Shares of LED lighting solution provider IKIO made a remarkable market debut on Friday, listing with a gain of nearly 38 per cent, against the issue price of Rs 285.
The stock made its debut at Rs 391, a jump of 37.19 per cent from the issue price on the BSE. It later zoomed 42.52 per cent to Rs 406.20.
At the NSE, it listed at Rs 392.50, a gain of 37.71 per cent.
In the broader equity market, the 30-share BSE Sensex quoted 289.69 points or 0.46 per cent higher at 63,207.32, and the NSE Nifty traded with a gain of 64.10 points or 0.34 per cent at 18,752.20.
Also read: Should you subscribe to the IKIO Lighting IPO?
The Initial Public Offering (IPO) of IKIO Lighting was subscribed 66.29 times on the last day of subscription on Thursday last week, helped by overwhelming participation from institutional buyers.
The Rs 606.5-crore initial share sale had a price range of Rs 270-285 a share.
Proceeds from the fresh issuance worth Rs 50 crore will be used for debt payment, Rs 212.31 crore in the company's wholly-owned subsidiary IKIO Solutions to set up a new facility at Noida and for general corporate purposes.
IKIO Lighting is a manufacturer of light-emitting diode (LED). It is primarily an original design manufacturer.
It designs, develops, manufactures and supplies products for customers, who then further distribute these products under their brands.
It has four manufacturing facilities with one located in the SIDCUL Haridwar industrial park in Uttarakhand and three in Noida in the national capital region.