Lumino Industries IPO closes 123.73x subscribed; GMP hints at 61% listing gain

New Delhi: The initial public offering (IPO) of Lumino Industries received a strong response from investors on its closing day on Monday, with the Rs 700 crore public issue subscribed 123.73 times as of 5:30 pm on August 31. Qualified institutional buyers (QIBs) led the demand, with their reserved portion subscribed 232.79 times. The QIB category had 1.68 crore shares reserved for investors. Non-institutional investors (NIIs) also showed strong interest, subscribing to their portion 184.98 times. Within the NII category, the small NII, or S-NII, segment was booked 151.40 times, while the big NII, or B-NII, category was subscribed 201.77 times. The retail individual investor (RII) portion was subscribed 39.78 times against 2.94 crore shares reserved for the category. Based on the subscription level, market trackers indicated an approximate allotment probability of one in 40 for retail applicants, though the actual allotment will depend on the final basis of allotment. The employee portion was subscribed 12.20 times. Overall, about 6.01 crore shares were available for bidding across these investor categories, excluding the anchor portion. Lumino Industries IPO GMP Lumino Industries' latest grey market premium (GMP) stood at around Rs 50 per share at the time of the update. At the upper end of the IPO price band of Rs 82, the GMP indicates an estimated listing price of around Rs 132, representing a premium of about 60.98%. For an investor allotted one lot of 182 shares, this translates into an indicative listing gain of around Rs 9,100, assuming the grey market premium holds until listing. GMP, however, is an unofficial and unregulated indicator and can change sharply before the stock makes its market debut. It does not guarantee the actual listing price. Lumino Industries IPO key details The Rs 700 crore book-built issue comprises a fresh issue of equity shares worth up to Rs 500 crore and an offer for sale of up to Rs 200 crore by existing promoter shareholders. The company fixed a price band of Rs 78 to Rs 82 per equity share, with a face value of Rs 5 each. The minimum bid size was 182 shares, requiring a retail investment of Rs 14,924 at the upper price band. The shares are proposed to be listed on both the BSE and NSE. Motilal Oswal Investment Advisors, JM Financial and Monarch Networth Capital are the book-running lead managers, while Bigshare Services is the registrar to the issue. Lumino Industries IPO timeline The IPO opened for public bidding on August 27 and closed on August 31. The basis of allotment is expected to be finalised on September 1. Refunds for unsuccessful applicants and the credit of shares to successful bidders' demat accounts are scheduled for September 2. Lumino Industries shares are tentatively scheduled to begin trading on the NSE and BSE on September 3. What will Lumino Industries do with IPO proceeds? A large part of the fresh issue proceeds will be used to reduce the company's debt. Lumino Industries plans to use Rs 337 crore towards prepayment or repayment, either fully or partly, of certain outstanding borrowings. Another Rs 15.01 crore has been earmarked for capital expenditure, including the purchase of equipment and machinery, civil works and interior development at an existing manufacturing facility. The remaining proceeds will be used for general corporate purposes. The Rs 200 crore OFS component will go to the selling shareholders and will not accrue to the company. About Lumino Industries Kolkata-based Lumino Industries is an integrated engineering, procurement and construction (EPC) and manufacturing company focused on India's power transmission and distribution sector. Its manufacturing portfolio includes aluminium conductors, power cables, electrical wires and specialised products such as high-temperature low-sag conductors. Its EPC operations cover areas including power transmission and distribution, EHV substations, reconductoring, railway electrification, solar power projects and water management projects. For FY26, the company reported total income of Rs 2,089.31 crore compared with Rs 1,946.68 crore in FY25. Profit after tax increased to about Rs 160 crore from Rs 124.59 crore a year earlier. Its closing order book stood at around Rs 3,149.88 crore as of March 31, 2026.