IKIO Lighting Shares Gain Over 3%, Yet Trading Below Listing Price

IKIO Lighting Shares Gain Over 3%, Yet Trading Below Listing Price

VoM News Desk | January 12, 2024 | 12:07 PM IST | Breaking News | Follow on Google News

IKIO Lighting Shares Gain Over 3%, Yet Trading Below Listing Price /Pixabay

IKIO Lighting Shares Gain Over 3%, Yet Trading Below Listing Price

IKIO Lighting witnessed a surge of over 3% in its share price on Friday, reaching ₹329.00 apiece on the BSE. Despite this increase, the stock continues to trade 16% below its listing price on the stock exchanges.

Having made its stock market debut on June 16, 2023, IKIO Lighting’s shares were listed at ₹391 on the BSE, representing a premium of 37.19% over the issue price of ₹285 per share. Similarly, the shares were listed at ₹392.5 on the NSE. However, post-listing, IKIO Lighting experienced fluctuations, reaching a high of ₹477.15 on June 23, 2023, and a low of ₹305 on January 3, 2024.

Brokerage firm Anand Rathi initiated coverage on IKIO Lighting, assigning it a ‘Buy’ rating with a target price of ₹390 per share. This target implies an upside of more than 22% from Thursday’s closing price for a 12-month horizon. Anand Rathi highlighted IKIO Lighting’s export revenue growth, expansion into new international markets, and strong financial position as positive factors for future prospects.

The company has recorded an 18% CAGR in revenue and a 27% CAGR in EBITDA from FY20 to FY23. Notably, IKIO Lighting’s EBITDA margin increased from 17% to 22% during the same period. Anand Rathi anticipates IKIO’s Revenue, EBITDA, and PAT to grow at a CAGR of 22%, 27%, and 29%, respectively, over FY23-25E.

Despite the recent gains, IKIO Lighting shares are still on the path to recover fully from the initial post-listing challenges, reflecting the volatility in the market and investors’ sentiments towards the stock.

VoM News Desk

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.