IKIO Lighting IPO Subscription Day 1 (June 6): Ikio Lighting IPO, an original design manufacturer of LED lighting products, opens for subscription Today. It will remain open for three days, and conclude on Thursday. The IPO comprises 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 IKIO Lighting IPO:
IKIO Lighting IPO Issue Price Band:
The Noida-based company 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 multiples thereafter.
IKIO Lighting IPO Issue Size:
The total issue size of IKIO Lighting IPO is worth ₹607 crore, comprising of a fresh issuance of equity shares worth up to ₹350 crore and an offer-for-sale (OFS) of up to 90 lakh equity shares by promoters.
IKIO Lighting IPO Lot Size:
The lot size of IKIO Lighting IPO is 52 shares, making the minimum investment amount for retail investors at ₹14,820. Retail investors can bid upto 13 lots.
IKIO Lighting IPO Basis of Allotment:
The basis of allotment of IPO shares will be fixed on June 13 and the initiation of refunds 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 bourses on June 16, and join listed peers Dixon Technologies, Amber Enterprises, Syrma SGS, and Elin Electronics.
IKIO Lighting IPO Objective of the Issue:
The company proposes to utilise the proceeds from the fresh issuance for debt payment, investment in its wholly-owned subsidiary IKIO Solutions and for general corporate purposes.
IKIO Lighting IPO Registrar:
Kfin Technologies is the registrar of the issue.
IKIO Lighting IPO Lead Managers:
Motilal Oswal Investment Advisors is the sole book-running lead manager to the IKIO Lighting IPO.
IKIO Lighting IPO GMP Today:
According to IPO watch, shares of Ikio Lighting enjoyed a premium of Rs 90 apiece in grey markets, translating to a likely listing price of Rs 375 on the upper price band.
IKIO Lighting IPO Reviews:
Anand Rathi analysts 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 peers, which cater mainly to the mass-market needs of leading brands. They said that the stock trades at 54x 9MFY23 earnings-per-share (EPS) of Rs 5.3 at the upper price band.
Choice Equity analysts assert that the company’s peers operating in the EMS sector does not have similar business operations to it, and are considered only for valuation benchmarking. Ikio is demanding a P/E multiple of 43.6x (to its restated FY22 EPS of Rs. 6.5), compared to the peer average of 94.6x, they said. Based on FY23E earnings, the demanded P/E of 32.7x is at discount to peer’s prevailing trailing twelve months P/E multiple of 43.2x.
Comments
0 comment