The issue received bids for 3.77 crore equity shares against 6.32 crore shares on offer, according to exchange data.
Retail investors led the demand, with their portion subscribed 89%, while the portion reserved for non-institutional investors (NIIs) was subscribed 73%.
In the grey market, shares of Lumino Industries were commanding a premium of ₹55 over the upper end of the IPO price band. At the upper price band of ₹82, this indicates a potential listing gain of around 67%.
However, grey market premiums are unofficial indicators of investor sentiment in the unlisted market and can change rapidly. They should not be considered a reliable indication of the stock’s actual listing price.
Lumino Industries has fixed a price band of ₹78-82 per share. At the upper end of the price band, retail investors will need ₹14,924 to bid for one lot of 182 shares.
What brokerages recommend
SBI Securities: Subscribe
SBI Securities said Lumino Industries is an integrated EPC and manufacturing company with a strong presence across conductors, power cables and EPC projects.
The company recorded a revenue, EBITDA and PAT CAGR of 20.4%, 28.3% and 35.9%, respectively, between FY24 and FY26, supported by execution capabilities, expanding manufacturing capacity and a healthy order book of ₹3,150 crore as of March 2026.
The brokerage said that Lumino delivered healthy return ratios in FY26, with ROE at 21.9% and ROCE at 24.3%. Its EBITDA margin is the highest among its peers and could improve further as the contribution from higher-margin extra-high-voltage (EHV) substation projects increases.
SBI Securities also expects debt repayment through the IPO proceeds to lower interest costs in FY27.
At the upper price band of ₹82, the IPO is valued at 15.6 times FY26 earnings on a post-issue basis, which the brokerage said is at a significant discount to peers.
Given the company’s diversified order book, integrated business model, strong return profile and favourable industry outlook, SBI Securities has recommended subscribing to the issue at the cut-off price.
Anand Rathi: Subscribe
Anand Rathi Research said Lumino Industries has demonstrated consistent financial performance, with revenue and profitability growth supported by healthy operating margins and return ratios.
The brokerage believes the company is well positioned to benefit from rising investments in power transmission infrastructure, renewable energy and electrification projects, as well as growth in the domestic wires and cables market.
Swastika Investmart: Subscribe
Swastika Investmart said Lumino’s IPO is priced at a meaningful discount to comparable EPC and cable companies on both P/E and growth-adjusted valuation metrics.
The brokerage also highlighted that the company reports the highest return on net worth (RoNW) among its key peers, indicating efficient utilisation of shareholder capital. However, it advised prudent position sizing due to the company’s high customer concentration risk.
Anchor investors, issue details
Ahead of the IPO, Lumino Industries raised nearly ₹207 crore from anchor investors. The company allotted 2.52 crore equity shares to 30 institutional investors.
Of these, 1.8 crore shares were allotted to seven domestic mutual funds – HDFC AMC, Kotak Mahindra AMC, Motilal Oswal AMC, Bandhan Mutual Fund, Edelweiss, JM Financial Mutual Fund and Bank of India Mutual Fund – through 22 schemes.
The IPO comprises a fresh issue of ₹500 crore and an offer for sale (OFS) of ₹200 crore. Promoters Devendra Goel and Jay Goel are the selling shareholders in the OFS.
Lumino Industries plans to use ₹337 crore from the net proceeds of the fresh issue to repay or prepay outstanding borrowings.
Another ₹15.01 crore will be used for capital expenditure, including the purchase of equipment and machinery and civil works at an existing manufacturing facility. The remaining proceeds will be used for general corporate purposes.
Lumino Industries is an integrated engineering, procurement and construction (EPC) and manufacturing company focused on the power transmission and distribution sector.
Its product portfolio includes conductors, power cables, electrical wires and other specialised products used in power infrastructure.
For FY26, Lumino Industries reported a 28.4% year-on-year rise in profit to ₹160 crore, compared with ₹124.59 crore in FY25.
Revenue increased to ₹2,089.31 crore from ₹1,946.68 crore during the same period.
Motilal Oswal Investment Advisors, JM Financial and Monarch Networth Capital are the book-running lead managers to the issue, while Bigshare Services is the registrar.
The shares are proposed to be listed on both the NSE and BSE, with the tentative listing date set for September 3, 2026.
