IPO watch: This LED light maker is bringing IPO, plans to raise Rs 350 crore from the market

Photo:FILE LED light maker IKIO IPO

IPO watch: LED lighting solutions provider IKIO Lighting Limited has submitted preliminary papers with the Securities and Exchange Board of India (SEBI) to raise capital through an initial public offering (IPO). According to the draft documents, fresh shares of up to Rs 350 crore will be issued in the IPO. Apart from this, the promoters of the company Hardeep Singh and Surmeet Kaur will bring an offer for sale (OFS) of 75 lakh shares.

To be used for business expansion and loan payment

Rs 50 crore received from the issue will be used for loan repayment. Out of this, Rs 236.68 crore will be used for setting up a new facility of the company’s wholly owned subsidiary IKIO Solutions in Noida and for normal business operations. The shares of the company are proposed to be listed on BSE and NSE.

87 IPOs raised Rs 1,460 crore

In the first nine months of this year, 87 different small and medium enterprises (SMEs) have raised Rs 1,460 crore through initial public offerings (IPOs) and the strong performance of these IPOs has generated investor interest. Data from the SME industry shows that this amount is much higher than the IPOs of 56 companies that raised Rs 783 crore through share sales in 2021. Uday Nair, Director, FedEx Securities, said technology-based platforms and large brokerages can play a key role in the growth of the SME platform. Prateek Jain, Director, Hem Securities said, “The SME sector has been neutralized by the market downturn and investors are looking forward to the upcoming IPOs. Many companies have submitted documents for listing on BSE’s SME and NSE Emerge forums, while many are preparing it. A total of 87 IPOs were floated on the SME platform during January-September 2022, raising Rs 1,460 crore, the data said. These companies are from IT, auto parts, asthma, infrastructure and hospitality and jewelery sectors. In September, 29 SMEs have started in the primary market. Gaurav Jain, Director, Hem Securities said, “Despite being small in size, these IPOs are getting good response from the investors.

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