IKIO Lighting's Rs 607-crore IPO to open on June 6

Mumbai: The ₹607-crore initial public offering of IKIO Lighting will open for public subscription on June 6. The company has fixed the price band at ₹270 to ₹285 per share. The issue will close on June 8. The public issue of IKIO, a LED lighting manufacturer, comprises a fresh issue of equity shares worth ₹350 crore and an offer-for-sale (OFS) of up to 90 lakh shares by the existing shareholders.

Investors can bid for a minimum of 52 equity shares and in multiples of 52 thereafter. Under the OFS, promoters Hardeep Singh will offload 60 lakh shares, and Surmeet Kaur will sell about 30 lakh shares.

For the nine months ended December 31, 2022, the company's revenue from operations stood at ₹328.63 crore, and profit after tax stood at ₹51.35 crore.

The company posted a revenue growth of 55.47% to ₹331.84 crore in FY22. Its profit after tax has jumped 75.37% from ₹28.81 crore in FY21 to ₹50.52 crore in FY22. Some of its peers include Dixon Technologies, Amber Enterprises, Syrma SGS Technology, and Elin Electronics.

Motilal Oswal Investment Advisors is the sole book-running lead manager. The company had filed its draft papers in October last year and received regulatory approval in December.