IKIO Lighting shares settle with nearly 42% premium in debut trade

New Delhi: Shares of LED lighting solution provider IKIO Lighting Ltd made a remarkable market debut on Friday, ending with a gain of nearly 42 per cent, against the issue price of Rs 285.

The stock made its debut at Rs 391, a jump of 37.19 per cent from the issue price on the BSE. During the day, it zoomed 49.96 per cent to Rs 427.40. Shares of the company ended at Rs 403.75 apiece, up 41.66 per cent.

ON the NSE, it listed at Rs 392.50, a gain of 37.71 per cent. The stock ended with a jump of 41.92 per cent at Rs 404.50 per piece.

In the broader equity market, the 30-share BSE Sensex ended 466.95 points or 0.74 per cent up at its record closing high of 63,384.58. The NSE Nifty finished with a gain of 137.90 points or 0.74 per cent at its lifetime closing peak of 18,826.

The Initial Public Offering (IPO) of IKIO Lighting was subscribed 66.29 times on the last day of subscription on Thursday last week, helped by overwhelming participation from institutional buyers.

The Rs 606.5 crore-initial share sale had a price range of Rs 270-285 a share.

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 and for general corporate purposes.

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

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.