Lumino Industries makes strong debut, lists at 34% premium on NSE

Lumino Industries shares listed at ₹109 on the BSE, a premium of 32.93 per cent against the offer price of ₹82. Meanwhile, on the National Stock Exchange, it debuted at ₹110, up 34.15 per cent.

Lumino Industries shares made a strong debut on the exchanges on Thursday as they listed at a premium of 34 per cent, slightly lower than the grey market expectations.

 

Lumino Industries shares listed at ₹109 on the BSE, a premium of 32.93 per cent against the offer price of ₹82. Meanwhile, on the National Stock Exchange (NSE), it debuted at ₹110, up 34.15 per cent.

 

Ahead of the debut, Lumino Industries IPO’s grey market premium (GMP) was trading at a premium of 46.34 per cent or ₹38, estimating  a listing price of ₹120 

 Shivani Nyati, head of wealth at Swastika Investmart noted that Lumino Industries made a strong debut, "our view remains positive, supported by attractive valuations versus EPC and cable peers, strong profitability with an 11.71 per cent Ebitda margin, and the highest RoNW among key peers," she said. Nyati noted that for IPO allottees, partial profit booking and holding the remaining shares with a trailing stop-loss of ₹98–100 can be considered. "Fresh investors should avoid chasing the stock after the sharp listing gain and wait for some consolidation. If the stock sustains above ₹110–112 with strong volumes, it could move towards ₹120–125. Medium-term investors can hold with prudent position sizing," she added.

 

 

The offer received bids for 744.41 crore shares as against 6.32 crore shares on offer. The issue was subscribed 118.12 times.

 

The qualified institutional buyers' (QIB) portion was subscribed 221.43 times, while the non-institutional investors' (NII) category was subscribed 176.42 times. The retail individual investors' (RII) segment was subscribed 38.50 times.

 

Lumino Industries IPO Details

 

The ₹700-crore Lumino Industries' initial public offering (IPO) opened for bidding on August 27 and closed on August 31. The offer is a mix of a fresh share sale of ₹500 crore and an offer for sale (OFS) of ₹200 crore.

 

Lumino Industries IPO price band was fixed at ₹78 to ₹82 apiece, with a lot size of 182 shares. The company plans to use the fresh funds for repayment of debt, capex for purchase of equipment and machinery, and the rest for general corporate purposes.

 

It is an integrated EPC and manufacturing company focused on conductors, power cables, electrical wires (under the Lumicon brand), and other specialised electrical products.

 

The company's total order book increased from ₹1,941 crore in March 2024 to ₹3,150 crore in March 2026. The company is well positioned to benefit from increasing investments in HTLS re-conductoring and high-voltage transmission infrastructure, said SBI Securities.

 

The company derives a significant portion of its revenue from State Electricity Boards (SEBs) and public sector power utilities, exposing it to customer concentration risk.