Lumino Industries IPO: Rs 3,150 crore order book and GMP at 67%— Is it a Subscribe?

Lumino Industries is entering the market with an integrated business spanning manufacturing and engineering, procurement and construction (EPC) activities. It also has a sizeable order book and plans to use part of the IPO proceeds to reduce debt.

Does the valuation leave enough room for investors? Let’s take a  look at the numbers before deciding whether the ongoing IPO deserves a place in your portfolio.

Lumino Industries IPO Details 

The IPO is a Rs 700 crore book-built issue. It consists of a fresh issue of 6.10 crore shares worth Rs 500 crore and an offer for sale (OFS) of 2.44 crore shares worth Rs 200 crore.

The price band has been fixed at Rs 78-82 per share, while the lot size is 182 shares. At the upper price band, a retail investor will need Rs 14,924 to apply for one lot.

The issue will close on August 31. The allotment is expected on September 1, with the shares scheduled to list on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) on September 3.

What does Lumino Industries do?

Lumino Industries operates across power infrastructure and manufacturing. Its business includes conductors, power cables and EPC projects.

The company is also moving towards higher-value projects, including extra-high-voltage (EHV) substations. Its order book stood at around Rs 3,150 crore as of March 2026.

Lumino Industries IPO: GMP

As of the latest, GMP for Lumino Industries IPO stands at Rs 55, taking the estimated listing price to Rs 137, or around 67% above the upper IPO price of Rs 82.

However, it is important to note that GMP is unofficial and can change quickly. It should therefore not be treated as a guarantee of the listing price.

Brokerages see valuation advantage

Several brokerages have taken a positive view of the IPO.

Deven Choksey Research said, “Attractive Valuation: At the upper price band, Lumino is valued at 15.62x FY26 P/E and 10.65x EV/EBITDA, at a significant discount to the listed peer average of ~46.8x P/E and ~30.3x EV/EBITDA.”

The brokerage has recommended “Subscribe” for the long term.

SBI Securities also highlighted the company’s financial performance. Revenue, Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) and Profit After Tax (PAT) recorded compound annual growth rates (CAGR) of 20.4%, 28.3% and 35.9%, respectively, between FY24 and FY26.

It said, “Given its diversified order book, integrated business model, strong return profile, and favorable industry outlook, we recommend Subscribe to the issue at the cut-off price.”

Anand Rathi Research has also recommended “Subscribe – Long Term”, noting that the company’s valuation remains reasonable.

It said, “Considering its integrated business model, strong order book, robust return profile and favourable industry tailwinds, we recommend a “Subscribe – Long Term” rating to the issue.”

Lumino Industries IPO anchor book details

Lumino Industries has raised Rs 207 crore from anchor investors ahead of the issue, with shares allotted at Rs 82 apiece. The anchor book included institutional investors such as Citigroup Global Markets Mauritius, SBI General Insurance and Bajaj Life Insurance.

Disclaimer: This article provides factual analysis only and is not, and should not be construed as, an offer, solicitation, or recommendation to buy or sell securities. Investors must conduct their own independent due diligence and seek advice from a SEBI-registered financial advisor.