Lumino Industries IPO: Issue Details, Financials and a 34% Listing Premium
Lumino Industries IPO opens for subscription on August 27 with a ₹700 crore issue. Check the latest GMP, IPO price, subscription, allotment, lot size and expected listing date.
Lumino Industries IPO: The ₹700 crore issue was open from 27 to 31 August 2026 at a price band of ₹78 to ₹82 per share. Allotment was finalised on 1 September, and the shares listed on the NSE at ₹110 and on the BSE at ₹109 on 3 September 2026, a premium of about 34% to the issue price of ₹82.
Lumino Industries IPO: Lumino Industries is an integrated engineering, procurement and construction (EPC) company focused on manufacturing and supplying conductors, power cables, electrical wires and specialised products for the power transmission and distribution industry.
The company is launching a ₹700 crore IPO, comprising a fresh issue of ₹500 crore and an Offer for Sale (OFS) of ₹200 crore.
Lumino Industries IPO Details
Here are the key dates and issue details.
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Lumino Industries IPO is worth ₹700 crore and consists of a fresh issue of 6.10 crore shares aggregating to ₹500 crore and an Offer for Sale of 2.44 crore shares aggregating to ₹200 crore.
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Lumino Industries IPO opened for subscription on 27 August 2026 and closed on 31 August 2026. The price band was fixed between ₹78 and ₹82 per share.
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Allotment was finalised on 1 September 2026, and the shares listed on the BSE and NSE on 3 September 2026.
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The IPO has a lot size of 182 shares, requiring a minimum investment of ₹14,924 at the upper price band.
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Promoter and Promoter Group holding stood at 100% before the IPO and declined to 71.97% after the IPO.
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Motilal Oswal Investment Advisors Ltd. is the book-running lead manager, while Bigshare Services Pvt. Ltd. is the registrar of the issue.
|
Parameter |
Detail |
|---|---|
|
IPO Open Date |
27 August 2026 |
|
IPO Close Date |
31 August 2026 |
|
Allotment Date |
1 September 2026 |
|
Listing Date |
3 September 2026 (BSE & NSE) |
|
Price Band |
₹78 - ₹82 per share |
|
Lot Size |
182 shares |
|
Minimum Investment |
₹14,924 |
|
Fresh Issue |
₹500 crore |
|
Offer for Sale (OFS) |
₹200 crore |
|
Total Issue Size |
₹700 crore |
Lumino Industries IPO Listing Performance
Lumino Industries shares debuted on the NSE at ₹110 and on the BSE at ₹109 on 3 September 2026, premiums of 34.15% and 32.93% respectively over the issue price of ₹82. The grey market premium ahead of listing had pointed to a price near ₹143, so the actual debut, while strong, came in well below what the grey market had priced in.
About Lumino Industries IPO
Lumino Industries is an engineering, procurement and construction (EPC) company. The company is engaged in manufacturing and supplying conductors, power cables, electrical wires and specialised products for the power transmission and distribution industry.
The company also manufactures high-temperature low-sag (HTLS) conductors used in transmission and distribution lines.
Key Verticals
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Manufacturing: The company manufactures aluminium conductors, power cables and electrical wires for the power transmission and distribution industry.
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EPC: Its EPC business includes power transmission and distribution, EHV substations, HTLS re-conductoring, railway electrification, solar power projects and water management projects.
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International Business: The company supplies its products to major EPC players in India and also serves international customers, including government-owned electricity companies, public enterprises and electricity boards across countries such as the USA, Mali, Burkina Faso, Côte d'Ivoire, Nepal, Bangladesh, Kenya, Ghana, Rwanda and Ethiopia.
As of March 31, 2026, the company had 890 permanent employees.
