Shares of IKIO Lighting jumped 9 per cent to Rs 432.95 in Monday’s trade on BSE a day after its listing on bourses. On the National Stock Exchange, up 7.2 percent from the previous close amid trading volumes of 84 lakh shares.
The stock has gained 51 per cent from its issue price of Rs 285.
On June 16, Quant Mutual Fund has acquired more than a 2 per cent equity stake in IKIO Lighting on its listing day, while a Canada-based pension fund has sold nearly Rs 100 crore shares in Piramal Pharma via open market transactions.
As per the bulk deals data available with exchanges, Quant Mutual Fund via Quant Quantamental Fund acquired 6.01 lakh shares in IKIO Lighting while another 6.02 lakh shares were bought by its Quant Multi Asset Fund, totaling 12.03 lakh shares or a 2.15 per cent stake.
The average buying price for the above shares in the LED lighting solutions manufacturer was Rs 409.08 per share. The stock had a stellar debut on the bourses, rising 41.7 per cent to settle at Rs 403.75.
IKIO Lighting raised about Rs 607 crore from its initial stake sale, which was opened for bidding between June 6 and June 8. The company had set a price band of Rs 270-285 apiece for the issue with a lot size of 52 equity shares. The issue garnered a strong response from the investors during the three-day bidding process.
The IPO was overall subscribed 66.30 times, with the portion for qualified institutional bidders (QIB) getting 163.68 times subscription; the category for non-institutional investors (NIIs) was subscribed 63.35 times and the quota reserved for retail investors was booked 13.86 times.
Incorporated in 2016, the Noida-based IKIO Lighting manufactures light-emitting diode (LED) lighting solutions. The company is primarily an original design manufacturer (ODM). The company’s LED lighting offerings focus on the premium segment.
Should you Buy, Sell or Hold?
Anubhuti Mishra, Equity Research Analyst at Swastika Investmart Ltd., said: “IKIO Lighting Ltd. made its strong debut in the market at a listing price of Rs. 392. The company’s issue price at the upper band was Rs 285, so it is around 37 per cent of the gain for investors which is even more than expected. considering its strong focus on R&D and backward integration, its well-established relationship with clients, and its consistent financial performance we still have a positive view on this thus we will suggest investors hold this share for a longer period by keeping a stop loss 10 per cent below its listing price.”
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