The stock opened at ₹110 on the NSE, against the upper end of the IPO price band of ₹82 per share. On the BSE, the shares debuted at ₹109, marking a premium of nearly 33%.
Ahead of its market debut, Lumino Industries shares were commanding a premium of ₹38 in the grey market over the upper end of the IPO price band. This indicated a potential listing gain of around 46%.
Mahesh M Ojha of Kantilal Chhaganlal Securities said IPO allottees could have seen listing gains of over 30%, subject to prevailing market sentiment and demand on the listing day.
“For IPO allottees, a listing gain could be above 30 percent, subject to prevailing market sentiment and listing-day demand,” Ojha said.
Investors focused on long-term wealth creation could consider booking partial profits following a strong listing while retaining the balance for the long term, given the company’s healthy order book, capacity expansion, growth trajectory and strong return ratios, he added.
According to Ojha, Lumino Industries’ valuation remains attractive compared with listed peers, at 15.6 times FY26 price-to-earnings (P/E) and 11.1 times EV/EBITDA.
He said the company offers a favourable risk-reward profile despite relatively higher working-capital intensity and its exposure to government-led infrastructure projects.
The ₹700-crore initial public offering (IPO) of Lumino Industries was open for subscription from August 27 to August 31 and was subscribed 118.12 times, led by strong demand from Qualified Institutional Buyers (QIBs).
Lumino Industries had fixed the IPO price band at ₹78-82 per share.
Ahead of the IPO, the company raised nearly ₹207 crore from anchor investors, allotting 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 comprised a fresh issue of ₹500 crore and an offer for sale (OFS) of ₹200 crore. Promoters Devendra Goel and Jay Goel were 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 in FY26 from ₹1,946.68 crore in FY25.
