Lumino Industries Limited IPO — the disclosed details
Closed
Lumino Industries Limited is running a mainboard IPO on NSE and BSE, open for bidding Thursday, August 27 to Monday, August 31, 2026, comprising a fresh issue of up to Rs 500 crore and an offer for sale of up to Rs 200 crore.
This issue's bidding window has closed. What follows is the record of what was disclosed while the offer was open. It is not updated after the close, and it is not a view on the company or on how the shares have traded since.
Lumino Industries Limited is running a mainboard IPO on NSE and BSE, open for bidding from Thursday, August 27 to Monday, August 31, 2026. This page restates what the company has publicly disclosed in its Red Herring Prospectus dated August 20, 2026, and nothing more. If the vocabulary is new — DRHP, price band, buckets, allotment — read how an Indian IPO actually works first.
What institutional desks read first — the filed ratios
These are the company’s own filed financial ratios, restated from the Restated Consolidated Financial Information in the RHP — not a valuation, and no view is offered on any of them.
| Ratio, as filed | Value |
|---|---|
| Basic and diluted EPS (Rs) | FY26: 6.57 · FY25: 5.11 · FY24: 3.56 |
| Return on Net Worth (%) | FY26: 24.62 · FY25: 24.52 · FY24: 21.52 · Weighted average: 24.07 |
| NAV per Equity Share (Rs) | FY26: 29.95 · FY25: 23.41 · FY24: 18.30 |
| P/E at the floor and cap | Not stated — the RHP’s own price-band field is printed as [●], to be advertised at least two working days before the Bid/Offer Opening Date |
| EV/EBITDA, further KPIs, peer-comparison table | Not part of this fact set — nothing is computed here in their place |
What the company does
Lumino Industries Limited was incorporated on March 30, 2005 in Kolkata; its predecessor partnership was formed on September 1, 1989 in Calcutta. The company describes itself as a product-driven, integrated Engineering, Procurement and Construction (EPC) player that manufactures and supplies aluminium conductors — including High Temperature Low Sag (HTLS) conductors — power cables and electrical wires, alongside executing EPC projects across power transmission and distribution, EHV substations, re-conductoring, railway electrification, solar power and water management.
It operates two manufacturing facilities in Howrah, West Bengal, with combined aluminium-consumption capacity of 40,000 MT per year. Output supplies both external EPC players and state utilities and the company’s own EPC projects — 23.08% of specialised products were used captively in FY26. A named client is Kalpataru Projects International Limited. The RHP names export destinations including the United States of America, Mali, Burkina Faso, Cote d’Ivoire, Nepal, Bangladesh, Kenya, Ghana, Rwanda and Ethiopia. The order book stood at Rs 31,498.78 million as at March 31, 2026, and the company had 890 permanent employees as at that date.
What the money is for
The offer has two parts. The fresh issue — up to Rs 5,000.00 million (Rs 500 crore) — is new-share money that goes to the company. The offer for sale — up to Rs 2,000.00 million (Rs 200 crore) — is existing-share money that goes to the two Promoter Selling Shareholders, not the company: Devendra Goel is selling up to Rs 1,500.00 million and Jay Goel up to Rs 500.00 million. Devendra Goel’s pre-Offer holding is 119,431,856 shares (49.03% of pre-Offer capital, weighted-average cost of acquisition Rs 0.002/share); Jay Goel’s pre-Offer holding is 86,560,000 shares (35.54%, weighted-average cost of acquisition Nil).
| Object of the fresh issue | Amount, as filed |
|---|---|
| Prepayment or repayment, in full or part, of certain outstanding borrowings | Up to Rs 3,370.00 million (Rs 337 crore); total sanctioned borrowings were Rs 21,586.79 million and total outstanding Rs 18,567.82 million as on July 31, 2026 |
| Capital expenditure — purchase of equipment and machinery, civil works and interior development of an existing manufacturing facility | Up to Rs 150.13 million (Rs 15.013 crore); Rs 74.83 million deployed in FY27, Rs 75.30 million in FY28 |
| General corporate purposes | Amount to be finalised on determination of the Offer Price; capped at not more than 25% of Gross Proceeds from the Fresh Issue |
What the RHP flags as risks
This is the company’s own risk-factor section, faithfully paraphrased. It is disclosure, not commentary.
