Spotlight on IKIO as it flips the switch on grey-market premium

Shares of Noida-headquartered IKIO Lighting (IKIO) are commanding a grey market premium of 25 per cent ahead of its Rs 607-crore initial public offering (IPO). The light-emitting diode lighting manufacturer’s maiden share sale opens on Tuesday. IKIO’s IPO is the first mainboard issue since the successful listing of Mankind Pharma last month. The pharmaceutical major’s shares had gained over 30 per cent on debut, notwithstanding a moderate response to its IPO. The price band for the issue has been set at Rs 270 to Rs 285 per share. At the upper end of the price band, the company is valued at Rs 2,203 crore. For the nine months ended December 2022, IKIO posted a net profit of Rs 35 crore on revenues of Rs 241 crore.