Lumino Industries Limited IPO
ListedMainboardInfrastructure Developers & Operators
124.02×
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
Listing gain
+34.15%
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
Strong5 of 7 dimensions read
The disclosed numbers are strong — 4 of 5 signals read positive
Strength85/100
- Undemanding valuation12.5× earnings at the upper band, with no peer set published to compare against
- 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 232.79×
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. 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 institutionalQIB232.79x
Non-institutionalNII / HNI185.21x
Big NIIabove ₹10L201.90x
Small NII₹2L – ₹10L151.83x
Retail individualRII40.27x
Employee12.37x
58,48,594 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 31 Aug 2026.
Chance of allotment
Retail40.27× subscribed
~1 in 40.3
Minimum 1 lot · 182 shares · ₹14,924 blocked
Retail is 40.27× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 40.3 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII185.21× subscribed
~1 in 185.2
Minimum 14 lots · 2,548 shares · ₹2,08,936 blocked
HNI is 185.21× subscribed. This category is allotted proportionately, so a bid receives roughly 1/185.2 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.
Grey market premium
Unofficial dealer quotes — not published by NSE, BSE, SEBI or the company
₹63+76.8%
over the upper band · last seen 08 Sept 2026
What this number is not. Grey-market premium is an unregulated, thinly-traded quote from private dealers. It is not a forecast of the listing price, it is not verifiable, and it can be moved by the same people who benefit from it looking high. We publish it because you will look it up anyway — and we deliberately do not convert it into an expected listing gain, because that arithmetic implies a reliability the number has never earned. For what actually happened to comparable issues, see recent outcomes below.
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
Anchor investorsAllotted
Company & valuation
P/E at upper band12.48×
EPS₹5.58pre-issue
NAV per share₹29.95
Return on equity21.93%
Debt / equity0.53×
ROCE25.75%
RoNW24.62%
PAT Margin7.66%
EBITDA Margin11.71%
NAV29.95
Price to Book Value2.74
ISININE185Q01025
RegistrarBIGSHARE
28.6% of this issue is an offer for sale. The rest is fresh capital that goes into the company itself.
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| QIB | 4,20,73,169 | 49.29% |
| Anchor Investor | 2,52,43,901 | 29.57% |
| QIB (Ex. Anchor) | 1,68,29,268 | 19.71% |
| NII (HNI) | 1,26,21,951 | 14.79% |
| bNII > ₹10L | 84,14,634 | 9.86% |
| sNII < ₹10L | 42,07,317 | 4.93% |
| Retail | 2,94,51,219 | 34.50% |
| Employee | 12,19,512 | 1.43% |
Total issue 8,53,65,851 shares. Indented rows sit inside the category above them and are not added to it.
What each category may bid
Retail (Min)₹14,9241 lot · 182 sh
Retail (Max)₹1,94,01213 lots · 2,366 sh
S-HNI (Min)₹2,08,93614 lots · 2,548 sh
S-HNI (Max)₹9,99,90867 lots · 12,194 sh
B-HNI (Min)₹10,14,83268 lots · 12,376 sh
Lot size alone does not answer "how much do I need" — an S-HNI minimum is several lots, not one.
Anchor book
Shares allotted2,52,43,901
Anchor portion₹207 Cr
Bid date25 Aug 2026
Lock-in ends (50%)01 Oct 2026
Lock-in ends (rest)30 Nov 2026
Anchors are institutional money placed a day before bidding opens, against a lock-in. Those two dates are when that stock can first be sold — a supply event worth knowing if you still hold.
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 purposes₹110.58 Cr
Financials
Restated figures as reported in the offer document, ₹ crore
| Period | Revenue | EBITDA | PAT | Net worth | Debt |
|---|---|---|---|---|---|
| 2024 | 1,407.315 | — | 86.607 | 445.968 | — |
| 2025 | 1,917.968 | — | 124.586 | 570.446 | — |
| 2026 | 2,041.073 | — | 159.999 | 729.711 | — |
Revenue CAGR 20.4%PAT CAGR 35.9%
How the issuer compares
The listed companies the offer document itself names as comparable.
| Company | EPS | P/E | NAV | RoNW |
|---|---|---|---|---|
| Apar Industries Limited | — | — | — | — |
| Bajaj Electricals Limited | — | — | — | — |
| JSK Industries Private Limited | — | — | — | — |
| Kalpataru Projects Limited | — | — | — | — |
| KEC International Limited | — | — | — | — |
| KEI Industries Limited | — | — | — | — |
| Sterlite Technologies Limited | — | — | — | — |
| Techno Electric & Engineering Company Limited | — | — | — | — |
| Universal Engineers Limited | — | — | — | — |
| Our Companythis issue | — | — | — | — |
Blank cells are figures the offer document does not publish. An unlisted issuer has no market price, so it has no price-based multiple until it lists — which is exactly why the comparison is against companies that already trade. The peer set is the issuer's own selection, so read it as the flattering-est comparison available rather than a neutral one.
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.
mediumThe EPC segment's revenue from operations from non-government entities was 1.07% in Fiscal 2026, 0.31% in Fiscal 2025 and 0.00% in Fiscal 2024.
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
+6.1%
Listed up
6 of 8
Best
+65.4%
Orient Cables (India) Limited
Worst
-2.3%
Vishal Nirmiti Limited
Fusion CX Limitedsame segment
4.5× sub+5.5%
HD Fire Protect Limitedsame segment
131.7× sub+23.6%
Nityas Gems and Jewellery Limitedsame segment
2.3× sub+6.7%
Vishal Nirmiti Limitedsame segment
1.7× sub-2.3%
Shah Investor's Home Limitedsame segment
38.1× sub+2.4%
Srit India Limitedsame segment
125.2× sub+13.8%
Runwal Enterprises Limitedsame segment
2.5× sub+0.0%
Orient Cables (India) Limitedsame segment
92.3× sub+65.4%
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
What is the Lumino Industries Limited IPO GMP today?
The most recent grey-market premium recorded for Lumino Industries Limited is ₹63 per share — about 76.8% over the ₹82 upper band. Grey-market premium is an unofficial, unregulated quote from private dealers. It is not published by NSE, BSE, SEBI or the company, and it is not a forecast of the listing price.
How many times is the Lumino Industries Limited IPO subscribed?
Lumino Industries Limited is subscribed 124.02× overall (QIB 232.79×, NII 185.21×, retail 40.27×). 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 40.27×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 40. 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.