IKIO Lighting had filed its draft papers in October last year and received regulatory approval in December. 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.
About 50% of the offer is reserved for qualified institutional buyers (QIB), 35% of the issue is set aside for retail investors and 15% for non-institutional investors.
The IPO comprises a fresh equity issue of up to Rs 350 crore and an offer for sale (OFS) of up to 90 lakh shares by selling shareholders. Under the OFS, Promoters Hardeep Singh will offload 60 lakh shares and Surmeet Kaur will sell about 30 lakh shares.
IKIO Lighting is an Indian manufacturer of light-emitting diode (LED) lighting solutions. The company is primarily an original design manufacturer and supplies products to customers, who then further distribute these products under their own brands.
The company’s equipment and systems are used in various industries and products, including residential, industrial and commercial lighting.
LED Lighting makes up 91% of the company’s revenue from operations, while refrigerator lights contribute about 2% to the revenues. For the nine months ended December 2022, the company has clocked revenues of Rs 243 crore and a net profit of Rs 34.5 crore.The net proceeds from the public offer will be used to repay borrowings, investment in its subsidiary IKIO Solutions for setting up a new facility in Noida and other general corporate purposes. Motilal Oswal Investment Advisors is acting as the book-running lead manager to the issue, while KFin Technologies is the registrar.
Meanwhile, Sonalis Consumer Products IPO is an SME IPO that will open on June 7 and close on June 9, 2023. The company has fixed a price of Rs 30 per equity share, and investors can bid for a minimum of 4,000 shares in one lot and multiples thereafter.
Expert Global Consultants is acting as the book-running lead manager to the issue, while Purva Sharegistry is the registrar of Sonalis Consumer Products IPO.