IKIO Lighting IPO subscribed 6.83 times on second day of share sale

The Initial Public Offering (IPO) of LED lighting solution provider IKIO Lighting was subscribed 6.83 times on the day two of the share sale on Wednesday.

The Rs 606.5-crore IPO received bids for 10,40,31,096 shares against 1,52,24,074 shares on offer, according to NSE data.

The portion for non-institutional investors received 15.99 times subscription, the category for Retail Individual Investors (RIIs) was subscribed 5.92 times and Qualified Institutional Buyers (QIBs) part got 1.37 times subscription.

The IPO has a fresh issue of up to Rs 350 crore and offer of sale of up to 90 lakh equity shares and comes in a price range of 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.

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

Motilal Oswal Investment Advisors is the manager to the offer.