Noida-based IKIO Lighting's IPO to kick off on Jun 6

PTI | New Delhi | Updated: 30-05-2023 19:49 IST | Created: 30-05-2023 19:49 IST
Noida-based IKIO Lighting's IPO to kick off on Jun 6

The initial share-sale of LED lighting solutions provider IKIO Lighting Ltd is set to open for public subscription on June 6.

The three-day initial public offering (IPO) will conclude on June 8. The bidding for anchor investors will open on June 5, according to the red herring prospectus (RHP).

The IPO consists of a fresh issue of equity shares worth up to Rs 350 crore and an offer-for-sale (OFS) of up to 90 lakh equity shares by promoters -- Hardeep Singh and Surmeet Kaur.

Proceeds from the fresh issuance worth Rs 50 crores will be used for debt payment, Rs 212.31 crore will be used 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) lighting solutions. It is primarily an original design manufacturer (ODM) and designs, develops, manufactures,s and supplies products to customers who then further distribute these products under its 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. Motilal Oswal Investment Advisors is the sole book-running lead manager to the issue. The equity shares are proposed to be listed on the BSE and NSE.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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