On June 16, IKIO Lighting made a robust debut on the exchanges with a 37% premium to its issue price. The stock is listed at Rs 391 on the NSE and BSE, associated with an issue price of Rs 285.

The Noida-based IKIO’s IPO was subscribed 66.30 times during June 6-8 with Qualified Institutional Buyers (QIB) kept portions that booked 163.58 times, high net worth individuals 63.35 times, and retail 13.86 times.

Analysts expected the stock to list at a premium of 30% to 35%, which also traded in the grey market at a premium before listing. The grey market premium lowered in the last few days, hitting a peak of Rs 125 or 44% over the issue price.

IKIO raised Rs 606.5 crore under public issue, at the upper end of the price band of Rs 270-285 per share, encompassing a fresh issue of Rs 350 crore. Its products include LED lighting; ABS (acrylonitrile butadiene styrene) piping; refrigeration lights; and other products.

With population rise, rapid urbanisation and enhanced demand for ecologically sustainable & cost-effective lighting keys, the LED lighting market has risen rapidly in recent years. During FY18-22, the domestic LED lighting market plunged 12.4% CAGR to Rs 21,708 crore.

Further, with enhanced applications over residential, commercial and industrial areas, the domestic LED lighting market would increase by 11.7% CAGR over FY22-26 to reach a size of Rs 33,820 crore.

The Electronics Manufacturing Services (EMS) supporting the domestic LED lighting market zoomed by 21.5% CAGR during FY18-22 to Rs 4,800 crore and is anticipated to grow by 27% CAGR over FY22-26 to a size of Rs 12,500 crore.