Lumino Industries Initial Public Offering Opens for Subscription with Price Band Set at Rs 78 to Rs 82

Engineering, procurement, and construction player Lumino Industries has launched its initial public offering, seeking to raise up to Rs 500 crore via fresh issuance alongside an offer-for-sale of up to Rs 200 crore by promoters. The subscription window remains open from August 27 to August 31, 2026.

Lumino Industries, a product-driven integrated engineering, procurement, and construction (EPC) player in India, has opened its initial public offering (IPO) for public subscription. The issue period runs from August 27, 2026, to August 31, 2026.

The price band for the equity shares, which have a face value of Rs 5 each, has been set at Rs 78 to Rs 82 per share. Investors can bid for a minimum market lot of 182 equity shares and in multiples of 182 shares thereafter. The equity shares are proposed to be listed on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).

The total offer comprises a fresh issuance of up to Rs 500 crore and an offer-for-sale (OFS) of up to Rs 200 crore by promoters Devendra Goel and Jay Goel. Prior to the public opening, the company allocated 25,243,901 equity shares to anchor investors at Rs 82 per share, successfully garnering Rs 206.99 crore. Participants in the anchor round included institutional entities such as Citigroup Global Markets Mauritius Private Limited, SBI General Insurance Company Limited, Bajaj Life Insurance Limited, Silver Stride India Global Fund, and 3PIM India Equity (IFSC) Fund, alongside equity-oriented schemes like HDFC Large and Mid Cap Fund, Motilal Oswal Large Cap Fund, and Kotak Mahindra Trustee Co Ltd A/C Kotak Manufacture In India Fund.

Regarding the allocation quota for the public issue, not more than 50% of the net offer is reserved for qualified institutional buyers (QIBs), no less than 15% for non-institutional bidders (NIIs), and no less than 35% for retail individual bidders (RIIs).

Proceeds from the fresh issuance amounting to Rs 337 crore will be utilized for the full or partial prepayment or repayment of certain outstanding borrowings availed by the company. Additionally, Rs 15 crore has been earmarked for capital expenditure toward the purchase of equipment and machinery, civil works, and interior development of an existing manufacturing facility, with the remainder allocated for general corporate purposes.

Lumino Industries focuses on manufacturing and supplying conductors, power cables, electrical wires, and other specialized components to the power transmission and distribution industry in India, including high-temperature low-sag conductors.

Motilal Oswal Investment Advisors, JM Financial, and Monarch Networth Capital are the book running lead managers for the issue, while Bigshare Services Private Limited acts as the registrar of the offer.

"The structuring of Lumino Industries' IPO highlights a clear focus on balance sheet optimization, with a major portion of the fresh proceeds directed toward debt repayment. Utilizing Rs 337 crore to clear borrowings should effectively reduce finance costs and support margin performance going forward. Furthermore, participation from prominent institutional anchor investors reflects steady market confidence in the company's position within the power transmission and distribution EPC sector." — Dr. Shishir Gupta, Founder & CEO, StartupLanes