Last updated: June 19, 2023, 11:43 AM IST
Shares of IKIO Lighting rose 9 percent to Rs 432.95 in Monday’s trading on BSE, a day after listing on exchanges. On the National Stock Exchange, up 7.2 percent from the previous close amid trading volumes of 84 lakh shares.
The share has gained 51 percent from the issue price of Rs 285.
On June 16, Quant Mutual Fund acquired more than 2 percent equity stake in IKIO Lighting on the trading day, while a Canadian-based pension fund sold nearly Rs 100 crore shares in Piramal Pharma through open market transactions.
According to the bulk deal data available on exchanges, Quant Mutual Fund acquired 6.01 lakh shares in IKIO Lighting through Quant Quantmental Fund, while another 6.02 lakh shares were purchased by Quant Multi Asset Fund, totaling 12 .03 lakh shares or a stake of 2.15 percent.
The average purchase price for the aforementioned shares in the LED lighting solutions manufacturer was Rs 409.08 per share. The share had a great debut on the exchanges, rising 41.7 percent to settle at Rs 403.75.
IKIO Lighting raised approximately Rs 607 crore in the first share sale, which opened for bids between June 6 and June 8. The company had set a price range of Rs 270-285 each for the issue with a lot size of 52 shares. The issue garnered a strong response from investors during the three-day bidding process.
The IPO received a total of 66.30 subscriptions, with the Qualified Institutional Bidder (QIB) section receiving 163.68 subscriptions; the category for non-institutional investors (NIIs) was booked 63.35 times and the quota reserved for retail investors was booked 13.86 times.
Founded in 2016, Noida-based IKIO Lighting produces light-emitting diode (LED) lighting solutions. The company is primarily an Original Design Manufacturer (ODM). The company’s LED lighting offerings are aimed at the premium segment.
Should you buy, sell or hold?
Anubhuti Mishra, Equity Research Analyst at Swastika Investmart Ltd., said: “IKIO Lighting Ltd. made its strong debut in the market at a listing price of Rs. 392. The company’s issue price in the upper band was Rs 285, so it is about 37 percent of earnings for investors, which is even more than expected. given the strong focus on R&D and backward integration, the established relationship with customers and the consistent financial performance, we continue to view this positively. cents below the listing price.”
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