IKIO Lighting Files Public Offering Papers With SEBI To Mop-Up Funds

Manufacturer of LED lighting solutions IKIO Lighting Ltd has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO)..The IPO consists of a fresh issue of equity shares worth up to Rs 350 crore and an offer-for-sale (OFS) of up to 75 lakh equity shares by promoters -- Hardeep Singh and Surmeet Kaur, according to the draft red herring prospectus (DRHP)..Proceeds from the fresh issuance worth Rs 50 crores will be used for debt payment, Rs 236.68 crore will be used in the company's wholly-owned subsidiary, IKIO Solutions, to set-up a new facility at Noida, Uttar Pradesh, and for general corporate purposes..IKIO Lighting is a manufacturer of light emitting diode (LED) lighting solutions. It is primarily an original design manufacturer (ODM) and designs, develops, manufactures and supplies products to customers who then further distribute these products under their own 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..IKIO Lighting's revenue from operations surged by 55.47 per cent to Rs 331.84 crore for the financial year 2022 from Rs 213.45 crore for the financial year 2021. However, profit after tax grew 75.37 per cent to Rs 50.52 crore from Rs 28.81 crore during the period..Motilal Oswal Investment Advisors is the sole book running lead managers to the issue. The equity shares are proposed to be listed on the BSE and NSE. .(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

IKIO Lighting Files Public Offering Papers With SEBI To Mop-Up Funds

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