Lumino Industries secures nearly ₹207cr from anchors before IPO opening
Lumino Industries just bagged nearly ₹207 crore from big-name anchor investors ahead of its IPO, which opens August 27 and runs till August 31.
The company hopes to raise a total of ₹700 crore, with shares priced between ₹78 and ₹82 each.
Some familiar names backing the deal include Citigroup Global Markets Mauritius Private Limited, SBI General Insurance Company Limited, Bajaj Life Insurance Limited, and HDFC Large and Mid Cap Fund.
IPO split: ₹500cr fresh ₹200cr offer
The IPO is split into a fresh issue worth ₹500 crore and an offer for sale of ₹200 crore.
Most of the funds, ₹337 crore, are set aside to pay off debts, while ₹15 crore will be used for capital expenditure toward the purchase of equipment and machinery, civil works and interior development of an existing manufacturing facility. The rest covers general business needs.
If you're thinking about investing, the minimum bid is 182 shares (about ₹14,924). Allotments happen on September 1 and trading kicks off September 3.