The shares of the LED lightning solutions provider IKIO Lighting made a stellar debut on the stock exchanges NSE and BSE on Friday i.e. June 16. On BSE, IKIO Lighting listed at Rs 391 apiece against the issue price of Rs 270-285. The stock started its trading journey at Rs 392.5 apiece on NSE — a 37.7 percent premium to the issue price.

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The Rs 606.5 crore Initial Public Offer (IPO) opened for subscription for retail investors on June 6 and the issue concluded on June 8. The price band of the issue was fixed at Rs 270-285 per share.

The Rs 606.5 crore IPO received bids for 1,00,92,76,892 shares against 1,52,24,074 shares on offer, according to exchange data. The initial public offer got subscribed 66.3 times on the last day of the offer.

The category for Qualified Institutional Buyers (QIBs) got subscribed 163.7 times, the Retail Individual Investors (RIIs) portion received 13.9 times subscription and non-institutional investors 63.4 times.

Motilal Oswal Investment and Advisors acted as the book running lead manager to the issue, while Kfin Technologies was the registrar to the issue.

In an interaction with CNBC-TV18, IKIO Lighting's Sanjeet Singh said the company sees strong growth in the new business verticals. "We started another business line in the export market primarily for the US market, that is the products that we are manufacturing for the RV industry, that is the recreational vehicle industry. We have added a whole host of products in that category, indoor, outdoor, lighting, then we have solar panels, charge controllers, ABS pipes and fittings, like you mentioned about the refrigeration lighting."

A day before the issue opened for subscription, IKIO Lighting mobilised Rs 181.95 crore by allocation of 63.84 lakh equity shares to 16 anchor investors at a price of Rs 285 per share, the upper price band, the company said in a statement.

The net proceeds from the public offer will be used to repay borrowings, investment in its subsidiary IKIO Solutions for setting up a new facility in Noida and other general corporate purposes.

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First Published:Jun 16, 2023 10:01 AM IST