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The ₹606.50-crore initial public offering (IPO) of IKIO Lighting saw a robust response from all categories of investors, with the issue being subscribed 66.29 times finally.
The offer, which opened for subscription on Tuesday at a price band of ₹270-285, received bids of 100.92 crore shares against the offered 1.52 crore shares, according to the data available on the stock exchanges.
The qualified institutional portion was the most subscribed at 163.58 times, followed by non-institutional investors (generally referred as HNIs) by 63.35 times and retail investors 13.86 times.
The IPO of the manufacturer of Light Emitting Diode (LED) lighting in India comprised a fresh issue of equity shares worth ₹350 crore and an offer-for-sale of up to 90 lakh shares by existing shareholders.
Anchor investors
As part of the IPO process, IKIO Lighting garnered ₹181.94 crore from 14 anchor investors ahead of the issue opening by allocating 63.84 lakh shares at ₹285 a share to them.
Foreign investors and domestic institutions who participated in the anchor included HDFC Mutual Fund, ICICI Prudential Mutual Fund, Goldman Sachs Asset Management, Malabar India Fund, Mirae Asset Global, Rohdea Master Fund, Motilal Oswal Select Opportunities Fund, Cohesion MK Best Ideas, and Bengal Finance and Investment.
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