Lumino Industries IPO subscribed 104.62 times as promoters sold stake
Business
Lumino Industries's IPO just wrapped up with incredible demand: investors subscribed 104.62 times the shares available.
The ₹700 crore issue included both fresh shares and a stake sale by promoters Devendra Goel and Jay Goel.
IPO proceeds for debt and upgrades
Big institutional investors led the charge, oversubscribing their share by 211.25 times, while non-institutional buyers weren't far behind at 155.41 times.
Even retail investors showed strong interest, subscribing 25.88 times.
The company raised ₹207 crore from anchor investors before launch, and plans to use most of the funds to pay off debt and upgrade its facilities.