Lumino Industries has finalised plans to launch its ₹700 crore IPO for public subscription on August 27, with the price band fixed at ₹78-82 per share. The company successfully raised ₹207 crore through its anchor book allocation to 30 institutional investors on August 25. The anchor book included 2.52 crore equity shares allocated to major institutional participants including Citigroup Global, Silver Stride India Global Fund, Sunil Singhania's Abakkus Growth Fund, and Prashant Jain's 3PIM India Equity (IFSC) Fund. Domestic mutual funds participated through 22 schemes with 1.8 crore equity shares allocated to seven domestic funds including HDFC AMC, Kotak Mahindra AMC, Motilal Oswal AMC, Bandhan MF, Edelweiss, JM Financial Mutual Fund, and Bank of India MF. Additionally, Kotak Mahindra Life Insurance and Bajaj Life Insurance invested ₹13.95 crore for 17.02 lakh shares via the anchor book.
According to the latest market updates, Lumino Industries shares are trading at a premium of 59.76% in the grey markets, suggesting an estimated listing price of ₹131 on the upper end of the price band. This indicates potential gains of ₹49 per share and a profit of ₹8,918 per lot for investors. However, readers must note that the grey market premium does not guarantee gains and is subject to fluctuation. The strong grey market response reflects positive investor sentiment ahead of the public issue opening.
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. The company is proposing to be listed on both the NSE and BSE with the tentative listing date set for September 3, 2026. The stronger growth in profit compared with total income points to an improvement in the company's earnings performance during the year. At the upper end of the price band, Lumino Industries is seeking a market capitalisation of ₹2,497 crore, reflecting the company's strong position in India's power transmission and distribution industry.
Lumino Industries, incorporated in 2005, is an EPC firm that designs and supplies conductors, power cables, electrical wires, and other specialized products in India's power distribution and transmission industry. The company produces high-temperature, low-sag (HTLS) conductors for distribution and transmission lines and ranks as the fastest growing player in the conductors, power cables, and EPC industry. 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 and operates with two manufacturing facilities and four warehouses across India. The company supplies conductors, power cables and specialized products to large EPC players such as Kalpataru Projects International, Jackson, Warora Kurnool Transmission, K G N Electricals, WRSS XXI (A) Transco, and Monte Carlo.
On the financial front, Lumino Industries reported a profit of ₹160 crore for the fiscal year ended March 2026, an increase of 28.4 percent from ₹124.6 crore in the previous year. Revenue during the same period rose 6.4 percent to ₹2,041 crore from ₹1,918 crore. The company will utilise ₹337 crore of the net proceeds from the fresh issue to repay debt, against total outstanding borrowings of ₹1,856.7 crore as of July 2026. Further, ₹15 crore will be spent on the purchase of equipment and machinery, civil works and interior development at its existing manufacturing facility, with the remaining funds used for general corporate purposes. The company's order book stood at ₹3,149.8 crore as of March 2026, increasing from ₹2,436.2 crore as of March 2025, demonstrating strong business momentum.
The ₹700 crore IPO will open for public bidding on August 27 and close on August 31, with share allotment expected to be completed by September 1. Investors will be credited with their shares alongside refunds by September 2, with the company expected to list on both NSE and BSE on September 3, 2026. Motilal Oswal Investment Advisors, JM Financial, and Monarch Networth Capital are acting as the merchant bankers for the IPO, while Bigshare Services Pvt. Ltd. serves as the registrar. Retail investors can bid for a minimum of one lot comprising 182 shares, with the maximum investment capped at 13 lots (₹1,94,012). Small high-net-worth individuals can bid for a minimum of 14 lots and a maximum of 67 lots, while big-HNI investors require a minimum investment of 68 lots. The IPO comprises 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.