- Dependence on government customers. 53.12%, 79.89% and 85.58% of Revenue from Operations in FY26, FY25 and FY24 respectively came from state-owned electricity boards and public-sector power utilities.
- Customer concentration. The top 10 customers contributed 46.52% (FY26), 80.33% (FY25) and 90.78% (FY24) of Revenue from Operations.
- Segment concentration. The Manufacturing segment (conductors and cables) contributed 69.74%, 64.96% and 65.60% of Revenue from Operations in FY26, FY25 and FY24 respectively — more than 60% in every year — and adverse developments in this segment could have a material adverse effect on the business.
- Raw-material exposure. The company is exposed to increases or fluctuations in the prices of, or delay or disruption in the supply of, primary raw materials, which could affect estimated costs, expenditures and project timelines.
- Competitive bidding. The EPC segment’s revenue depends on effectively securing contracts through competitive bidding, so results of operations and cash flows may be adversely affected or fluctuate materially.
- Cash flow and working capital. The company has a history of negative cash flow from operating activities in the past, which may recur, combined with high working-capital requirements; delays in collecting receivables or an inability to access financing could materially affect the business.
The numbers as filed
| Item | As filed |
|---|---|
| Issue size | Up to Rs 7,000.00 million (Rs 700.00 crore) — 100% Book Built Offer under Regulation 6(1) of the SEBI ICDR Regulations |
| Fresh issue | Up to Rs 5,000.00 million (Rs 500 crore) |
| Offer for sale | Up to Rs 2,000.00 million (Rs 200 crore) |
| Face value | Rs 5 per Equity Share |
| Price band | Rs 78 – Rs 82 per Equity Share (as reported) |
| Lot size | 182 Equity Shares, and in multiples thereof (as reported) |
| Minimum investment | Rs 14,196 at the floor (182 × Rs 78) to Rs 14,924 at the cap (182 × Rs 82) |
The RHP’s own price-band and Bid Lot fields are printed as [●] — blank, pending the price-band advertisement the RHP says will run in Financial Express, Jansatta and the Kolkata edition of Dainik Statesman at least two working days before the Bid/Offer Opening Date. That advertisement could not be located at any primary or exchange-hosted source. The Rs 78–82 band and the 182-share lot above are therefore taken from two secondary sources — a PTI wire story republished by The Print, and a company press-release republication on sujatawde.com — both of which reproduce the RHP’s own rupee figures for the fresh issue, offer for sale and objects verbatim, which is strong internal corroboration but remains secondary.
Financials, from the Restated Consolidated Financial Information (Rs million):
| Fiscal year | Revenue from Operations | Total Income | Restated PAT | PAT margin | Operating EBITDA margin |
|---|---|---|---|---|---|
| FY26 | 20,410.73 | 20,893.13 | 1,599.99 | 7.66% | 11.71% |
| FY25 | 19,179.68 | 19,466.81 | 1,245.86 | 6.40% | 11.62% |
| FY24 | 14,073.15 | 14,246.27 | 866.07 | 6.08% | 10.31% |
Who can actually sell on listing day
On listing day, most of the Lumino Industries Limited share register is not allowed to trade.
