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IKIO Lighting sets price range for Rs 600 crore IPO at Rs 270-285 per share

The initial public offering (IPO) includes a new allotment of shares worth Rs. 350 crore and a sale of up to 90 lakh shares by promoters Hardeep Singh and Surmeet Kaur.

LED lighting solutions provider IKIO Lighting Ltd has set the price range for its IPO at Rs. 270-285 per share, valuing the company at Rs. 2,200 crore at the higher end of the range.

Previously, the Noida-based company announced that its IPO would open on June 6 and close on June 8. Anchor investor offerings will open on June 5th. Refunds will begin on June 14th and listing on exchanges will occur on June 16th .

Dissolution of the IPO

The initial public offering (IPO) includes a new allotment of shares worth Rs. 350 crore and a sale of up to 90 lakh shares by promoters Hardeep Singh and Surmeet Kaur. At the upper price level, the company will raise over 600 crore rupees through the IPO.

The 50 crore rupees raised by the new issue will be used for debt repayment. In addition, Rs. 212.31 crore will be used for the construction of a new facility in Noida, Uttar Pradesh for the Company’s wholly owned subsidiary IKIO Solutions and for general corporate purposes.

IKIO Lighting is a leading manufacturer specializing in manufacturing LED lighting solutions. As an Original Design Manufacturer (ODM), the company focuses on the design, development, manufacture and supply of LED products. These products are then sold by customers under their own brands.

Finances

The Company operates four manufacturing facilities, one located at SIDCUL Haridwar Industrial Park in Uttarakhand and the remaining three located at Noida in the National Capital Region. Motilal Oswal Investment Advisors has been appointed as the exclusive book-running lead manager for the IPO.

For the 2023 financial year, the company reported consolidated sales of Rs.331.84 crore compared to Rs.213.45 crore in the previous year. Net profit for the year was Rs.50.52 crore versus Rs.28.81 crore last year. Total debt as of December 2022 was 145.27 crore.

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