Lumino Industries IPO Day 1: Issue booked 1.05x so far. GMP signals 61% listing pop. Should you apply or skip?

The Lumino Industries IPO will open for subscription on 27 August and close on 31 August. The company has fixed the price band at ₹78– ₹82 per equity share for its maiden public issue.

The Lumino Industries IPO GMP currently stands at +50. Based on the upper end of the IPO price band and the prevailing grey market premium, the estimated Lumino Industries share price at listing is ₹132 apiece, indicating a 60.98% premium over the IPO price of ₹82.

Considering the grey market movements over the past week, the IPO's Grey Market Premium (GMP) is trending upward today, suggesting a positive outlook for the listing. Throughout this period, experts noted that the GMP fluctuated between ₹46 and ₹52.

Lumino Industries is a product-driven, integrated engineering, procurement and construction (EPC) company with operations in India.

Ahead of the IPO opening, the company raised ₹207 crore from anchor investors on Tuesday. Lumino Industries allotted over 2.52 crore equity shares to anchor investors at ₹82 per share, the upper end of the IPO price band, according to a circular uploaded on the BSE website.

The anchor book saw participation from investors, including Citigroup Global Markets Mauritius, SBI General Insurance Company, Bajaj Life Insurance, Silver Stride India Global Fund, and 3PIM India Equity (IFSC) Fund.

Lumino Industries IPO review

SBI Securities has recommended subscribing to the Lumino Industries IPO at the cut-off price, citing the company's integrated business model, strong financial performance, healthy order book and attractive valuation.

According to the brokerage, Lumino Industries is an integrated EPC and manufacturing company with a strong presence in conductors, power cables and EPC projects. The company reported a Revenue/EBITDA/PAT CAGR of 20.4%/28.3%/35.9%, respectively, between FY24 and FY26, supported by strong execution capabilities, expanding manufacturing capacity and a healthy order book of ₹3,150 crore as of March 2026.

The company also reported healthy return ratios, with ROE of 21.9% and ROCE of 24.3% in FY26. SBI Securities noted that Lumino Industries' EBITDA margin is the highest among its peers and could improve further as the contribution from higher-margin EHV substation projects increases.

The brokerage added that the proposed debt repayment from IPO proceeds could help reduce interest costs in FY27. At the upper price band of ₹82 per share, the issue is valued at 15.6 times FY26 earnings on a post-issue basis, which SBI Securities considers significantly lower than peer valuations.

Given its diversified order book, integrated operations, strong return profile and favourable industry outlook, SBI Securities has recommended a ‘Subscribe’ rating for the issue.

Swastika Investmart said Lumino Industries is priced at a meaningful discount to comparable EPC and cable companies on both P/E and growth-adjusted valuation metrics.

The brokerage highlighted the company's high Return on Net Worth (RoNW) among key peers, indicating efficient utilisation of shareholder capital. It also noted Lumino Industries' consistent three-year growth and 11.71% EBITDA margin, while the proposed use of a significant portion of IPO proceeds towards debt reduction could lower finance costs going forward.

However, Swastika Investmart flagged the company's dependence on government and PSU clients as a key risk. These customers account for 53%–86% of revenue, exposing the business to tender-driven and potentially uneven cash flows.

Overall, the brokerage said the issue could appeal to investors seeking listing gains as well as medium-term growth, though it advised prudent position sizing given the relatively high customer concentration risk.

Lumino Industries IPO subscription status

Lumino Industries IPO subscription status was 42% on day 1, so far. The retail portion is subscribed 62%, and NII portion has been booked 51%, QIBs portion is yet to receive bids.

The company has received bids for 2,63,38,312 shares against 6,32,05,127 shares on offer at 11:24 IST, according to BSE data.

Lumino Industries IPO detailsha

The IPO consists of a fresh issue of equity shares aggregating up to ₹500 crore and an offer for sale (OFS) worth up to ₹200 crore by promoters Devendra Goel and Jay Goel.

The company plans to utilise ₹337 crore from the net proceeds of the fresh issue towards repayment or prepayment of certain outstanding borrowings.

Another ₹15 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 funds will be used for general corporate purposes.

Motilal Oswal Investment Advisors Ltd. is the book-running lead manager for the issue, while Bigshare Services Pvt. Ltd. has been appointed as the registrar.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.