Lumino Industries IPO Day 3: Issue subscribed 50.48x so far. GMP hints 74% listing pop. Apply or not?

The Lumino Industries IPO opened for public subscription on 27 August and will remain open until 31 August. The company has set the Lumino Industries IPO price band at ₹78– ₹82 per equity share for its maiden public offering.

The Lumino Industries IPO GMP currently stands at +61. 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 ₹143 apiece, indicating a 74.39% premium over the IPO price of ₹82.

Based on grey market activity over the past 11 sessions, the GMP of the IPO is showing an upward trend today, suggesting positive expectations for its listing. Experts report that during this period, the GMP fluctuated between ₹46 and ₹63.

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

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

The Lumino Industries IPO lot size has been fixed at 182 equity shares, with investors allowed to bid in multiples of 182 shares thereafter.

Under the issue reservation, not more than 50% of the shares are reserved for qualified institutional buyers (QIBs), while not less than 15% is earmarked for non-institutional investors (NIIs). Retail investors have been allocated at least 35% of the offer.

Tentatively, the Lumino Industries IPO allotment basis will be finalised on 1 September. The company is expected to initiate refunds on the same day, while shares will be credited to the demat accounts of successful allottees on 2 September.

The Lumino Industries share price is likely to be listed on both the BSE and NSE on 3 September.

Lumino Industries IPO review

Brokerages have recommended subscribing to the Lumino Industries IPO, citing its integrated business model, strong financial performance, healthy order book, robust return ratios and attractive valuation. However, they also flagged risks related to customer concentration, working-capital intensity and dependence on government-led projects.

SBI Securities has recommended subscribing to the IPO at the cut-off price, highlighting Lumino Industries’ integrated EPC and manufacturing operations, with a strong presence across conductors, power cables and EPC projects.

According to the brokerage, the company reported a Revenue, EBITDA and PAT CAGR of 20.4%, 28.3% and 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.

SBI Securities also noted that Lumino Industries reported healthy return ratios, with ROE at 21.9% and ROCE at 24.3% in FY26. The brokerage said the company’s EBITDA margin is the highest among its peers and could improve further as higher-margin EHV substation projects contribute more to the business.

The brokerage added that the proposed repayment of debt from the IPO proceeds could help lower 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 the company’s diversified order book, integrated operations, strong return profile and favourable industry outlook, the brokerage has assigned a ‘Subscribe’ rating to 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) compared with key peers, indicating efficient utilisation of shareholder capital. It also pointed to Lumino Industries’ consistent three-year growth and 11.71% EBITDA margin. According to Swastika Investmart, the proposed use of a significant portion of the IPO proceeds towards debt reduction could further lower finance costs going forward.

However, the brokerage flagged Lumino Industries’ dependence on government and PSU clients as a key risk. These customers account for 53%-86% of revenue, exposing the company to tender-driven business and potentially uneven cash flows.

Overall, Swastika Investmart said the IPO could appeal to investors seeking listing gains as well as medium-term growth, while advising prudent position sizing given the relatively high customer concentration risk.

Kantilal Chhaganlal Securities highlighted Lumino Industries’ healthy profitability and return ratios, noting that the company has maintained an EBITDA margin of around 12%, ROCE of 24% and ROE of 22%, reflecting efficient execution and disciplined capital allocation.

The brokerage also highlighted Lumino Industries’ diversified customer base in the power sector. The company supplies products to leading EPC contractors, including Kalpataru Projects, Jakson, Monte Carlo, K.G.N. Electricals and other prominent infrastructure players, strengthening its position in India’s power transmission and distribution ecosystem.

On valuation, Kantilal Chhaganlal Securities said the IPO is attractively priced at 15.6 times FY26 P/E and 11.1 times EV/EBITDA, representing a meaningful discount to listed peers. The brokerage believes this offers an attractive risk-reward profile despite the company’s higher working-capital intensity and dependence on government-led projects.

Kantilal Chhaganlal Securities has assigned a ‘Subscribe’ rating to the issue from a medium- to long-term perspective.

Lumino Industries IPO subscription status

Lumino Industries IPO subscription status was 50.48x on day 3. The retail portion is subscribed 27.70x, and NII portion has been booked 130.83x, QIBs portion received 33.18x bids.

The company has received bids for 3,19,03,97,756 shares against 6,32,05,127 shares on offer, according to BSE data.

Lumino Industries IPO details

The initial public offering (IPO) comprises a new issuance of equity shares totalling up to ₹500 crore, alongside a promoter offer for sale (OFS) of up to ₹200 crore by Devendra Goel and Jay Goel.

The company intends to allocate ₹337 crore from the net proceeds of the new issuance to pay off or prepay certain existing loans.

Additionally, ₹15 crore has been set aside for capital expenditures, which will cover the acquisition of equipment and machinery, civil works, and interior enhancements at an existing manufacturing site.

The remaining funds are designated for general corporate purposes.

Motilal Oswal Investment Advisors Ltd is serving as the book-running lead manager for the offering, while Bigshare Services Pvt Ltd has been selected 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.