NewsLumino Industries IPO Day 3: Issue subscribed 26.51x so far. Check issue details and key datesLumino Industries IPO Day 3: Issue subscribed 26.51x so far. Check issue details and key dates
- Lumino Industries IPO closed with a total subscription of 26.51x on Day 3.
- NII (bHNI) category led demand with 70.53x, followed by Retail at 20.30x.
- QIB subscription jumped 370% intraday to reach 0.47x.
- Total subscription surged 81.8% in the final hours of bidding.
- Allotment and listing dates are yet to be announced.
*this image is generated using AI for illustrative purposes only.
Lumino Industries IPO closed on Day 3 with a total subscription of 26.51x. Non-Institutional Buyers (bHNI) led the demand with 70.53x, while Retail investors subscribed 20.3x. QIBs accounted for 0.47x of the issue.
Final Subscription Status
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 27-08-2026 | 0.04x | 3.50x | 1.24x | 1.92x | 1.38x |
| Day 2 | 28-08-2026 | 0.06x | 11.97x | 5.58x | 6.40x | 4.81x |
| Day 3 | 31-08-2026 | 0.47x | 70.53x | 81.39x | 20.30x | 26.51x |
Intra-day timeline on 31-08-2026
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.10x | 37.49x | 8.71x | 14.58x |
| 12:15 | 0.47x | 70.53x | 20.30x | 26.51x |
The issue raced ahead in the final hours, with total subscription jumping 81.8% from 14.58x to 26.51x between 11:15 AM and 12:15 PM. QIB interest surged by 370.0% (from 0.10x to 0.47x), while Retail jumped 133.1% (from 8.71x to 20.30x). NII (bHNI) remained the dominant force, ticking up 88.1% to reach 70.53x.
Category-wise Breakdown
- QIB: 0.47x
- NII (bHNI): 70.53x
- NII (sHNI): 81.39x
- Retail: 20.30x
- Employees: 5.29x
About the Company
Lumino Industries Limited is a product-driven integrated engineering, procurement and construction (EPC) player in India. Founded in 2005, it focuses on manufacturing conductors, power cables, and electrical wires for the power transmission and distribution industry. The company operates two key segments: Manufacturing and EPC, leveraging over three decades of experience. It is led by CEO Purushottam Dass Goel and MD Devendra Goel.
Financial Highlights
| Metric | FY 2024 (₹ crores) | FY 2025 (₹ crores) | FY 2026 (₹ crores) |
|---|---|---|---|
| Revenue from Operations | 1407.32 | 1917.97 | 2041.07 |
| Total Profit | 86.61 | 124.59 | 160.00 |
| Total Equity | 445.97 | 570.45 | 729.71 |
Revenue grew at a CAGR of 20.43% from Fiscal 2024 to 2026. The company achieved an Operating EBITDA Margin of 11.71% in Fiscal 2026.
Objects of the Issue
- Prepayment or re-payment of certain outstanding borrowings: ₹337.00 crores
- Capital expenditure for equipment and machinery: ₹15.01 crores
- General corporate purposes
Risk Factors
- Substantial dependence on government entities for revenue (85.58% in Fiscal 2024).
- High customer concentration risk with top 10 customers comprising 46.52% of revenue in Fiscal 2026.
- Raw material price volatility, with cost of materials representing 83.73% of total expenses in Fiscal 2026.
What's Next
Allotment date and listing date are yet to be announced. Investors should monitor official exchanges for basis of allotment details. The price band is ₹78.00000 - ₹82.00000, with a minimum bid quantity of 182 shares.
How might the significant disparity between high retail/bHNI demand and low QIB subscription impact Lumino Industries' listing gains and initial trading volatility?
Given that 83.77% of expenses are raw materials, how vulnerable is the company's projected FY2026 EBITDA margin to potential spikes in copper or aluminum prices?
What are the implications for long-term valuation if the company fails to diversify its revenue base beyond the current 85.58% dependence on government entities?
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