Lumino Industries' ₹700 crore initial public offering (IPO) opened for subscription on August 27, 2026, and received a strong response from investors on the first day. The issue, which closes on August 31, has a price band of ₹78 to ₹82 per share. By the end of Day 1, the IPO was subscribed 1.42 times.
Investor interest has also been reflected in the grey market premium (GMP). The latest GMP stood at ₹56 per share against the upper price band of ₹82. Based on this premium, the estimated listing price is around ₹138 per share, implying a potential listing gain of approximately 68.29%. However, GMP figures are unofficial and speculative and should not be treated as a guaranteed listing price.
The Lumino Industries IPO comprises a fresh issue of 6.10 crore equity shares worth ₹500 crore and an offer for sale (OFS) of 2.44 crore shares valued at ₹200 crore. The company had already raised ₹206.99 crore from anchor investors ahead of the public issue by allocating shares at ₹82 apiece.
At the upper end of the price band, retail investors need to bid for a minimum of 182 shares, requiring an investment of ₹14,924. Motilal Oswal Investment Advisors is the book-running lead manager, while Bigshare Services is the registrar to the issue.
Lumino Industries operates as an integrated engineering, procurement and construction (EPC) company, with a focus on manufacturing conductors, power cables, electrical wires and high-temperature low-sag (HTLS) conductors used in power transmission and distribution. The company serves customers in India as well as international markets across 17 countries.
The company's financial performance also showed improvement in FY26. Total income increased 7% year-on-year to ₹2,089.31 crore, while profit after tax rose 28% to ₹160 crore from ₹124.59 crore in FY25. EBITDA increased to ₹238.95 crore from ₹222.94 crore during the same period.
A significant portion of the IPO proceeds is expected to be used to repay or prepay outstanding borrowings. The company has earmarked ₹337 crore for debt repayment, while ₹15.01 crore is planned for equipment, machinery, civil works and interior development at an existing manufacturing facility. The remaining proceeds will be used for general corporate purposes.
The share allotment is expected to be finalised on September 1, while Lumino Industries shares are scheduled to list on both the NSE and BSE on September 3, 2026.
The strong Day 1 subscription and elevated GMP have generated significant investor attention. However, the grey market premium can change before listing, and the actual listing price may differ substantially from the current estimate.