Strengths (from DRHP)
- Integrated manufacturing-EPC model — deploys its own conductors/cables into its own project execution, cutting outside-supplier dependence
- Large order book — Rs 3,149.88 crore as of March 2026, ~1.5x FY26 revenue
- UL certification for cable safety, supporting entry into higher-standard markets
- Diversified order book and a consistent profitability record
Risk Factors (from DRHP)
- Heavy dependence on government entities/State Electricity Boards — 53.12% of FY26 revenue, and 82.20% of the order book
- Lengthening working-capital cycle — debtor days at 145, net working capital at 35.11% of FY26 revenue
- Geographic concentration — both manufacturing facilities and all four warehouses are in Howrah, West Bengal
- Raw-material (metals) price volatility
Lumino Industries IPO Reservation
For the Lumino Industries IPO, the allocation was divided among Qualified Institutional Buyers (QIBs), Non-Institutional Investors (NIIs), and Retail Individual Investors (RIIs).
|
Investor Category |
Shares Offered |
|---|---|
|
QIB Investors |
Not more than 50% of the Net Offer |
|
Retail Investors |
Not less than 35% of the Net Offer |
|
NII (HNI) Investors |
Not less than 15% of the Net Offer |
Lumino Industries IPO Lot Size
Retail investors could apply for a minimum of 1 lot, comprising 182 shares, requiring an investment of ₹14,924 at the upper price band of ₹82. The maximum retail application was 13 lots.
|
Application |
Lots |
Shares |
Amount (₹) |
|---|---|---|---|
|
Retail (Min) |
1 |
182 |
₹14,924 |
|
Retail (Max) |
13 |
2,366 |
₹1,94,012 |
|
S-HNI (Min) |
14 |
2,548 |
₹2,08,936 |
|
S-HNI (Max) |
67 |
12,194 |
₹9,99,908 |
|
B-HNI (Min) |
68 |
12,376 |
₹10,14,832 |
Lumino Industries IPO Financial Performance
Lumino Industries reported financial growth during FY26. The company's total income increased from ₹1,946.68 crore in FY25 to ₹2,089.31 crore in FY26. PAT also increased from ₹124.58 crore in FY25 to ₹159.99 crore in FY26. Below are the crucial financial performance indicators of the company:
|
Period Ended |
31 Mar 2026 |
31 Mar 2025 |
31 March 2024 |
|---|---|---|---|
|
Total Income (₹ Cr) |
2,089.31 |
1,946.68 |
1,424.62 |
|
EBITDA (₹ Cr) |
238.94 |
222.93 |
145.09 |
|
EBITDA Margin (%) |
11.71 |
11.62 |
10.31 |
|
PAT (₹ Cr) |
159.99 |
124.58 |
86.60 |
|
PAT Margin (%) |
7.66 |
6.40 |
6.08 |
|
ROE (%) |
24.62 |
24.52 |
21.52 |
|
ROCE (%) |
25.75 |
31.89 |
32.27 |
|
Debt-Equity Ratio |
0.53 |
0.73 |
0.09 |
Source: RHP
Lumino Industries IPO Peer Comparison
Among its peers, Lumino Industries has a low diluted EPS; however, a higher EPS is always considered good.
|
Company |
EPS Diluted |
PE |
|---|---|---|
|
Lumino Industries |
6.57 |
NA |
|
Apar Industries |
242.81 |
68.98 |
|
Bajel Projects |
1.74 |
108.66 |
|
Kalpataru Projects International |
60.90 |
22.13 |
|
KEC International |
22.75 |
19.81 |
|
KEI Industries |
96.02 |
58.79 |
|
Universal Cables |
47.01 |
35.51 |
|
Techno Electric & Engineering Company |
40.74 |
25.97 |
Source: RHP
Conclusion
Lumino Industries IPO was a ₹700 crore book-built issue comprising a ₹500 crore fresh issue and a ₹200 crore offer for sale by Devendra Goel and Jay Goel. The company planned to use ₹337 crore of the fresh issue to repay or prepay borrowings and ₹15.01 crore for capital expenditure. As an integrated EPC player supplying conductors, power cables and wires to the transmission and distribution sector, it drew heavy demand and listed at a 34% premium on 3 September 2026. Investors holding the stock should track order inflows and margin trends rather than the listing-day gain.
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