IKIO Lighting IPO has stellar listing at 37.72% premium, holds higher

IKIO Lighting IPO had a very robust listing on 16th June 2023, listing at a smart premium of 37.72%, and closing the day above the IPO price and also the opening price on the listing day. One can almost say that the stock also selected the perfect day for listing with the Nifty up 138 points and the Sensex surging by 467 points on Friday. To add to the feel good factor, the Nifty also closed above the psychological resistance level of 18,800. While the stock did show some bouts of volatility during the day, it closed more than 3% above the listing price on the first day of trading on the NSE. It also closed well above the issue price. With subscription of just about 67.75X  overall and QIB subscription at 163.06X, the listing was expected to be strong to robust, at the very least. Here is the IKIO Lighting Ltd listing story on 16th June 2023.

The IPO price was fixed at the upper end of the band at ₹285 which was anyways well accepted considering the rather attractive 67.75X overall subscription and the 163.06X QIB subscription in the IPO. In addition, the retail portion had got just about 14.31X subscription in the IPO while the HNI / NII portion got subscribed 65.38X. IKIO Lighting IPO price band for the IPO was ₹270 to ₹285. On 16th June 2023, the stock of IKIO Lighting Ltd listed on the NSE at a price of ₹392.50,  a strong premium of 37.72% on the IPO issue price of ₹285. On the BSE also, the stock listed at ₹391, a strong premium of 37.19% to the IPO price.

On the NSE, IKIO Lighting Ltd closed on 16th June 2023 at a price of ₹404.50. That is a first day closing premium of 41.93% on the issue price of ₹285 and also a premium of a moderate 3.06% on the listing price of ₹392.50. In fact, the listing price turned out to be almost the low price of the day while the closing price did see a fall from the high levels of the day. On the BSE, the stock closed at ₹403.75. That represents a first day closing premium of 41.67% on the issue price and also a premium of 3.26% on the listing price on the stock exchange of Rs391. On both the exchanges, the stock listed strongly above the IPO issue price and closed Day-1 at a premium to the issue price and the listing price too. In fact, the low of the day was almost at the opening price of the IPO price on both the exchanges, although the stock did retreat from the high price of the day on both the exchanges. Clearly, the strong subscription as well as the strong performance of the market on the listing day combined to give a stellar performance to the stock on listing day.

On Day-1 of listing, IKIO Lighting Ltd touched a high of ₹427.50 on the NSE and a low of ₹392. The premium sustained through the day. In fact, if you look at the range of prices, the stock opening price turned out to be near to the low point of the day although the closing price did see a retreat from the high price of the day on some aggressive profit booking. The strong performance of the stock on the NSE was assisted by the fact that the market was almost on a one-way up trail during the day with the Nifty gaining nearly 138 points in a single day. On Day-1 of listing, the IKIO Lighting Ltd stock traded a total of 312.93 lakh shares on NSE amounting to value of ₹1,273.70 crore on the first day.  The order book during the day showed a lot of buying with the buy orders far exceeding the sell orders at any point of time. The stock closed with open buy orders of 6,419 shares on NSE.

On Day-1 of listing, IKIO Lighting Ltd touched a high of ₹427.40 on the BSE and a low of ₹391. The premium sustained through the day. In fact, if you look at the range of prices, the stock opening price turned out to be exactly at the low point of the day although the closing price did see a retreat from the high price of the day on some aggressive profit booking. The strong performance of the stock on the BSE was assisted by the fact that the market was almost on a one-way up trail during the day with the Sensex gaining nearly 467 points in a single day. On Day-1 of listing, the IKIO Lighting Ltd stock traded robust with strong volumes.  The order book during the day showed a lot of buying with the buy orders far exceeding the sell orders at any point of time.

 While the volumes on the BSE were not as much as on the NSE, the trend was once again the same. The order book through the day showed a lot of buying pressure with the buy orders far exceeding the sell orders at any point of time. That make it a buy on dips stock through the day. However, this can also be attributed to the buying support on Friday also. On the NSE, out of the total 312.93 lakh shares traded during the first day of trading, the deliverable quantity represented 114.06 lakh shares or a deliverable percentage of 36.45% on the NSE. That shows a lot of delivery buying but also a lot of speculation on the stock on an intraday trading basis.

At the close of Day-1 of listing, IKIO Lighting Ltd had a market capitalization of ₹3,123.00 crore with free-float market cap of ₹592.99 crore. The company had seen strong anchor appetite in the IPO and here are the details of interest on the anchor portion.

A total of 63.84 lakh shares were issued to the anchor investors a day ahead of the opening of the IPO of IKIO Lighting Ltd.