IKIO Lighting share price gains over 3%; Anand Rathi initiates coverage with a ‘Buy’ call, sees 22% upside
₹329.00 apiece on the BSE. However, IKIO Lighting shares are still trading 16% below its listing price on the stock exchanges. IKIO Lighting shares made a stock market debut on June 16, 2023, with the stock getting listed at ₹391 on BSE, a premium of 37.19% to the issue price of ₹285 per share.
IKIO Lighting shares were listed at ₹392.5 on NSE. After listing, IKIO Lighting shares hit a high of ₹477.15 apiece on June 23, 2023. However, the stock came under selling pressure and hit a low of ₹305 on January 3, 2024.
Brokerage firm Anand Rathi initiated coverage on IKIO Lighting with a ‘Buy’ rating on the stock by assigning 36x of FY25E earnings with a target price of ₹390 per share, implying an upside of more than 22% from Thursday’s closing price for a time horizon of 12 months. Also Read: Infosys share price jumps over 6% on better-than-expected Q3 results; Brokerages raise target price; Should you buy? IKIO Lighting’s export revenue has grown rapidly in the last four years on a low base and new customer acquisitions. The company added a new product line for recreational vehicles in the export division which led to such expansion.
The company continues to expand into new international markets through its ODM offerings and launch of new products. Company is looking to expand into North America, Europe and South East Asian markets as these markets offer strong demand for premium lighting products, noted the brokerage firm. (Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) It believes IKIO’s customer base across geographies and with a healthy financial position will help the company to invest in creating a wider range of
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