Lumino Industries IPO oversubscribed 124 times ahead of Indian market debut
Lumino Industries is set to finalize allotment for its heavily oversubscribed 700-crore rupee initial public offering, signaling robust institutional appetite for Indian power infrastructure assets ahead of its September 3 listing.
Lumino Industries is finalizing the allotment for its 700-crore rupee initial public offering today, following a subscription rate of 124.02 times. The power transmission and distribution company attracted bids for 745.63 crore shares against the 6.01 crore shares available during the August 27 to August 31 bidding window.
Institutional demand drove the surge, with the qualified institutional buyer segment subscribed 232.79 times by the final day. Non-institutional investors and retail applicants also showed strong interest, subscribing their respective quotas 185.21 times and 40.27 times.
This robust reception reflects growing investor confidence in India’s expanding power infrastructure and renewable energy segments. Lumino Industries reported a 28.4 percent increase in net profit to 160 crore rupees for the financial year ended March 2026, alongside revenue growth to 2,089.31 crore rupees from 1,946.68 crore rupees the previous year.
The company intends to deploy 337 crore rupees from the fresh issue to repay or prepay existing borrowings, signaling a strategic move to deleverage its balance sheet. An additional 15.01 crore rupees will fund capital expenditure for equipment and civil works at its existing manufacturing facility in Howrah, West Bengal.
The 700-crore rupee public issue comprises a 500-crore rupee fresh issuance of 6.10 crore shares and a 200-crore rupee offer for sale. Promoters Devendra Goel and Jay Goel are the selling shareholders in the offer for sale component.
Shares were priced at the upper end of the 78 to 82 rupee band, with anchor investors committing approximately 207 crore rupees for over 2.52 crore shares. Ahead of its scheduled September 3 debut on the BSE and NSE, the stock is trading in the unofficial grey market with a premium of around 48 rupees per share.
While this premium suggests a potential listing gain of nearly 59 percent, grey market valuations remain highly sensitive to broader market sentiment. Successful bidders will receive share credits and refunds by September 2, setting the stage for the company’s formal market entry.
