IKIO Lighting IPO Subscription Day 1 (June 6): Ikio Lighting IPO Lighting, an original design manufacturer of LED lighting products, opens for subscription today. It stays open for three days and ends on Thursday. The IPO includes a new issue of shares worth up to Rs 350 crore and an offering for sale (OFS) of up to 90 lakh shares.
Here are the key details you need to know about IKIO Lighting IPO:
IKIO Lighting IPO issuance price range:
The Noida-based company has set a price range of Rs 270-285 per share share and investors can bid for a minimum of 52 shares in one lot and multiples thereafter.
IKIO Lighting IPO Expenditure Extent:
The total issue size of IKIO Lighting IPO is worth ₹607 crore consisting of a new issue of shares worth up to ₹350 crore and an offer for sale (OFS) of up to 90 lakh shares by promoters.
IKIO Lighting IPO Lot Size:
The batch size of IKIO Lighting IPO is 52 shares, making the minimum investment amount for retail investors ₹14,820. Private investors can bid on up to 13 lots.
IKIO Lighting IPO Allocation Basis:
The basis for the allocation of IPO shares will be set on June 13 and the start of redemptions will take place on June 14. The IPO shares will be credited to the demat account of eligible investors on June 15.
IKIO Lighting IPO Listing Date:
The Noida-based company is likely to debut on June 16, joining publicly traded peers Dixon Technologies, Amber Enterprises, Syrma SGS and Elin Electronics.
IKIO Lighting IPO Objective of the issue:
The company proposes to use the proceeds from the new issue for debt service, investments in its wholly owned subsidiary IKIO Solutions and for general corporate purposes.
IKIO Lighting IPO Registrar:
Kfin Technologies is the registrar of the issue.
IPO Lead Managers IKIO Lighting:
Motilal Oswal Investment Advisors is the sole book-running lead manager of the IKIO Lighting IPO.
IKIO Lighting IPO GMP today:
Shares of Ikio Lighting enjoyed a premium of Rs 90 apiece in gray markets, according to IPO Watch, which translates to a likely listing price of Rs 375 in the upper price range.
IKIO Lighting IPO ratings:
Analysts at Anand Rathi believe that the company’s ability to offer end-to-end solutions and its backward integrated manufacturing have resulted in a strong business model with healthy RoEs, despite operating on a smaller base than its competitors, which mainly focus on the mass market. needs of leading brands. They said the shares are trading at 54x 9MFY23 earnings per share (EPS) of Rs 5.3 in the upper price range.
Analysts at Choice Equity argue that the company’s peers operating in the EMS sector have no comparable business lines and are only considered for valuation benchmarking. Ikio is demanding a P/E multiple of 43.6x (vs restated FY22 EPS of Rs. 6.5), compared to the peer average of 94.6x, they said. Based on FY23E earnings, the requested P/E of 32.7x is lower than the peer’s 12-month P/E multiple of 43.2x.