The initial public offering (IPO) of IKIO Lighting continued to garner interest from investors, as the offer was subscribed 6.83 times by June 7 morning, the second day of bidding.
Investors bought 10.4 crore equity shares against an offer size of 1.52 crore shares, subscription data available on exchanges shows.
Retail investors had bid 5.92 times their allotted quota of shares, while the portion set aside for high-networth individuals was subscribed 15.99 times
Qualified institutional investors, who have been allotted 50 percent of shares in the offer, bought 1.37 times the reserved portion.
Up to 15 percent of the offer has been reserved for high-networth individuals and the remaining 35 percent for retail investors.
The issue was subscribed 1.55 times on June 6 and close on June 8.
The LED lighting solutions provider is looking to raise Rs 350 crore through the fresh issue and Rs 256.5 crore by way of an offer for sale, at the upper end of the Rs 270-285 price band.
The company plans to use fresh issue proceeds to repay debt and set up a new facility at Noida by subsidiary IKIO Solutions and for general corporate purposes.
Also read: IKIO Lighting IPO: Analysts upbeat over growth prospect, fair valuation
IKIO has a fully integrated manufacturing infrastructure, capable of producing ingenious LED lighting products. Its products are categorised as LED lighting; refrigeration lights; ABS (acrylonitrile butadiene styrene) piping; and other products, the company has said.
It has four manufacturing facilities — one in the SIDCUL Haridwar industrial park in Uttarakhand and three in Noida.
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Along with the largest customer Signify Innovations India, IKIO has a diversified customer base across industry sectors and geographies, which include Western Refrigeration, Panasonic Life Solutions India, and Novateur Electrical & Digital Systems.
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