Lumino Industries has raised ₹206.99 crore from anchor investors ahead of its ₹700 crore IPO opening on 27 August. The pre-IPO allocation offers an early institutional participation signal, while the fresh issue is largely intended to reduce debt.
Lumino Industries has allotted 2,52,43,901 equity shares to anchor investors at ₹82 apiece, the upper end of its IPO price band, raising ₹206.99 crore before its public issue opens for subscription.
The Kolkata-based power transmission and distribution company will open its initial public offering on 27 August 2026 and close it on 31 August. Its shares are proposed to list on NSE and BSE, with NSE acting as the designated stock exchange.
The anchor allocation is the latest development in Lumino Industries’ public-market debut. The company is not yet listed, so there is no share-price movement or trading reaction to report.
Anchor book draws institutional participation
The anchor placement was completed on 25 August, two days before the public subscription window begins. Reported investors in the anchor book include Citigroup Global Markets Mauritius, SBI General Insurance, Bajaj Life Insurance, Silver Stride India Global Fund and 3PIM India Equity (IFSC) Fund.
Domestic mutual funds also participated. Of the shares allotted in the anchor portion, 1,80,71,114 shares were allocated to seven domestic mutual funds through 22 schemes.
Anchor participation reflects institutional participation before the wider IPO process, but it does not indicate the eventual subscription level, allotment outcome, listing price or future market performance.
Lumino Industries IPO: issue size, dates and lot size
Lumino Industries plans to raise up to ₹700 crore through a book-built issue. The offer includes a fresh issue of up to ₹500 crore and an offer for sale, or OFS, of up to ₹200 crore.
The price band has been fixed at ₹78 to ₹82 per equity share, with a face value of ₹5 each. Retail investors can apply for a minimum of one lot comprising 182 shares. At the upper price band, the minimum application amount works out to ₹14,924.
| IPO detail | Information |
|---|---|
| IPO opening date | 27 August 2026 |
| IPO closing date | 31 August 2026 |
| Price band | ₹78–₹82 per share |
| Total issue size | Up to ₹700 crore |
| Fresh issue | Up to ₹500 crore |
| Offer for sale | Up to ₹200 crore |
| Minimum lot size | 182 shares |
| Minimum retail investment at ₹82 | ₹14,924 |
| Proposed listing date | 3 September 2026, subject to the issue schedule |
Under the offer structure, not more than 50% of the net issue is reserved for qualified institutional buyers, at least 15% for non-institutional investors and at least 35% for retail individual investors, subject to the prospectus terms.
Debt reduction is the main use of fresh funds
The intended deployment of the fresh issue proceeds is a key part of the IPO. Lumino Industries has earmarked ₹337 crore for prepayment or repayment of borrowings and ₹15.013 crore for capital expenditure at an existing manufacturing facility. The remaining funds are proposed to be used for general corporate purposes.
This use of funds is significant because the company reported total borrowings of ₹384.16 crore as of 31 March 2026. Its borrowings were lower than ₹418.83 crore a year earlier, while the debt-to-equity ratio stood at 0.53 in FY26.
The OFS component will not add funds to Lumino Industries. Under this portion, promoter Devendra Goel may sell shares worth up to ₹150 crore, while Jay Goel may sell shares worth up to ₹50 crore.
A power T&D manufacturer with EPC operations
Lumino Industries operates in India’s power transmission and distribution ecosystem. Its manufacturing portfolio includes aluminium conductors, power cables and electrical wires, while its EPC activities cover power transmission and distribution work, extra-high-voltage substations, railway electrification, solar projects and water-management projects.
The company operates two manufacturing units in West Bengal with an aggregate installed capacity of 40,000 metric tonnes as of 31 March 2026. Manufacturing contributed 69.74% of FY26 revenue, while EPC accounted for the remaining 30.26%.
Lumino reported FY26 revenue from operations of ₹2,041.07 crore, compared with ₹1,917.97 crore in FY25. Profit after tax rose to ₹160 crore from ₹124.59 crore in the previous financial year. Its operating EBITDA margin was 11.71%, while the PAT margin was 7.66% in FY26.
The company’s closing order book stood at ₹3,149.88 crore at the end of FY26. This included about ₹1,157.90 crore of manufacturing and product orders and ₹1,991.98 crore of EPC and service orders.
Factors to track before the public issue opens
Lumino’s prospectus also highlights business factors that investors may consider while assessing the IPO. Government entities contributed 53.12% of FY26 revenue from operations, pointing to a meaningful dependence on public-sector utilities and related contracts.
Its top 10 customers accounted for 46.52% of FY26 revenue. The business also remains exposed to raw-material price fluctuations, tender-based project execution, customer concentration and working-capital requirements typical of cable, conductor and EPC operations.
Retail applicants will need an active demat account to apply through the IPO process. Investors who wish to open demat account online should ensure the account is active and linked to the applicable application and payment mechanisms before bidding begins.
After the proposed listing, Lumino Industries shares may be available for online trading on NSE and BSE. For now, the next event to track is the public subscription window beginning on 27 August, followed by allotment and listing-related updates under the final issue timetable.
Leave a Reply