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IKIO Lighting IPO: The IPO of IKIO Lighting, which provides LED lighting solutions, is getting tremendous response from investors. The IPO has been fully subscribed on the very first day of opening. As per the subscription data available on BSE, the IPO has been subscribed 1.55 times on the first day itself. Investors can apply in the IPO till 8 June 2023.
According to BSE data, 42,42,592 shares were offered to institutional investors, in which applications for 0.30 times i.e. 12,81,644 shares have been received. 32,94,445 shares have been offered to non-institutional investors and this category has been subscribed 2.97 times and applications have been received for a total of 97,69,240 shares. 76,87,037 shares have been reserved for retail investors and applications for more than 1.26 crore shares have been received and this category has been subscribed 1.64 times.
IKIO Lighting is going to raise Rs 606.5 crore through IPO. Out of which 350 crore rupees are being sold through fresh issue and 90 lakh shares are being sold in IPO through Offer For Sale. Company’s promoter Hardeep Puri is going to sell 60 lakh shares and Surmeet Kaur 30 lakh shares under OFS. The company has fixed the price band of IPO at Rs 270-285 per share. IKIO Lighting said that the company has raised Rs 182 crore from anchor investors. Anchor investors like HDFC Mutual Fund, ICICI Prudential Mutual Fund, Goldman Sachs, Malabar India Fund and Mirae Asset Global have invested.
Out of the amount being raised through IPO, the company will repay the loan of Rs 50 crore, while through Rs 212.31 crore, the company will set up a new plant in Noida through subsidiary company IKIO Solution. The remaining amount will be spent on general corporate works. IKIO Lighting is proposed to be listed on BSE and NSE.
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