About Lumino Industries IPO
Lumino Industries IPO Details
The Lumino Industries IPO is a 100% book-built issue aiming to raise ₹1,000 crore, comprising a fresh issue of ₹600 crore and an offer for sale (OFS) of ₹400 crore, with a face value of ₹5 per share. The company filed its DRHP with SEBI on January 20, 2025.
The price band and official dates of listing and subscription will be announced by the company later, but the shares are supposed to be listed on the BSE and the NSE platforms. The book running lead managers (BRLMs) for this issue are Motilal Oswal Investment Advisors Ltd., JM Financial Ltd. and Monarch Networth Capital Ltd., while the registrar to the issue is Bigshare Services Private Ltd.
Lumino Industries IPO Date & Timeline
Lumino Industries Ltd. officially filed its Draft Red Herring Prospectus (DRHP) on January 20, 2025. However, the specific Lumino Industries IPO date and subscription timeline remain unannounced. Following regulatory approval, the company will finalize the price band and bidding dates. Once cleared, the schedule for anchor allotment, public bidding and the final listing on the exchange will be formally disclosed.
Lumino Industries IPO Timeline
| IPO Open Date | - |
| IPO Close Date | - |
| Tentative Allotment | - |
| Initiation of Refunds | - |
| Credit of Shares to Demat | - |
| Tentative Listing Date | - |
| Cut-off time for UPI mandate confirmation | - |
Lumino Industries IPO Details
| Detail | Description |
|---|---|
| IPO Date | - |
| Listing Date | - |
| Face Value | ₹ 5 per share |
| Issue Price Band | - |
| Lot Size | - |
| Sale Type | Fresh Capital & OFS |
| Total Issue Size | Up to ₹ 2,600.00 Cr (aggregating up to ₹ 26,000 million) |
| Reserved for Market Maker | - |
| Fresh Issue(Ex Market Maker) | Up to ₹ 1,000.00 Cr (aggregating up to ₹ 10,000 million) |
| Offer for Sale | Up to ₹ 2,400.00 Cr (aggregating up to ₹ 24,000 million) |
| Net Offered to Public | - |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | - |
| Share Holding Post Issue | - |
Lumino Industries IPO GMP (Grey Market Premium)
“Grey Market Premium” or GMP is defined as the rate at which the IPO's shares are traded in the market before they are officially listed on the stock exchange.
The Lumino Industries IPO GMP is currently trading at ₹[.], reflecting the sentiment of unofficial investors before the official listing. This premium suggests a potential listing price of ₹[.], which is [.]% above the issue price. While the Grey Market Premium is a key indicator of demand and investor appetite, it is important to remember that GMP is highly volatile and should not be the sole factor in your investment decisions.
Company Background
Lumino Industries Ltd. was incorporated on March 30, 2005, in Kolkata, West Bengal, having roots dating back to 1989 as a partnership firm. Over the decades, the enterprise has evolved from a traditional manufacturer into an integrated, product-driven EPC player. The company has executed critical projects across India's power distribution sector and it is expanding into international markets.
They also manufacture high-temperature low-sag (“HTLS”) conductors used in distribution and transmission lines in India. As the fastest-growing player in the conductor, power cable and power EPC industries, the company has received several certificates, including Underwriter’s Laboratories Standards Certificate, which shows their ability to comply with stringent safety and regulatory standards.
Operations & Product Range
Lumino Industries Ltd. combines the manufacturing of electrical components with EPC execution. The company produces aluminium conductors, power cables and electrical wires under its 'Lumicon' brand. A specialised segment involves manufacturing high-temperature, low-sag (HTLS) conductors for efficient power transmission. On the EPC side, operations encompass power distribution, extra-high voltage (EHV) substations, railway electrification, solar projects and HTLS re-conductoring.
Facilities & Capacity
Lumino Industries Ltd. operates two advanced manufacturing units in Howrah, West Bengal. These facilities have an annual combined capacity of 40,000 MT for aluminium processing. The manufacturing operations are supported by a warehousing network covering approximately 110,000 square feet, ensuring efficient inventory management and timely delivery.
Brands & Market Presence
Lumino Industries Ltd. operates under its brand name 'Lumicon' and holds a recognised position within the B2B power infrastructure sector. India serves as the anchor for Lumino's market presence, catering to major government utilities. Beyond domestic exposure, the company exports products to countries like the USA, Nepal, Ghana and Rwanda. The brand holds ISO, NABL and UL certifications.
Revenue Streams & Business Model
Lumino Industries Ltd. generates revenue through the direct sale of manufactured electrical products and the execution of turnkey EPC contracts. The company operates two manufacturing facilities in Kolkata. The company follows a product-driven business model that focuses on designing, engineering, manufacturing and distributing specialised products. Manufacturing a significant portion of its EPC requirements in-house (over 62% in Fiscal 2024), Lumino optimises costs. Total income surged from ₹773.10 crore in FY23 to ₹1,427.03 crore in FY24. The revenue stream is dependent on government and institutional spending on power infrastructure.
