0.39 per cent higher at 18,760.90, while, BSE’s benchmark Sensex was up 271.41 points, or 0.43 per cent to 63,189.04.
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The initial public offering (IPO) of IKIO Lighting was subscribed 66.29 times on the last day of its subscription on June 8, due to overwhelming participation from institutional buyers.
The company, which manufactures light-emitting diode (LED) and is primarily an original design manufacturer, had set a price range of Rs 270-285 per share for its Rs 606.5-crore IPO.
According to BSE data, IKIO allocated 63.84 lakh equity shares to a total of 16 funds at an issue price of Rs 285 per share. The company has received Rs 182 crore from anchor investors.
IKIO Lighting designs, develops, manufactures, and supplies products to customers, who then further distribute these products under their brands.
First published on: 16-06-2023 at 11:20 IST
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