Lumino Industries IPO has entered its second day of bidding on Friday, 28 August. The mainboard IPO had opened for bidding on Thursday, 27 August and will close on Monday, 31 August.
Lumino Industries IPO received strong investor demand on the first day of bidding, with issue being subscribed over 1.42 times on Thursday.
The Lumino Industries IPO allotment is likely to be finalised on September 1. The shares are expected to debut on both the NSE and BSE on September 3.
Lumino Industries IPO subscription status
Lumino Industries IPO was subscribed 1.42 times on the first day of bidding, August 27, 2026. The issue attracted bids for 9,00,23,752 shares against the 6,01,21,950 shares on offer.
The Non-Institutional Investors (NIIs) segment led the subscription at 2.09 times, followed by Retail Investors at 1.96 times, while the Qualified Institutional Buyers (QIBs) portion was subscribed 0.04 times.
Lumino Industries IPO GMP today
The shares of Lumino Industries IPO are commading a premium of ₹56 in the grey market, as per market observers. The GMP of Lumino Industries IPO currently stands at ₹56.
The estimated listing price of Lumino Industries IPO is likely to be ₹138, which is 68.29% higher than the IPO price of ₹82.
Lumino Industries IPO review
SBI Securities has recommended subscribing to the Lumino Industries IPO at the cut-off price, citing the company’s integrated business model, robust financial performance, strong order book and attractive valuation.
The brokerage said Lumino Industries operates as an integrated EPC and manufacturing player, with a strong presence across conductors, power cables and EPC projects. Between FY24 and FY26, the company clocked a Revenue, EBITDA and PAT CAGR of 20.4%, 28.3% and 35.9%, respectively. The growth was driven by strong execution capabilities, expansion in manufacturing capacity and a healthy order book worth ₹3,150 crore as of March 2026.
Lumino Industries also posted healthy return ratios in FY26, with ROE and ROCE at 21.9% and 24.3%, respectively. SBI Securities highlighted that the company has the highest EBITDA margin among its peers, with further improvement possible as higher-margin EHV substation projects account for a larger share of its business.
The brokerage also noted that using IPO proceeds to repay debt could lower interest costs in FY27. At the upper price band of ₹82 per share, the issue is valued at 15.6 times FY26 earnings on a post-issue basis, which SBI Securities considers significantly cheaper than comparable companies.
Meanwhile, Swastika Investmart said Lumino Industries is attractively priced at a significant discount to comparable EPC and cable companies on both P/E and growth-adjusted valuation parameters.
However, it identified the company’s reliance on government and PSU customers as a key risk. These clients contribute 53%-86% of revenue, making the business vulnerable to tender-based operations and potentially uneven cash flows.
Overall, the brokerage believes the IPO could attract investors looking for listing gains as well as medium-term growth opportunities. However, it recommended maintaining prudent position sizes due to the company’s relatively high customer concentration risk.
Lumino Industries IPO details
The IPO comprises a fresh issue of equity shares worth up to ₹500 crore and an offer for sale (OFS) of up to ₹200 crore by promoters Devendra Goel and Jay Goel.
Of the proceeds from the fresh issue, ₹337 crore will be utilised for the repayment or prepayment of certain outstanding borrowings.
The company has allocated another ₹15 crore towards capital expenditure, including the acquisition of equipment and machinery, civil works, and interior development at its existing manufacturing facility.
The balance proceeds will be utilised for general corporate purposes.
Motilal Oswal Investment Advisors Ltd. is serving as the book-running lead manager for the issue, while Bigshare Services Pvt. Ltd. is the registrar to the IPO.
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.
