Lumino Industries Limited IPO
ListedMainboardInfrastructure Developers & Operators
50.48×
Subscribed
Price band
₹82 – ₹82
Lot size
182
1 lot = ₹14,924
Issue size
₹700 Cr
Open – close
27 Aug 2026
to 31 Aug 2026
Listing
03 Sept 2026
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
Strong4 of 7 dimensions read
The disclosed numbers are strong — 3 of 4 signals read positive
Strength80/100
- Steady revenue growthRevenue compounding at 20.4%
- High return on equityROE of 21.9%
- Conservative balance sheetDebt/equity of 0.53×
- Institutions bid heavilyQIB portion subscribed 33.18×
Every line above is arithmetic on a figure shown elsewhere on this page - no model, no opinion. It describes the quality of the offering as disclosed, and is pulled toward neutral to reflect how much the document leaves unsaid. It is not a prediction of the listing price, and it is not advice to apply.
Dates
The issuer's tentative timetable — a date passing is not confirmation the step completed
- Opens27 Aug 2026
- Closes31 Aug 2026
- Allotment01 Sept 2026
- Listing03 Sept 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Qualified institutionalQIB33.18x
Non-institutionalNII / HNI130.83x
Retail individualRII27.70x
Chance of allotment
Retail27.70× subscribed
~1 in 27.7
Minimum 1 lot · 182 shares · ₹14,924 blocked
Retail is 27.7× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 27.7 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII130.83× subscribed
~1 in 130.8
Minimum 14 lots · 2,548 shares · ₹2,08,936 blocked
HNI is 130.83× subscribed. This category is allotted proportionately, so a bid receives roughly 1/130.8 of the shares applied for, subject to the minimum-lot draw.
Derived from SEBI's allotment mechanics and the subscription figures beside it. Retail allotment is a lottery on a single lot, so applying for more lots does not improve your chance of getting something.
The offering
Terms, structure and who is selling
Terms
Price band₹82 – ₹82
Face value₹5
Lot size182shares
Minimum application₹14,924at cut-off
Total issue size₹700 Cr
Fresh issue₹500 Cr
Offer for sale₹200 Cr
Listing atMainboard
Company & valuation
Return on equity21.93%
Debt / equity0.53×
ISININE185Q01025
RegistrarBIGSHARE
28.6% of this issue is an offer for sale. The rest is fresh capital that goes into the company itself.
What the money is for
Stated use of the net proceeds
- 01Prepayment or re-payment, in full or in part, of certain outstanding borrowings availed by our Company₹337 Cr
- 02Capital expenditure by our Company for purchase of equipment and machinery, civil works and interior development of an existing manufacturing facility₹15.01 Cr
- 03General corporate purposesnot stated
Objects with no stated amount — typically general corporate purposes — are funded from whatever remains, so the quantified figures do not sum to the whole issue.
Financials
Restated figures as reported in the offer document, ₹ crore
| Period | Revenue | EBITDA | PAT | Net worth | Debt |
|---|---|---|---|---|---|
| 2024 | 1,407.315 | 115.955 | 86.607 | 445.968 | — |
| 2025 | 1,917.968 | 169.31 | 124.586 | 570.446 | — |
| 2026 | 2,041.073 | 204.77 | 159.999 | 729.711 | — |
Revenue CAGR 20.4%PAT CAGR 35.9%
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
mediumOur business and revenues are substantially dependent on orders received from state-owned electricity boards (SEBs) and public sector power utilities. 53.12%, 79.89% and 85.58% of our revenue from operations in the Fiscal 2026, 2025 and 2024, respectively, is from government entities and in the even
mediumA significant portion of our business and revenue from operations is dependent on orders from government entities, including EPC works related to power transmission and distribution. For the Fiscal 2026, we derived 53.12% of our revenue from operations from the tenders/orders issued by government en
Litigation across 427 matters
427 Litigation involving our Company Outstanding litigation agains
Positives the filing discloses (2)
Strong revenue growth
Restated revenue CAGR of 20.4%.
Healthy return on equity
ROE of 21.9%.
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
+11.1%
Listed up
6 of 8
Best
+90.0%
Shanti Inorganics
Worst
-0.7%
Mopshop Distribution
Gaja Alternative Asset Management Limitedsame segment
31.2× sub+15.6%
Juniper Green Energy Limitedsame segment
7.9× sub+8.9%
131.8× sub+90.0%
1.6× sub+0.0%
-0.7%
138.6× sub+22.1%
1.5× sub+6.9%
46.2× sub+13.4%
Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.
About Lumino Industries Limited
Lumino Industries Limited is an engineering, procurement and construction (EPC) company involved in manufacturing and supplying conductors, power cables, electrical wires and other specialised products and components for power transmission and distribution and industrial applications. Its manufacturing segment covers aluminium conductors, power cables, and electrical wires, including HTLS conductors, ACSS conductors, ACFR conductors, LV aerial bunch cables, railway signalling cables, thermoset insulated wires, earth wires, and house wires. Its EPC segment undertakes power transmission and distribution, EHV substation, HTLS re-conductoring, railway electrification, solar power, and water management projects. The company operates two manufacturing facilities in Howrah. The company also operates four warehouses covering 156,600 sq. ft.
Founded 2005MD Mr Devendra GoelSector Infrastructure Developers & Operators
Offer documents
The primary sources everything above is drawn from
Common questions
How many times is the Lumino Industries Limited IPO subscribed?
Lumino Industries Limited is subscribed 50.48× overall (QIB 33.18×, NII 130.83×, retail 27.70×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar, BIGSHARE.
What is the minimum investment in the Lumino Industries Limited IPO?
One lot is 182 shares, so a retail application at the ₹82 cut-off price blocks ₹14,924. Retail applications are capped at ₹2,00,000; above that you bid in the HNI category, where allotment is proportionate rather than by lottery.
What are the chances of allotment in the Lumino Industries Limited IPO?
The retail portion is subscribed 27.70×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 28. Applying for more lots does not improve the chance of getting something — every retail applicant competes for the same single minimum lot.
When is the Lumino Industries Limited IPO allotment date?
Allotment is scheduled for 2026-09-01, with listing on 2026-09-03. These dates are the issuer's tentative timetable — a date passing is not confirmation that the step completed. Allotment status is published by the registrar, BIGSHARE.
Disclaimer. Figures are compiled from the issuer's offer document and exchange-published bidding data. Subscription changes until the issue closes, and the final basis of allotment is published by the registrar. Grey-market premium is unofficial and is not a forecast. Nothing here is investment advice or a recommendation — read the offer document and consult a SEBI-registered adviser before applying.