Here is what this RHP itself locks up. All periods run from the date of Allotment:
| Who | Locked for, per this RHP |
|---|---|
| Minimum Promoters’ Contribution — 20% of the post-Offer Equity Share capital, under Regulations 14 and 16 of the SEBI ICDR Regulations | 18 months from the date of Allotment |
| Promoters’ shareholding in excess of that 20% | 6 months from the date of Allotment |
| Entire pre-Offer Equity Share capital other than Offer for Sale shares — and any VCF, Category I or II AIF, or foreign venture capital investor shares, of which the Company states it currently holds none — under Regulation 17 | 6 months from the date of Allotment |
| Anchor Investors, if allotted | 50% of the Equity Shares Allotted for 90 days, the remaining 50% for 30 days, from the date of Allotment |
The anchor book is now final: 30 anchor investors were allotted shares at Rs 82 — the cap of the price band — on the Anchor Investor Bidding Date of Tuesday, August 25, 2026, per two secondary news reports; no BSE/NSE Regulation-30 anchor intimation filing could be located.
| Step | Shares | % of post-issue capital |
|---|---|---|
| Fresh issue | 60,975,609 | 20.02% |
| Offer for Sale | 24,390,243 | 8.01% |
| Total offer | 85,365,852 | 28.03% |
| Less: anchor allotment, locked 30/90 days | −25,243,901 | −8.29% |
| = Sellable on listing day | 60,121,951 | 19.74% |
| Locked or not offered — the rest of the register | 244,431,754 | 80.26% |
| Post-issue capital | 304,553,705 | 100.00% |
A lock-in is not a forecast of anything — it is a restriction on selling; it says who may trade, not what the price will do.
These figures come from the RHP’s Terms of the Offer and Capital Structure chapters, as of 30 August 2026.
Dates and mechanics
| Event | Date |
|---|---|
| Anchor Investor Bidding Date | Tuesday, August 25, 2026 |
| Bid/Offer Opens | Thursday, August 27, 2026 |
| Bid/Offer Closes (UPI mandate end time 5:00 pm) | Monday, August 31, 2026 |
| Basis of Allotment finalised with the Designated Stock Exchange | On or about Tuesday, September 1, 2026 |
| Initiation of refunds, unblocking of funds and credit of shares to demat accounts | On or about Wednesday, September 2, 2026 |
| Commencement of trading on the Stock Exchanges | On or about Thursday, September 3, 2026 |
Every date after the close is indicative — the RHP’s own timetable is subject to change.
The offer is a 100% Book Built Offer under Regulation 6(1) of the SEBI ICDR Regulations, 2018. The buckets, as filed:
| Bucket | Share of the Net Offer, as filed |
|---|---|
| Qualified Institutional Buyers (QIB Category, including the Anchor Investor Portion) | Not more than 50% |
| Non-Institutional Investors | Not less than 15% |
| Retail Individual Investors | Not less than 35% |
| Anchor Investor Portion (within the QIB Category) | Up to 60%, at the Company’s and BRLMs’ discretion; 40% of that further reserved — 33.33% for domestic Mutual Funds, 6.67% for life insurance companies and pension funds |
| Employee Reservation Portion (within the Fresh Issue) | Up to Rs 100.00 million |
The book running lead managers are Motilal Oswal Investment Advisors Limited, JM Financial Limited and Monarch Networth Capital Limited. The registrar is Bigshare Services Private Limited.
Information as of 23 Aug 2026, taken from the offer documents and pages linked below. This is not an IPO review and no subscribe/avoid rating is given. Figures move through the issue lifecycle — check the filed documents before acting on any of them. Grey-market premium is an unofficial, unregulated price with no exchange record, and is not referenced here as information. Where the standing notice below refers to hypothetical figures, that covers the illustrative worked examples used in the options posts on this site — every number on this page is reproduced from the filed documents cited above.
This post is for educational purposes only and does not constitute investment advice or a recommendation to buy or sell any security or derivative contract. The author is not a SEBI-registered Research Analyst or Investment Adviser. Futures and options trading carries a high risk of loss and is not suitable for every investor — you can lose your entire premium, and more when selling naked. All figures and examples in this post, including the rupee premiums and price levels, are hypothetical and used only to illustrate the framework; they are not predictions, return promises, performance claims, or a recommendation to trade any specific instrument. Lot sizes and premiums change over time — always check current exchange data before trading. Please consult a SEBI-registered investment adviser before making any investment decisions.
