Lumino Industries IPO opens with 61% GMP: Apply or avoid?
What's the story
The ₹700 crore initial public offering (IPO) from Lumino Industries, a leading player in India's power transmission and distribution sector, has opened for subscription today. The company's shares are priced at ₹78-82 each. A strong response is expected as the gray market indicates a premium of around 61% over the issue price, suggesting strong listing gains for investors.
Offering details
Issue comprises fresh issue and OFS shares
The ₹700 crore IPO consists of a fresh issue of 6.10 crore shares worth ₹500 crore and an offer for sale (OFS) of 2.44 crore shares by promoters Devendra Goel and Jay Goel worth ₹200 crore.
The subscription period for this public offering is from today until August 31, with shares expected to be listed on the NSE and BSE on September 3.
Investment details
Retail investors will need ₹14,924 to bid for 1 lot
At the upper price band of ₹82, retail investors will have to invest ₹14,924 for one lot of 182 shares.
At this price, Lumino Industries is valued at a P/E multiple of 11.87x at the lower end and 12.48x at the upper end, based on diluted FY26 earnings.
The valuation looks modest compared to the industry peer-group average P/E of 48.55x for FY26, according to its offer document.
Investor participation
Lumino Industries raised ₹206.99 crore from anchor investors
Ahead of its IPO, Lumino Industries raised ₹206.99 crore from anchor investors on August 25.
The company allotted 2,52,43,901 equity shares at ₹82 each to 30 anchor investors.
A major portion of the fresh issue proceeds will be used for debt repayment/prepayment, with about ₹337 crore planned for this purpose.
About ₹15.01 crore will be spent on capital expenditure while the rest will go toward general corporate purposes.
Company profile
Integrated EPC company focused on power transmission and distribution sector
Founded in 2005, Lumino Industries is an integrated engineering, procurement, and construction (EPC) and manufacturing company focused on India's power transmission and distribution sector.
The company's FY26 total income rose 7% to ₹2,089.31 crore from ₹1,946.68 crore in FY25 while Profit After Tax surged 28% to ₹160 crore from ₹124.59 crore in FY25.
This strong growth highlights the company's improved earnings performance during the year.