Lumino Industries has fixed the price band for its Rs 700 crore initial public offering (IPO) at Rs 78 to Rs 82 per equity share, setting the stage for the company's public market debut. The IPO will open for subscription on August 27, 2026, and close on August 31, 2026, while anchor investor bidding is scheduled for August 25.
The IPO comes at a time when Lumino Industries is looking to strengthen its balance sheet and expand its manufacturing capabilities. Of the Rs 700 crore issue, Rs 500 crore will come through a fresh issue of 6.10 crore shares, while Rs 200 crore will be raised through an offer for sale (OFS) of 2.44 crore shares by promoter shareholders Devendra Goel and Jay Goel.
At the upper end of the price band, investors will need Rs 14,924 to apply for one lot of 182 shares. The company is proposed to be listed on both the NSE and BSE, with the tentative listing date set for September 3, 2026.
The price band translates into a P/E multiple of 11.87 times at the lower end and 12.48 times at the upper end, based on diluted FY26 earnings. This compares with an average industry peer-group P/E of 48.55 times for FY26, according to the company's offer document.
A substantial portion of the fresh issue proceeds is earmarked for reducing the company's debt. Lumino Industries plans to use approximately Rs 337 crore for the prepayment or repayment of certain outstanding borrowings.
The company has also proposed spending around Rs 15.01 crore on capital expenditure, including equipment and machinery purchases as well as civil works and interior development at an existing manufacturing facility. The remaining proceeds will be deployed towards general corporate purposes.
The company reported an improvement in both revenue and profitability in FY26. Total income rose 7% to Rs 2,089.31 crore in FY26, compared with Rs 1,946.68 crore in FY25. More significantly, profit after tax increased 28% to Rs 160 crore, from Rs 124.59 crore in FY25.
The stronger growth in profit compared with total income points to an improvement in the company's earnings performance during the year.
Established in 2005, Lumino Industries is an integrated engineering, procurement and construction (EPC) and manufacturing company focused on India's power transmission and distribution sector. The company manufactures conductors, power cables, electrical wires and high-temperature low-sag (HTLS) conductors, which are used in power transmission and distribution infrastructure.
Its EPC business covers power transmission and distribution, EHV substations, HTLS re-conductoring, railway electrification, solar power projects and water management projects. The company caters to major EPC players in India and also serves international customers, including government-owned electricity companies, public enterprises and electricity boards across several countries. As of March 31, 2026, Lumino Industries had 890 permanent employees.
With the price band now set, the next major trigger for Lumino Industries will be anchor investor participation on August 25, followed by the response from retail and institutional investors when the IPO opens on August 27.