Management & Shareholding
The shareholding structure of Lumino Industries Ltd. is closely held by its founding promoters, who bring decades of experience to the power sector. Before the IPO, the promoters held a significant stake in their hands, but after the IPO, the promoters will face dilution in their ownership, as this offering comprises a fresh issue, which invites new shareholders into the company.
Board & Key Management
The leadership of Lumino Industries Ltd. is led by a team of experts with many years of experience. Purushottam Dass Goel serves as the Chairman and gives strategic direction to the firm. The daily operations are managed by Devendra Goel, the Managing Director, along with Whole-Time Director Jay Goel. To ensure good governance, the board includes Independent Directors, Hemant Sultania and Amitabh Mathur, for oversight. Together, this team uses its knowledge to help the company grow and stay successful.
Lumino Industries IPO Financial Information
Latest Revenue
969.62
₹ Crore
Profit After Tax
63.70
₹ Crore
Net Worth
502.35
₹ Crore
Total Borrowing
769.97
₹ Crore
| Period Ended | Assets | Revenue From Operations | Profit After Tax | Net Worth | Reserves & Surplus | Total Borrowing | |||
|---|---|---|---|---|---|---|---|---|---|
| 30 Sep 2024 | 1,618.06 | 969.62 | 63.70 | 502.35 | 477.22 | 769.97 | |||
| 31 Mar 2024 | 1,176.74 | 1,427.03 | 86.61 | 438.99 | 413.86 | 442.27 | |||
| 31 Mar 2023 | 851.14 | 773.10 | 19.40 | 352.47 | 327.34 | 305.43 | |||
| 31 Mar 2022 | 697.34 | 616.91 | 33.74 | 333.06 | 320.11 | 199.95 | |||
| Amount in ₹ Crore | |||||||||
Lumino Industries Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 21.52% |
| ROCE | 19.60% |
| Debt/Equity | 0.95x |
| RoNW | 21.52% |
| PAT Margin | 6.07% |
| EBITDA Margin | - |
| Price to Book Value | - |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 2.62 (basic/diluted) | - |
| P/E (x) | - | - |
Lumino Industries IPO Objectives
The company intended to use the Lumino Industries IPO proceeds for strategic purposes:
- • Repayment or prepayment of debt
- • Funding capital expenditure for the purchase of equipment, machinery and civil works
- • General corporate purposes
Lumino Industries IPO Review
Lumino Industries Ltd. is a manufacturing and infrastructure development company. The company holds a distinct advantage through backward integration; manufacturing its own power cables and HTLS conductors allows control over project timelines and raw material costs.
The company has shown growing financial statements in FY24, as the total revenue was reported at ₹1,427.03 crore and profit after tax at ₹86.61 crore. While the next 6 months data also showed a positive chart, as the total income surged 50% of FY24 in just 6 months. This issue mainly aims to reduce debt, capital expenditure on equipment purchase and general corporate purposes.
However, investors must consider risks, as the revenue from the top 10 customers is more than 90% of the total revenue from operations and if any regular customer of the company changes or delays the payment, it directly makes an impact on the total income. Overall, this IPO review shows that investors must check the company’s income stability before investing, as the company is relying on its top customers.
Conclusion
Lumino Industries IPO is an opportunity for investors to invest in a growing company that offers a strategic avenue to invest in India's ongoing power sector modernisation. With an integrated manufacturing and EPC business model, the company is positioning itself to capture both domestic infrastructure growth and expanding export opportunities. This IPO mainly aims to reduce the debt and strengthen the balance sheet of the company by smoothing operational procedures.
Frequently Asked Questions
Recommended Advisory Services
Ready to take your company public? Explore our specialized IPO advisory services tailored for Indian enterprises.
The India IPO Publication is managed by an editorial team that includes highly experienced finance journalists, market researchers and professionals from the capital markets industry who strive to create high-quality content based on credible sources. Our editors write about IPOs, capital markets, corporate news, capital-raising strategies, regulations and other business matters to ensure our audience stays updated with the latest information. We conduct detailed research and fact-check all information before publishing any content to ensure credibility.
Competitive Strengths
Integration of EPC services, which include in-house manufacturing and EPC implementation, thereby increasing operational efficiency.
Ability to grow quickly as one of the fastest-growing companies within the power EPC domain.
High-capacity plants that are certified for international quality standards (ISO, NABL, UL).
| Sr.no | Description | Date | File |
|---|---|---|---|
| 1 | SEBI/Exchange approval received | 09/06/2025 | - |
| 2 | Filed with SEBI/Exchange | 23/01/2025 | View DRHP |
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 1 | — | ₹14,000 - ₹15,000 |
| Individual investors (Retail) (Max) | 13-14 | — | Up to ₹200,000 |
| S-HNI (Min) | 14-15 | — | Over ₹200,000 |
| S-HNI (Max) | 66-70 | — | Up to ₹10,00,000 |
| B-HNI (Min) | 71+ | — | Over ₹10,00,000 |