Street Signs: Spotlight on IKIO, CSK hits unlisted market for a six & more

Chennai Super Kings (CSK) is a champion in the unlisted market. Shares of CSK have rallied more than 10 per cent following its surprise victory in the recently concluded IPL

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.

Lock and load: Turning the keys to this week’s anchor lock-up

Divgi TorqTransfer Systems (Divgi), Tega Industries (Tega), and Uniparts India (Uniparts) will be in focus this week as the lock-in on their shares is set to expire this week. In Divgi’s case, it’s a three-month lock-in on shares held by anchor investors. Regarding Tega and Uniparts, it’s the end of an 18-month and six-month lock-in period, respectively. In the past, shares of companies have come under pressure in the course of selling by institutional investors after the end of a lock-in. Divgi has risen 44 per cent from its issue price; Tega Industries by 92 per cent; and Uniparts India has declined 2 per cent.

Pitch-perfect: CSK hits for a six in the unlisted market 

Chennai Super Kings (CSK) is also a champion in the unlisted market. Shares of CSK have rallied more than 10 per cent following its surprise victory in the recently concluded Indian Premier League (IPL). According to information furnished by UnlistedZone, a start-up facilitating the buying/selling of unlisted employee stock options or pre-initial public offering shares, India Cements-promoted CSK’s shares are currently trading at Rs 175 apiece, valuing the IPL franchisee at close to Rs 6,000 crore. The buzz that global private equity majors are eyeing stake in IPL teams has lifted the sentiment towards CSK in the unlisted market, where its shares are actively traded. The Mahendra Singh Dhoni-led CSK — one of the most successful IPL teams — is seen as a play on the IPL’s growing popularity.