IKIO Lighting IPO allotment status to be finalised today; grey market premium takes a hit

IKIO Lighting is losing its ground in the grey market ahead of the finalisation of share allotment. The allotment status of IKIO Lighting is likely to be out on Tuesday, June 13, but the price in the official market has taken a hit after the issue concluded last week.

The grey market premium (GMP) of IKIO Lighting has seen a steep correction of 25-28 per cent from its peak at Rs 120-125 per share to Rs 90-95 apiece currently. The issue was commanding a premium of Rs 100-105 about 24 hours ago.

According to the grey market trackers, the activity in the unofficial market is subdued as the allotment status is not out. Once the allotment status will be declared, the grey market will be active again. They say that nothing has changed fundamentally and broader market sentiments remain resilient, but dealers have taken the 'wait and watch' approach.

The Rs 607 crore initial public offering (IPO) of IKIO Lighting was open for subscription between June 6-8. The company sold its shares in the range of Rs 270-285 apiece with a lot size of 52 shares. The issue saw a robust interest from the investors as it was overall subscribed 66.30 times during the three-day bidding process.

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The portion for qualified institutional bidders was booked 163.68 times, while the non-institutional investors' category was subscribed 63.35 per cent. The quota reserved for retail investors was subscribed 13.86 times, according to the data from BSE by the end of final day of bidding.

Incorporated in 2016, the Noida-based IKIO Lighting manufactures light-emitting diode (LED) lighting solutions. The company is primarily an original design manufacturer (ODM). The company's LED lighting offerings focus on the premium segment.

Investors, who had bid for the issue, can check the allotment status on the Bombay Stock Exchange (BSE) website, by visiting its website- https://www.bseindia.com/investors/appli_check.aspx.

Investors can also check the allotment status on the online portal of KFin Technologies (https://kosmic.kfintech.com/ipostatus), the registrar to the issue. The registrar is a Sebi-registered entity, qualified to act as such and which electronically processes all applications and carries out the allotment process, as per the prospectus.

Bidders who could not get allotment in the IPO may see the initialization of refunds on June 14. Others, who would be allotted shares may see the credit of shares, in the Demat accounts by June 15. The listing of the IPO is likely on Friday, June 16.

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