Sources
- Red Herring Prospectus, dated August 20, 2026 (hosted by BRLM JM Financial Limited) — PRIMARY — re-fetched and fully parsed this session (535 pages, downloaded directly, extracted with PyMuPDF) →
- SEBI filings page for Lumino Industries Limited — PRIMARY (regulator) — re-fetched this session →
- DRHP PDF hosted on BSE — PRIMARY (exchange-hosted, superseded by RHP) — re-fetched and fully parsed this session (505 pages, downloaded directly, extracted with PyMuPDF) →
- PTI wire story republished by The Print — SECONDARY (price band, as reported) — re-fetched this session →
- Company press-release republication (sujatawde.com) — SECONDARY (lot size, as reported) — re-fetched this session, checked for GMP (none found) →
- BusinessToday.in + IPOJi.com — anchor allotment, 30 investors, Rs 82/share, Rs 207cr, 25,243,901 shares (secondary, no exchange filing located) →
Common questions
How does IPO allotment work?
Applications are matched against the minimum lot size within each investor category (retail, HNI, QIB). In the retail category every applicant is first considered for one minimum lot: when the retail portion has enough shares to give every retail applicant one lot, everyone gets at least one and the surplus goes proportionately to those who bid more. Only when there aren't enough shares for one lot each is a computerised draw of lots used to pick who gets that single lot — and then each successful applicant gets exactly one lot, however many they bid for. It is never first-come-first-served, so applying early doesn't improve the odds.
What does the anchor investor lock-in mean?
Anchor investors (institutions allotted shares a day before the issue opens) are locked in and can't sell for a fixed period — and the clock runs from the date of Allotment, not from listing. Under the SEBI ICDR Regulations, 50% of the anchor shares are locked for 90 days from Allotment and the remaining 50% for 30 days from Allotment. It restricts anchors only; it says nothing about how retail-held shares will trade.
When do I get my money back if I'm not allotted?
Under ASBA, your bank only blocks the funds in your account — it's never debited until allotment. If you get no shares (or only a partial allotment), the block is released without any separate refund step: SEBI requires your bank (the SCSB) to complete the unblock by the close of banking hours on the working day after the basis of allotment is finalised — under the T+3 timeline, the day before the shares list. If it takes longer than that, SEBI's compensation policy provides ₹100 per day or 15% per annum of the application amount, whichever is higher — but it is complaint-triggered, so you have to raise it with your bank or the issue's lead manager to claim it.
What is ASBA / the UPI mandate?
ASBA (Application Supported by Blocked Amount) blocks the bid amount in your bank account instead of debiting it upfront. Retail investors bidding through UPI approve a mandate request in their UPI app, which blocks the funds — the money leaves your account only if shares are actually allotted.
The rest of the site
This page is a record of what was filed and published, and it stops there. The rest of the site is about the part that comes after you own something — how much of it to own, how to write the decision down, and how to grade it later.
Other issue pages from the same window
- Hy-Tech Engineers Limited · 24 Aug 2026 – 27 Aug 2026
- Skyways Air Services Limited · 24 Aug 2026 – 27 Aug 2026
- Symbiotec Pharmalab Limited · 24 Aug 2026 – 27 Aug 2026
- Annu Projects Limited (Formerly known as Annu Projects Private Limited) · 25 Aug 2026 – 28 Aug 2026
Everything on this site is free.
Every page here — the IPO desk, the chapter library, the trade journal tool — is free to read, with no paywall, nothing gated behind payment, and no affiliate links. If any of it has been useful, this is just a way to back the time that goes into writing it, checking the numbers, and keeping it honest.
No perks, no tiers, nothing unlocked for paying more. Just support for the work, if you want to give it. Pay what feels right.