IKIO Lighting IPO Membership Day 1 (June 6): ICO Lighting IPO Lighting, an original design manufacturer of LED lighting products, opens for subscription today. It will be open for three days and will end on Thursday. The IPO consists of a fresh issue of equity shares worth up to Rs 350 crore and an offer for sale (OFS) of up to 90 lakh shares.
Here are the key details to know about the IKIO Lighting IPO:
IKIO Lighting IPO Issue Price Band:
The Noida-based firm has fixed a price band of Rs 270-285 per equity share and investors can bid for a minimum of 52 shares in one lot and thereafter multiples.
IKIO Lighting IPO Issue Size:
The total issue size of the IKIO Lighting IPO is valued at ₹607 crore, which includes fresh issue of equity shares worth up to ₹350 crore and offer-for-sale (OFS) of up to 90 lakh equity shares by the promoters.
IKIO Lighting IPO Lot Size:
The lot size of the IKIO Lighting IPO is 52 shares, making the minimum investment for retail investors ₹14,820. Retail investors can bid up to 13 lots.
Basis of IKIO Lighting IPO Allotment:
The allotment basis of IPO shares will be fixed on June 13 and refunds will commence on June 14. IPO shares will be credited to demat accounts of eligible investors on June 15.
IKIO Lighting IPO Listing Date:
The Noida-based company is likely to make its trading debut on June 16 and will join listed peers Dixon Technologies, Amber Enterprises, Sirma SGS and Elin Electronics.
Objectives of IKIO Lighting IPO Issue:
The company proposes to use the proceeds from the new issue to repay debt, invest in its wholly-owned subsidiary IKIO Solutions and for general corporate purposes.
IKIO Lighting IPO Register:
Kefin Technologies is the registrar of the issue.
IKIO Lighting IPO Lead Manager:
Motilal Oswal Investment Advisors is the sole book-running lead manager for the IKIO Lighting IPO.
IKO Lighting IPO GMP Today:
According to IPO Watch, shares of IKO Lighting enjoyed a premium of Rs 90 per piece in the gray market, translating to a potential listing price of Rs 375 in the upper price band.
IKIO Lighting IPO Review:
Anand Rathi analysts believe that the company’s ability to provide end-to-end solutions and its backward-integrated manufacturing has led to a strong business model with healthy RoEs despite operating on a smaller base than its peers, largely catering to the mass market. Demand for leading brands. They said the stock trades in an upper price band of 54x 9MFY23 earnings-per-share (EPS) of Rs 5.3.
Choice Equity analysts claim that peer companies operating in the EMS sector do not have similar business operations and are only considered for valuation benchmarking. Ikio is claiming a P/E multiple of 43.6x (6.5 of its restated FY22 EPS) compared to the peer average of 94.6x, they said. Based on FY23E earnings, the claimed P/E of 32.7x departs from the peer’s trailing-twelve-month P/E multiple of 43.2x.
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