IKIO Lighting IPO subscribed 1.55 times on Day 1

The Initial Public Offering (IPO) of LED lighting solution provider IKIO Lighting received 1.55 times subscription on its debut day on Tuesday.

According to the NSE data, the Rs 606.5 crore IPO received bids for 2,36,67,020 shares against 1,52,24,074 shares on offer. 

The category for non-institutional investors was subscribed 2.97 times while the portion for Retail Individual Investors (RIIs) received 1.64 times subscription and Qualified Institutional Buyers (QIBs) 30%.

The public issue that has opened for subscription on Tuesday, June 6, will close on Thursday, June 8 and it has a fresh issue of up to Rs 350 crore and an Offer for Sale of up to 90 lakh equity shares.

The company has set the price band for the public issue at Rs 270-285 per share. Promoters Hardeep Singh and Sumeet Kaur will take part in the OFS by selling 60 lakh and 30 lakh equity shares, respectively, as per the red herring prospectus (RHP).

Source: Media reports