IKIO Lighting IPO subscribed 1.55 times of Rs 606.5 cr on Day 1 of offer

The Initial Public Offer (IPO) of LED lighting solution provider IKIO Lighting received 1.55 times subscription on the first day of the share sale on Tuesday.

The Rs 606.5 crore IPO received bids for 2,36,67,020 shares against 1,52,24,074 shares on offer, according to NSE data.

The category for non-institutional investors was subscribed 2.97 times, the portion for Retail Individual Investors (RIIs) received 1.64 times subscription and Qualified Institutional Buyers (QIBs) 30 per cent.

The IPO has a fresh issue of up to Rs 350 crore and an Offer for Sale of up to 90 lakh equity shares.

The price range for the offer is Rs 270-285 a share.

On Monday, IKIO Lighting Ltd said it has mobilised Rs 182 crore from anchor investors.

Proceeds from the fresh issuance worth Rs 50 crore will be used for debt payment, Rs 212.31 crore in the company's wholly-owned subsidiary IKIO Solutions to set up a new facility at Noida, Uttar Pradesh, and for general corporate purposes.

IKIO Lighting is a manufacturer of light-emitting diode (LED). It is primarily an original design manufacturer (ODM).

It designs, develops, manufactures and supplies products to customers, who then further distribute these products under their brands.

It has four manufacturing facilities with one located in the SIDCUL Haridwar industrial park in Uttarakhand and three in Noida in the National Capital Region.

Motilal Oswal Investment Advisors is the manager to the offer.

The shares of the firm are proposed to be listed on BSE and NSE.