The allotment for the ₹607 crore-initial public offer (IPO) of IKIO Lighting, a lighting solutions provider is likely to be finalised today. Investors can check their allotment status on the issue's registrar KFin Technologies Private Limited's website as well as BSE.
The IPO witnessed strong interest from the investors and was subscribed 66.30 times in the three-day bidding process. The portion for qualified institutional bidders was subscribed the most, 163.68 times, followed by the non-institutional investors' portion, which was subscribed 63.35 percent. Finally, the quota reserved for retail investors was subscribed 13.86 times.
IKIO shares are likely to list on the bourses tomorrow, June 14, 2023.
Grey market
IKIO shares in the grey market were trading lower ahead of the finalisation of share allotment.
The grey market premium (GMP) of IKIO Lighting fell between 25-28 percent from its peak at ₹120-125 per share to currently trade around ₹90-95 per share. However, yesterday, the issue was trading at a premium of ₹100-105 from its IPO price.
About the IPO
The IPO comprises of a fresh equity issue of up to ₹350 crore and an offer for sale (OFS) of up to 90 lakh shares. Under the OFS, promoters Hardeep Singh will offload 60 lakh shares and Surmeet Kaur will sell about 30 lakh shares. Investors can bid for a minimum of 52 shares in a lot and multiple thereof. The IPO has a price band of ₹270-285 and was opened for subscription on between June 6-8, 2023.
Here's how you can check the allotment status:
On BSE
1) Go to the website: https://www.bseindia.com/investors/appli_check.aspx.
2) Select ‘Equity’ and then from the dropdown, select issue name - "IKIO Lighting"
3) Enter your application number and PAN card number
4) Click on the "Search" button
Through the website of registrar - KFin Technologies
1) Go to the website: https://ris.kfintech.com/ipostatus
2) Select the IPO name from the dropdown
3) Enter the Application Number or DP ID/Client ID or PAN
4) In case of application number, select application type (ASBA or NON-ASBA) and 'Enter Application Number'. In the case of DPID/Client ID, select Depository "NSDL or CDSL" and enter "DP ID/Client ID".
5) Enter 'Captcha' and submit
The status will only appear after allotment if the details are entered correctly. In the case of non-allotment, the blocked amount will be refunded to your bank account.
The company designs, develops, manufactures, and supplies LED products to other firms, who then distribute the products under their own brands. Its products are categorized as LED lighting, refrigeration lights, ABS (acrylonitrile butadiene styrene) piping and others.
Signify Innovations India is its largest customer with a 50 percent market share in India’s functional decorative lighting. The company has four manufacturing plants - three in Noida, and one in Haridwar.
Most brokerages recommend subscribing to the IPO as the company has a diverse product basket with a focus on high-margin areas, a strong growth outlook and consistent financial performance.
