IKIO Lighting IPO to Sonalis Consumer Products IPO: two upcoming issues in the coming week

The largest IPO this year till date has been the Mankind Pharma IPO worth over ₹4,300 crore. A slew of companies have filed their draft prospectus indicating that the IPO market will pick up going ahead.

Meanwhile, one mainboard IPO and one SME IPO are slated to be launched in the week ahead. Here are the upcoming IPOs this week from May 5 to May 9.

IKIO Lighting IPO

IKIO Lighting IPO will open for subscription on June 6 and end on June 8. The ₹607 crore-worth IPO consists of a fresh issue of equity shares worth up to ₹350 crore and an offer-for-sale (OFS) of up to 90 lakh equity shares by promoters. The price band for the issue has been set at ₹270-285 per share. The bidding for anchor investors will open on June 5.

The company’s promoters Hardeep Singh and Surmeet Kaur will offload theri shares in the OFS, as per the red herring prospectus (RHP). 

The lot size for IKIO Lighting IPO is 52 shares and retail investors can bid for a maximum of 13 lots. The company will decide the basis of allotment of shares on June 13, and the shares are expected to be listed on the BSE and NSE on June 16.

Read here: IKIO Lighting IPO: Issue details, GMP, other key things to know

IKIO Lighting is a manufacturer of light-emitting diode (LED) lighting solutions focused on providing sustainability and low-energy LED products.

Kfin Technologies is the registrar to the issue and Motilal Oswal Investment Advisors is the sole book-running lead manager.

IKIO Lighting IPO GMP: IKIO Lighting IPO grey market premium (GMP) as of Friday was ₹75 per share. The IKIO Lighting IPO GMP on June 2 increased to ₹75 from ₹50 on June 1. The GMP on May 31 was ₹20.

The expected listing price for IKIO Lighting shares, according to June 2 GMP of ₹75 and considering the upper price band of ₹285, will be ₹360 per share.

Sonalis Consumer Products IPO

Sonalis Consumer Products IPO is an SME IPO that will open on June 7 and close on June 9, 2023. The IPO is a fresh issue of 9.44 lakh shares at ₹30 each. The face value of shares are ₹10 apiece.

The lot size of Sonalis Consumer Products IPO is 4,000 shares, taking the investors value of retail investors to ₹1,20,000. Among the important IPO dates, the basis of allotment of shares will be fixed on June 14, while the initiation of refunds will take place on June 15. The shares will be credited to eligible investors’ demat account on June 16 and the shares may be listed on June 19 at BSE SME.

Sonalis Consumer Products is in the business of  nutritious bars and healthy snacks. The company distributed its products across 3 states Maharashtra, Gujarat and Goa, during the period ended December 31, 2022, .

The company proposes to utilize the issue proceeds to part finance the working capital requirements and general corporate purposes.

Apart from the two upcoming IPOs this week, the ongoing Kore Digital IPO and Comrade Appliances IPO will close for subscription.

Kore Digital IPO

The IPO of telecommunication infrastructure provider Kore Digital Ltd, which opened on June 2, will close on June 7. 

Kore Digital IPO worth ₹18 crore comprises a fresh issue of 10 lakh equity shares of face value of ₹10 each at a fixed price of ₹180 per share. It is an SME IPO and the shares will be listed on June 15 at NSE SME Emerge.

Kore Digital IPO’s lot size is 800 shares. The basis of share allotment will be fixed on June 12, while the initiation of refunds will take place on June 13.

Read here: Kore Digital IPO: Issues details, subscription status, GMP, other key things to know

The company offers communication solutions to corporate and Telecom Network Operators and is in the business of installing and commissioning towers and Optical Fibre Cable (OFC) Systems in Maharashtra.

Kore Digital IPO has been subscribed 2.24 times so far. It is subscribed 0.18 times in the retail category and 4.09 times in Other category as of June 2, 2023.

Comrade Appliances IPO

Comrade Appliances IPO opened on May 31 and will close on June 5, 2023. The SME IPO consists of fresh issue of 22.78 lakh shares of face value of ₹10 each at a price band of ₹52 to ₹54 per share. At the upper end of the price band, the issue size aggregates to ₹12.30 crore.

The lot size for the issue is 2,000 shares. The IPO allotment will be fixed on June 8 and the refunds will be initiated on June 9. The shares will be credited to eligible investors’ demat account on June 12 and the shares will be listed on June 13 at BSE SME.

Comrade Appliances is a manufacturer of consumer durable goods like Air Coolers and Electric Geysers and assembles various products. It has a manufacturing facility located at Palghar and its products are marketed, manufactured, and sold under the brand name “Comrade”.

Comrade Appliances IPO has been subscribed 5.11 times in total so far as the public issue received 9.42 times subscription in the retail category, 0.01 times in QIB, and 2.68 times in the NII category as on June 2, 2023.

Updated: 03 Jun 2023, 08:43 AM IST