The Rs 700-crore IPO of Lumino Industries is set to make its stock market debut on September 3, with the shares trading at a substantial 45% premium in the grey market. The strong grey market premium (GMP) has fueled expectations of a robust listing.
The public issue, which opened for subscription on August 27 and closed on August 31, received an overwhelming response from investors, getting subscribed 124.02 times overall. The retail portion was subscribed 40.27 times, while non-institutional investors (NIIs) placed bids for 185.21 times the shares on offer. Qualified institutional buyers (QIBs) emerged as the biggest drivers of demand, with their portion subscribed a staggering 232.79 times.
The Rs 700-crore IPO was offered in a price band of Rs 78–Rs 82 per share. The issue comprised a fresh issue of Rs 500 crore, involving 6.10 crore shares, and an offer for sale (OFS) of Rs 200 crore, involving 2.44 crore shares sold by promoters Devendra Goel and Jay Goel.
The company's shares are expected to list on both the NSE and BSE on September 3, 2026.
At the IPO price band, Lumino Industries commands a price-to-earnings (P/E) multiple of 11.87 times at the lower end and 12.48 times at the upper end, based on diluted FY26 earnings.
Interestingly, the valuation looks relatively attractive against the FY26 industry peer-group average P/E of 48.55 times, according to the company's offer document.
Ahead of the IPO, Lumino Industries raised Rs 206.99 crore from anchor investors on August 25, 2026. The company allotted 2,52,43,901 equity shares at Rs 82 apiece to 30 anchor investors.
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 also proposed spending around Rs 15.01 crore on capital expenditure, including equipment and machinery purchases, 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 Rs 78–Rs 82 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.
