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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Repayment or prepayment of borrowings
A portion of the fresh issue proceeds was earmarked to repay or prepay certain outstanding borrowings of the company.
Investment in subsidiary for Noida facility expansion
Funds were allocated to invest in the company's wholly owned subsidiary, IKIO Solutions Private Limited, to expand manufacturing capacity at its Noida facility.
General corporate purposes
The remaining net proceeds from the fresh issue were set aside for general corporate purposes.
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(₹ in Crore)
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IKIO Technologies Limited (formerly IKIO Lighting Limited) is an Indian manufacturer of light emitting diode based lighting products. The company was incorporated in 2016 and operates as an original design manufacturer, meaning it designs, develops, manufactures and supplies products under contract for other brands rather than selling primarily under its own name. Its product range spans four broad categories: LED lighting products, LED lighting products for refrigeration units, ABS (acrylonitrile butadiene styrene) piping used in refrigeration systems, and other electrical items such as fan regulators and light strips. The company's manufacturing base is centered in Noida, Uttar Pradesh, and it serves customers across India and the United States. Over its history it built a client base among established lighting and electronics brands that rely on it for design and assembly rather than maintaining that capability in-house. A meaningful part of its growth funding was earmarked for its wholly owned subsidiary, IKIO Solutions Private Limited, to expand manufacturing capacity at the Noida facility. The company listed its shares on the NSE and BSE in June 2023 after a book built initial public offering that combined a fresh issue of shares with an offer for sale by existing shareholders. Its promoters, Hardeep Singh and Surmeet Kaur, held the entire pre-issue equity base before the public offering diluted their stake. IKIO positions itself within the broader consumer electronics and electrical components manufacturing space, competing on the strength of its ODM model and its established relationships with lighting brands in India and overseas.
Ahead of the public offer, the company raised about Rs 181.95 crore from 16 anchor investors through the allocation of roughly 63.84 lakh equity shares at the IPO's upper price of Rs 285 per share. Participating anchor investors included HDFC Mutual Fund, ICICI Prudential, Goldman Sachs, Quant Mutual Fund, Malabar India Fund, Mirae Asset, Citigroup and Societe Generale, among others.
Source: RHP • Analysis provided for informational purposes
Last Updated: 18 July 2026, 5:30 AM
Established ODM relationships
The company operates as an original design manufacturer for established lighting brands, giving it recurring business from customers who outsource design and assembly rather than a one-off retail model.
Diversified product range
Beyond core LED lighting, the company makes refrigeration lighting, ABS piping and other electrical components, spreading revenue across several related product lines.
Track record of profitable growth
Revenue and profit expanded steadily across the years leading up to the IPO, reflecting demand for its manufacturing and design services.
Customer concentration
As an ODM business serving a relatively small set of established brands, the loss of a key customer relationship could materially affect revenue.
Working capital intensity
Contract manufacturing for lighting products typically requires holding significant inventory and extending credit, which can pressure cash flow.
Input cost exposure
LED components and raw materials used in manufacturing are subject to price swings that can compress margins if not passed through to customers.
IKIO Technologies Limited
Plot-10, Unit 1, Sector 156, Gautam Buddha Nagar (Noida), Uttar Pradesh 201301, India
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