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IKIO Lighting Limited IPO (Initial Public Offering) Opens on June 06, 2023, sets price band at ₹270 to ₹285 per Equity Share

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Price Band of ₹270 – ₹285 per equity share bearing face value of  ₹ 10 each (“Equity Shares”)

  • Bid/Offer Opening Date – Tuesday, June 06, 2023 and Bid/Offer Closing Date – Thursday, June 08, 2023.
  • Minimum Bid Lot is 52 Equity Shares and in multiples of 52 Equity Shares thereafter.
  • The Floor Price is 27 times the face value of the Equity Share and the Cap Price is 28.5 times the face value of the Equity Share.

MUMBAI, 1st JUNE, 2023 (GPN): IKIO Lighting Limited, a manufacturer of Light Emitting Diode (LED) Lighting in India, has fixed the price band at ₹270 to ₹285 per Equity Share (of face value ₹10 each) for its maiden public offer. The initial public offering (“IPO” or “Offer”) of the Company will open on Tuesday, June 06, 2023, for subscription and closes on Thursday, June 08, 2023. Investors can bid for a minimum of 52 Equity Shares and in multiples of 52 Equity Shares thereafter.

The Offer with a face value of ₹ 10 per equity share consists of a fresh issue of equity shares worth up to ₹ 350 crore and an offer-for-sale (OFS) of up to 9,000,000 equity shares by existing shareholders.

The Company is primarily an Original Design Manufacturer (ODM) and designs, develops, manufactures and supplies products to customers who then further distribute these products under their own brands. They also 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.

The largest customer of IKIO Lightning is Signify Innovations India Limited (formerly known as Philips Electronics India Limited) which, in Fiscal 2022, had a 50% market share in India’s functional decorative lighting category (including LED spotlights, LED downlights and cove lights) and a 10% market share in India’s true-blue decorative lighting segment (including chandeliers, wall lights, pendants, outdoor lights) according to F & S 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% from ₹ 28.81 crore in Fiscal 2021 to ₹ 50.52 crore in Fiscal 2022. The Company, on a Proforma Consolidated basis for Fiscal 2022, has a return on net worth (RoNW) of 46.40% as against some of its listed peers on a consolidated basis such as Dixon Technologies (19.08%), Amber Enterprises (6.30%), Syrma SGS Technology (10.29%) and Elin Electronics (12.93%).

For the nine months ended December 31, 2022, on a proforma consolidated basis, the company’s revenue from operations stood at ₹ 328.63 crore and profit after tax stood at ₹ 51.35 crore.

In case of any revision to the Price Band, the Bid/Offer Period will be extended by at least three additional Working Days after such revision in the Price Band, subject to the Bid/Offer Period not exceeding 10 Working Days. In cases of force majeure, banking strike or similar circumstances, the Company may, in consultation with the Book Running Lead Manager, for reasons to be recorded in writing, extend the Bid / Offer Period for a minimum of three Working Days, subject to the Bid/ Offer Period not exceeding 10 Working Days. Any revision in the Price Band and the revised Bid/Offer Period, if applicable, shall be widely disseminated by notification to the Stock Exchanges, by issuing a public notice, and also by indicating the change on the website of the Book Running Lead Manager and at the terminals of the Syndicate Member(s) and by intimation to the Designated Intermediaries and the Sponsor Banks, as applicable.

The Offer is being made through the Book Building Process, wherein not more than 50% of the Offer shall be available for allocation to Qualified Institutional Buyers, not less than 15% of the Offer shall be available for allocation to Non-Institutional Bidders and not less than 35% of the Offer shall be available for allocation to Retail Individual Bidders.

Motilal Oswal Investment Advisors Limited is the sole book running lead manager 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. Ends

RHP Link : https://www.sebi.gov.in/filings/public-issues/may-2023/ikio-lighting-limited-rhp_71907.html

Period Weighted average cost of acquisition per Equity Share (in ₹)^ Cap Price is ‘X’ times the weighted average cost of acquisition^ Range of acquisition price per Equity Share: lowest price – highest price (in ₹)^ 
One Year# Nil Nil Nil
Eighteen Months# Nil Nil Nil
Three Years Nil Nil Nil
S. 

No

Name of the acquirer/shareholder Date of acquisition of equity shares Number of Equity Shares acquired Acquisition price per equity share^(in ₹)
Promoters (also the Selling Shareholders)
1 Hardeep Singh July 17, 2021 14,970,000 Nil#
2 Hardeep Singh September 17, 2022 23,999,472 Nil#
3 Surmeet Kaur July 17, 2021 9,980,000 Nil#
4 Surmeet Kaur September 17, 2022 16,000,000 Nil#
Promoter Group
1 Ishween Kaur October 04, 2021 100 Nil$
2 Ishween Kaur September 17, 2022 160 Nil#
3 Harjeet Singh October 04, 2021 100 Nil$
4 Harjeet Singh September 17, 2022 160 Nil#
Particulars  At Floor Price (i.e. ₹270) At Cap Price (i.e. ₹285)
Restated Consolidated Financial Statements 
Market Capitalization / Turnover (Fiscal 2022) 9.57 10.02
P/E Ratio 62.65 66.13
Proforma Consolidated Financial Information
Market Capitalization / Turnover (Fiscal 2022) 6.34 6.64
P/E Ratio  34.75 36.68

 

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