Lumino Industries files draft papers with SEBI for ₹1,000 crore IPO | Stock Market News
Lumino Industries Limited has filed its draft red herring prospectus (DRHP) with the capital market regulator, Securities and Exchange Board of India (SEBI), for an initial public offering (IPO).
Lumino Industries Ltd, based in Kolkata, is a prominent player in the integrated engineering, procurement, and construction (EPC) sector in India. The company is product-centric and specializes in the manufacturing and supply of a diverse range of products, including conductors, power cables, electrical wires, and specialized components tailored for the power distribution and transmission sector.
One of their key offerings is the high-temperature low-sag (HTLS) conductors, which are crucial for enhancing the efficiency of transmission and distribution lines. With their focus on innovation and quality, Lumino Industries contributes significantly to the advancements within the power sector.
Lumino Industries has positioned itself competitively within the industry, notably comparing its performance with key players such as Apar Industries Ltd, Bajel Projects Ltd, JSK Industries Private Ltd, Kalpataru Projects International Ltd, KEC International Ltd, KEI Industries Ltd, Sterlite Power Transmission Ltd, and Universal Cables Ltd.
Between FY22 and FY24, Lumino Industries distinguished itself by becoming the third fastest-growing company among these competitors in terms of Operating EBITDA. This achievement highlights the company’s strong financial performance and strategic growth initiatives in a dynamic market.
IPO details
The IPO, with a face value of ₹5, is a mix of fresh issues of shares up to ₹600 crore and an offer-for-sale up to ₹400 crore by Promoter Selling Shareholders. The offer also includes a subscription reservation by eligible employees in the employee reservation portion.
The offer for sale involves shareholders selling shares worth up to ₹300 crore by Devendra Goel and up to ₹100 crore by Jay Goel. The proceeds from the fresh issue aim to raise ₹420 crore for the prepayment or repayment, either fully or partially, of certain outstanding borrowings by the Company. An additional ₹15.08 crore will be allocated for capital expenditure to purchase equipment and machinery, carry out civil works, and enhance the interior of an existing manufacturing facility, along with funds for general corporate purposes.
The book-running lead managers for this issue are Motilal Oswal Investment Advisors Ltd, JM Financial Ltd, and Monarch Network Capital Ltd, while Bigshare Services Private Ltd is designated as the registrar of the issue.
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