Lumino Industries shares will list on the Indian stock market today, September 3, 2026, following the successful completion of its ₹700-crore IPO. The IPO achieved exceptional investor response with a subscription of 124.02 times on the final day, with QIBs leading at 221.43 times subscription, NIIs at 176.42 times, and retail investors at 38.50 times. The grey market premium (GMP) currently stands at ₹37, indicating an estimated listing price of ₹119 per share, representing a potential gain of 45.12% over the IPO price of ₹82. Shares are expected to debut on BSE and NSE today at 10 am, with successful applicants receiving share credits and refunds as per the allotment schedule.
Lumino Industries achieved exceptional investor response with an IPO subscription of 124.02 times on the final day of bidding, according to latest NSE data. The offer received bids for 746.59 crore shares against 63.21 crore shares on offer, demonstrating unprecedented market demand for the power transmission EPC firm. The QIB category led with the highest demand at 221.43 times subscription, followed by NIIs at 176.42 times and retail investors at 38.50 times. The employee portion was subscribed 12.37 times, indicating strong institutional and retail confidence across all investor categories. The public issue was open for bidding between August 27 and August 31, with the final day of bidding witnessing the strongest investor response.
Lumino Industries successfully raised ₹207 crore from anchor investors ahead of the IPO, with the board allotting 2.52 crore shares at ₹82 each to 30 anchor investors. This anchor funding provides crucial validation of the company's valuation and business prospects ahead of the public offering. The anchor investor participation typically indicates institutional confidence and helps stabilize the stock price during listing.
The ₹700 crore IPO comprises a fresh issue of ₹500 crore (₹5 per share) and an OFS of ₹200 crore, with shares priced in the ₹78-82 per share band. Of the proceeds from the fresh issue, ₹337 crore will be utilised for payment of debt, while another ₹15.01 crore will be used for capital expenditure, including the purchase of equipment and machinery, civil works and interior development of an existing manufacturing facility. The remaining proceeds will be utilised for general corporate purposes. Minimum retail investment requires ₹14,924 for 182 shares, with investors able to bid for multiples thereof. Motilal Oswal Investment Advisors Ltd. is acting as the book-running lead manager, while Bigshare Services Pvt. Ltd. has been appointed as the registrar. Motilal Oswal Investment Advisors, JM Financial and Monarch Networth Capital are the merchant bankers to the issue.
Lumino Industries reported consolidated net profit of ₹160 crore for the financial year ended March 2026, compared with ₹124.59 crore in the previous year, reflecting growth of around 28.4%. Revenue from operations rose to ₹2,089.31 crore in FY26 from ₹1,946.68 crore in FY25. As of March 2026, the company maintained a robust order book of ₹3,149.88 crore, with 82.20% from government entities. The company operates two manufacturing facilities in Howrah with a combined aluminium consumption capacity of 40,000 MT annually. A new manufacturing facility in Howrah is expected to commence commercial production in H2FY27, further expanding the company's production capabilities.
Lumino Industries shares are commanding a grey market premium (GMP) of ₹37, indicating an estimated listing price of ₹119 and potential listing gain of 45.12%. The current GMP levels reflect strong investor confidence in the company's prospects, though experts note that the GMP has been declining over the past 13 sessions, fluctuating between ₹37.00 and ₹63. Lumino Industries operates as an integrated EPC and manufacturing company with focus on power transmission and distribution sector, supplying conductors, power cables, and electrical wires across power distribution, transmission, industrial and renewable energy segments. Incorporated in 2005, the company also manufactures high-temperature low-sag (HTLS) conductors used in transmission and distribution lines, operating through two key segments: Manufacturing and EPC.
