Friday, June 16, 2023

IKIO Lighting lights up Dalal Street; closes 41% premium

Mumbai, June 16, 2023: IKIO Lighting Limited a leading manufacturer of Light Emitting Diode (LED) Lighting in India, makes a lightning debut on the exchanges to close 41.7% premium to its issue price.

The scrip listed Rs 391 per share on BSE and Rs 392 per share on NSE, at a premium of 37.19% and 37.54% respectively. The company's share price closed at Rs 403.75 per share on the BSE, a 41.67% premium, and at Rs 404.50 per share on the NSE, a 41.93% premium.

As per NSE, the total quantity traded stood at 312.92 lakh shares, on BSE the total Quantity stood at 17.26 lakh shares. Total Turnover (BSE+NSE) on Day 1 stood at Rs 1343.82 crore. 

Mr. Hardeep Singh, Chairman and Managing Director – IKIO Lighting Limited said “On this momentous occasion, I would like to express my deep appreciation to our shareholders who have placed their trust and confidence in our company. It is their unwavering support that has propelled us forward, enabling us to reach this milestone. Today's listing marks a significant chapter in the company's journey, and we are honoured to have you as our valued partners.

As we embark on this new phase of growth as a publicly listed company, we are filled with excitement and optimism. We firmly believe that our strong foundation, coupled with our committed team and innovative products/services, will pave the way for a bright future. We are dedicated to creating long-term value for our shareholders and delivering exceptional experiences to our customers. 

The belief in our vision and your continued partnership are instrumental to our success. We look forward to a promising future filled with growth, prosperity, and shared accomplishments."

The Market Capitalization of the Company at today’s closing price stood at Rs. 3120.21 Crore as per BSE and Rs. 3126 Crore as per NSE.

The issue with a face value of Rs 10 per equity share comprising a fresh issue aggregating up to Rs 350 crore, and an offer for sale of up to 6,000,000 equity shares by Hardeep Singh, and up to 3,000,000 by Surmeet Kaur (“Selling Shareholders”). 

The company is primarily an Original Design Manufacturer (ODM) and design, develop, manufacture and supply products to customers who then further distribute these products under their own brands, and they work with their customers to develop, manufacture and supply products that are designed by their customers. Products are categorized as LED lighting, refrigeration lights, ABS (acrylonitrile butadiene styrene) piping and other products. Equipment and systems produced by the company are used in various industries, including residential, industrial, and commercial lighting.

In Fiscal 2022, Signify Innovations India Limited, (formerly known as Philips Electronics India Limited) was the largest customer of the IKIO Lighting was, with 50% market share in the decorative lighting category (including LED spotlights, LED downlights and cove lights) and a 10% market share in true-blue decorative lighting segment (including chandeliers, wall lights, pendants, outdoor lights) according to Frost & Sullivan Report. The company also has a diversified customer base across industry sectors and geographies which includes Western Refrigeration Private Limited, Panasonic Life Solutions India Private Limited and Novateur Electrical & Digital Systems Private Limited.

IKIO Lighting Limited’s revenue from operations on a proforma consolidated basis grew 55.47% from ₹213.45 crore in Fiscal 2021 to ₹331.84 crore in Fiscal 2022 and profit after tax has increased 75.37% to ₹50.52 crore in Fiscal 2022, from ₹28.81 crore in Fiscal 2021. For the nine months ended December 31, 2022, on a proforma consolidated basis, revenue from operations stood at Rs 328.63 crore and profit after tax stood at Rs 51.35 crore.

Motilal Oswal Investment Advisors Limited is the sole book running lead manager to the issue and KFin Technologies Limited is the registrar to the offer. The equity shares are proposed to be listed on the Main Board of BSE and NSE.

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