Grey market premium of IKIO Lighting has seen some correction recently but continues to remain firm amid the volatility in the broader markets. IKIO Lighting, whose Rs 607 crore initial public offer (IPO) received a strong response from the investors during the bidding process, is likely to finalize the basis of the allotment of shares on Tuesday, June 13, 2023. The issue was open for subscription between June 6-8 in the price range of Rs 270-285 per share.
The IPO of IKIO Lighting received a strong response from the investors and was overall subscribed 66.30 times. The portion for qualified institutional bidders was booked 163.68 times, while the non-institutional investors' category was subscribed 63.35 per cent. The quota reserved for retail investors was subscribed 13.86 times, according to the data from BSE.
The grey market premium (GMP) of IKIO Lighting has seen some correction recently but continues to remain firm amid the volatility in the broader markets. Last head, IKIO Lighting was commanding a premium of Rs 105-110 in the grey market, which was around Rs 120-125 on Friday.
Incorporated in 2016, the Noida-based IKIO Lighting manufactures light-emitting diode (LED) lighting solutions. The company is primarily an original design manufacturer (ODM). The company's LED lighting offerings focus on the premium segment.
The issue has gathered mostly positive views from analysts who suggest subscribing to the issue citing its attractive valuations, high-margin products, strong performance and growth potential. However, select analysts are cautious over its dependence on a single client, competitive industry, import concerns and limited product line as the key risks for the business.
Investors, who had bid for the issue, can check the allotment status on the Bombay Stock Exchange (BSE) website: 1) Visit https://www.bseindia.com/investors/appli_check.aspx 2) Under the issue type, click Equity 3) Under the issue name, select IKIO Lighting Limited in the dropbox 4) Write the application number 5) Add the PAN card ID 6) Click on 'I am not a Robot' and hit submit Investors can also check the allotment status on the online portal of KFin Technologies Limited (https://kosmic.kfintech.com/ipostatus), the registrar to the issue.
The registrar is a Sebi-registered entity, qualified to act as such and which electronically processes all applications and carries out the allotment process, as per the prospectus.
The registrar is responsible for complying with the timelines for updating the electronic credit of shares to successful applicants, dispatching and uploading refunds, and attending to all investor-related queries after the issue is completed. 1) Go to the web portal of KFin Technologies Limited 2) Select the IPO in dropbox whose name will be populated only if the allotment is finalized 3) You may be required to select either one of the three modes: Application number, Demat Account number, or PAN ID 4) In application type, select between ASBA and non-ASBA 5) Enter the details of the mode you selected in Step 2 6) For security purposes, fill the captcha accurately 7) Hit submit.
Bidders who could not get allotment in the IPO may see the initialisation of refunds on June 14. Others, who would be allotted shares may see the credit of shares, in the Demat accounts by June 15. The listing of the IPO is likely on Friday, June 16.
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