Archive · 27 Aug 2026
Lumino Industries IPO Draws Subscribe Calls Despite Customer Risks
Lumino Industries is selling shares to the public for the first time.
Investors can apply at a price between ₹78 and ₹82 per share.
The company makes power-related products and also builds power infrastructure projects.
It had orders worth about ₹3,150 crore as of March 2026.
Lumino plans to use much of the new money to repay loans.
Several brokerages think the company is growing and that the IPO price is reasonable.
Shares have traded above the IPO price in the unofficial grey market, but this does not guarantee a strong listing.
A major risk is that many customers are government departments or public-sector companies, which can make payments and orders uneven.
Lumino Industries’ ₹700 crore IPO is priced at ₹78–₹82 per share, with bidding scheduled from 27 August to 31 August.
The issue includes a ₹500 crore fresh share sale and an offer for sale of up to ₹200 crore by promoters.
The company reported a ₹3,150 crore order book as of March 2026 and operates in conductors, power cables and EPC projects.
Grey-market premiums were reported between ₹46 and ₹60, implying estimated listing gains of about 61%–67%, though GMP is unofficial.
Brokerages broadly recommended subscribing, citing growth, valuation and debt reduction, while warning about dependence on government and PSU customers.
- Who
- Lumino Industries, its promoters and investors subscribing to the company’s IPO.
- What
- A ₹700 crore IPO comprising a ₹500 crore fresh issue and an offer for sale of up to ₹200 crore.
- When
- The issue is scheduled to open on 27 August and close on 31 August; allotment is expected on 1 September and listing on 3 September.
- Where
- The shares are scheduled to list on the Bombay Stock Exchange and National Stock Exchange; Lumino operates in India.
- Why
- The company plans to use fresh proceeds mainly to repay or prepay borrowings, fund capital expenditure and support general corporate purposes.
Subscribe case
Caution case
Growth prospects
Subscribe case
Brokerages highlighted Lumino’s integrated manufacturing and EPC model, ₹3,150 crore order book, capacity expansion, EHV substation projects, improving profitability and exposure to power-infrastructure investment.
Caution case
The business is project- and tender-driven, so future performance depends on executing orders, expanding newer segments and maintaining favorable project flows.
Valuation and listing gains
Subscribe case
SBI Securities, Swastika Investmart, BP Equities, DR Choksey Finserv, Anand Rathi Research, Sushil Finance, Ventura and Adroit Financial Services cited valuation comfort and recommended subscribing, with some noting potential listing gains.
Caution case
Reported GMP levels varied from ₹46–₹52 to ₹55 or ₹60, and grey-market premiums are unofficial and can change quickly; they do not guarantee the listing price or investment returns.
Customer concentration
Subscribe case
Lumino’s diversified order book and presence in power transmission and distribution were described as providing business visibility.
Caution case
Government and PSU customers account for 53%–86% of revenue according to Swastika Investmart, exposing Lumino to tender-driven and potentially uneven cash flows.
- Price band
- ₹78–₹82 per equity share
- Issue size
- ₹700 crore: ₹500 crore fresh issue and up to ₹200 crore offer for sale
- Lot size
- 182 shares; one retail lot costs ₹14,924 at the upper price band
- Order book
- Approximately ₹3,150 crore as of March 2026
- Debt repayment
- ₹337 crore of fresh-issue proceeds earmarked for repayment or prepayment of borrowings
- Capital expenditure
- ₹15 crore earmarked for equipment, machinery, civil works and interior development
- Anchor book
- ₹207 crore raised from 30 anchor investors through allotment at ₹82 per share
- Reported GMP
- Reports cited premiums of ₹46–₹60; estimates suggested listing gains of roughly 61%–67%
