5 days ago
Lumino Industries IPO Draws Demand as Bidding Enters Day Two
Lumino Industries is selling shares to the public in an IPO.
The bidding began on August 27 and continues until August 31.
On the first day, investors requested more shares than were available.
Retail and non-institutional investors showed the strongest demand, while large institutional investors showed limited demand.
The grey market suggested the shares might list above the issue price, but this is only an unofficial indication.
SBI Securities recommended subscribing because of the company’s business growth and large order book.
Another brokerage said the shares were attractively priced but warned about dependence on government and public-sector customers.
The company plans to use much of the new money to repay debt.
The shares are expected to be listed on the NSE and BSE on September 3.
Lumino Industries IPO was subscribed 1.42 times on August 27, receiving bids for 9,00,23,752 shares against 6,01,21,950 shares offered.
Non-Institutional Investors subscribed 2.09 times, retail investors 1.96 times, while Qualified Institutional Buyers subscribed 0.04 times.
The IPO’s grey-market premium was reported at ₹56, implying an estimated listing price of ₹138 against the ₹82 issue price.
SBI Securities recommended applying at the cut-off price, citing Lumino Industries’ growth, order book, margins and valuation.
The ₹700 crore issue includes a ₹500 crore fresh issue and a ₹200 crore offer for sale, with ₹337 crore earmarked for debt repayment.
- Who
- Lumino Industries, investors, SBI Securities and Swastika Investmart are the principal parties mentioned.
- What
- Lumino Industries’ mainboard IPO was subscribed 1.42 times on its first bidding day.
- Where
- The shares are expected to debut on the NSE and BSE.
- When
- Bidding opened on August 27, 2026, continues through August 31, and allotment is likely on September 1; listing is expected on September 3.
- Why
- The company is raising funds through a fresh issue partly to repay borrowings, fund capital expenditure and support general corporate purposes.
Bullish case
Risk considerations
Investment recommendation
Bullish case
SBI Securities recommended subscribing at the cut-off price, citing Lumino Industries’ integrated EPC and manufacturing model, strong financial growth, order book and valuation.
Risk considerations
Swastika Investmart recommended prudent position sizes because customer concentration creates additional risk.
Valuation and growth
Bullish case
The company was described as attractively priced, with an IPO valuation of 15.6 times FY26 earnings and potentially lower interest costs after debt repayment.
Risk considerations
The company’s future performance could be affected by its reliance on tender-based government and public-sector business.
Customer base
Bullish case
Government and public-sector contracts contribute to Lumino Industries’ substantial order book, reported at ₹3,150 crore as of March 2026.
Risk considerations
Government and PSU customers contribute 53%-86% of revenue, which may lead to uneven cash flows and customer concentration risk.
Key facts
- Issue price
- ₹82 per share
- First-day subscription
- 1.42 times
- Grey-market premium
- ₹56, according to market observers
- Estimated listing price
- ₹138, or 68.29% above the issue price
- Issue size
- Up to ₹700 crore: ₹500 crore fresh issue and ₹200 crore offer for sale
- Debt repayment allocation
- ₹337 crore from the fresh-issue proceeds
- Expected allotment and listing
- Allotment likely September 1; listing expected September 3, 2026
Sources
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