Lumino Industries shares debuted on 3 September 2026 at ₹110 on the NSE, a 34.15% premium over the ₹82 issue price. The Kolkata-based power cables and EPC company had raised ₹700 crore through its IPO, which closed on 31 August.
The listing-day numbers
The stock opened above its issue price on both exchanges and moved higher through the morning session.
| Details | NSE | BSE |
|---|---|---|
| Issue price | ₹82 | ₹82 |
| Listing price | ₹110 | ₹109 |
| Listing premium | 34.15% | 32.93% |
| Intraday level reported by PTI | ₹118.20 (+44.15%) | ₹118.99 (+45.11%) |
At around 10:51 AM IST, HDFC Sky reported the stock at ₹116.66, roughly 42% above the issue price. PTI put the company’s market value at close to ₹3,500 crore on both exchanges at the higher intraday levels.
An investor who was allotted one lot of 182 shares paid ₹14,924. At the ₹110 opening price, that lot was worth ₹20,020 a paper gain of about ₹5,096 before brokerage, STT, GST and other statutory charges.
The debut came on a day when the broader Indian market was trading higher.
What the grey market had been indicating
Ahead of listing, informal grey market quotes tracked by IPO websites moved around a fair bit. InvestorGain’s quote was reported at ₹48 on 1 September, ₹32 on 2 September and ₹38 closer to listing implying an indicative price anywhere between roughly ₹114 and ₹130.
The actual open of ₹110 came in at or below most of those informal estimates.
Grey market premium is an unofficial, unregulated indicator traded outside recognised exchanges. It is not acknowledged by SEBI, the NSE or the BSE, and it is not a forecast of listing price.
Why the subscription number appears differently across websites
The IPO was heavily oversubscribed, but you will see two headline figures.
- PTI and PL Capital, citing NSE data at the close of bidding, report 118.12 times.
- Chittorgarh, HDFC Sky and IPO Premium, citing final exchange bid data, report 124.02 times.
Both work out from the same bid volume about 745.64 crore shares bid for. The gap comes from the “shares offered” base each data provider uses. Treat either as an approximation of very strong demand rather than a precise figure.
Category-wise, exchange data showed qualified institutional buyers (large institutions such as mutual funds and insurers) at 232.79 times, non-institutional investors at 185.21 times, and retail investors at 40.27 times. The employee portion was subscribed 12.37 times.
Investors who received an allotment had shares credited to their demat account the electronic account that holds your shares on 2 September, a day before listing.
What the company actually does
Lumino Industries runs two connected businesses in the power transmission and distribution space.
The manufacturing arm makes aluminium conductors, HTLS conductors, power cables and household electrical wires sold under the Lumicon brand. This contributed close to 70% of FY 2025-26 revenue. Production runs out of two facilities in Howrah, West Bengal.
The EPC arm engineering, procurement and construction, meaning the company designs and builds infrastructure for clients handles transmission lines, substations, railway electrification, solar and water projects. That is the remaining 30%.
The two segments feed each other: about 23% of the specialised products used in its own EPC projects in FY 2025-26 were made in-house.
Revenue from operations rose from ₹1,917.97 crore in FY 2024-25 to ₹2,041.07 crore in FY 2025-26. Profit after tax grew from ₹124.59 crore to ₹160 crore over the same period. The order book stood at ₹3,149.88 crore as of 31 March 2026, per the company’s offer documents.
Government and state-owned electricity entities accounted for 53.12% of FY 2025-26 revenue, down from 79.89% in FY 2024-25 the offer document lists this concentration as a business risk.
Where the ₹700 crore goes
The issue combined a fresh issue of 6.10 crore shares worth ₹500 crore with an offer for sale of 2.44 crore shares worth ₹200 crore by promoters Devendra Goel and Jay Goel.
Only the fresh issue money reaches the company. Of that, ₹337 crore is earmarked for repaying or prepaying borrowings and about ₹15 crore for equipment, machinery and civil work at an existing plant. The balance goes to general corporate purposes.
OFS proceeds go to the selling promoters, not to the company.
The company had earlier raised ₹207 crore from anchor investors on 25 August 2026.
Dates worth marking
Anchor investors are large institutions that buy ahead of the public issue and cannot sell immediately. Based on the issue terms, 50% of the anchor allocation comes out of lock-in on 1 October 2026, and the balance on 30 November 2026.
Newly listed stocks often see supply pressure around such dates. Anyone tracking the counter can follow it live on any online trading platform or exchange website.
What to watch from here
Three things will shape the stock’s early record: the first set of quarterly results Lumino reports as a listed company, progress on its third Howrah facility (commercial production is expected in the second half of FY 2026-27), and how its order inflow holds up given the heavy weighting towards government tenders.
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