Lumino Industries Powers Ahead with Rs 1,000 Crore IPO

Kolkata-based Lumino Industries has filed for a Rs 1,000 crore IPO to fund debt payments, equipment purchases, and general corporate purposes. The company specializes in manufacturing power cables and conductors. The IPO includes a fresh issue of shares and an offer-for-sale by the promoters.

Lumino Industries, a prominent manufacturer of conductors and power cables, has submitted initial documents to the Securities and Exchange Board of India (SEBI) to raise Rs 1,000 crore through an Initial Public Offering (IPO). The Kolkata-based firm plans to offer a mix of fresh shares worth Rs 600 crore and an offer-for-sale segment up to Rs 400 crore by its promoters. As per the Draft Red Herring Prospectus (DRHP) filed, there is also a subscription reserve for eligible employees.

The IPO's offer-for-sale component entails Rs 300 crore in shares from Devendra Goel and Rs 100 crore from Jay Goel. There remains a possibility for raising up to Rs 120 crore equity shares through a pre-IPO placement, which could decrease the fresh issue's size. The company's financial strategy aims to allocate Rs 420 crore of the funds raised towards debt repayment, while Rs 15.08 crore is earmarked for the purchase of equipment and infrastructure development.

Lumino Industries takes pride in being a product-centric, integrated engineering, procurement, and construction (EPC) firm. It caters internationally to government utilities across the US, Nepal, and several African nations. With revenue surging by 85.12% in fiscal 2024, the company's IPO engagement secures Motilal Oswal Investment Advisors, JM Financial, and Monarch Network Capital as lead managers, with Bigshare Services managing the registry. They plan to list their equity shares on NSE and BSE.

(With inputs from agencies.)