Lumino Industries IPO
Lumino Industries IPO is a mainboard IPO raising ₹700 Cr at ₹78 – ₹82 a share. It listed on 3 Sept 2026 at ₹110, +34.1% against its issue price of ₹82, and trades at ₹90 today (+9.6% since issue). It was subscribed 118× in total.
118.1 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
Where your money goes
Only the fresh issue reaches the company. The offer for sale is existing shareholders selling their own stock — that money goes to them, not the business.
A red herring prospectus is filed before the price is fixed, so it states share counts rather than rupee amounts. stated in prospectus. Checked: exchange issue size Rs700 Cr vs derived Rs700 Cr (0.0% apart).
What the fresh money funds
The stated uses of the net proceeds, from the prospectus’s Objects of the Issue table. Only the fresh issue funds these — the offer-for-sale money goes to the selling shareholders above.
As stated in the prospectus. “General corporate purposes” is the part with no committed use; SEBI caps it at 25% of the issue.
The price they’re asking
From the prospectus’s own “Basis for Issue Price” — the issuer’s earnings multiple against the peers it chose to compare itself with.
Priced 65% below the median multiple of the peers the issuer itself names.
| Listed peer (issuer’s choice) | P/E | RoNW | EPS |
|---|---|---|---|
| Apar Industries Limited | 68.98× | 19.76% | ₹242.81 |
| Bajel Projects Limited | 108.66× | 0.98% | ₹1.74 |
| Kalpataru Projects International Limited | 22.13× | 15.8% | ₹60.9 |
| KEC International Limited | 19.81× | 11.1% | ₹22.75 |
| KEI Industries Limited | 58.79× | 14.76% | ₹96.02 |
| Universal Cables Limited | 35.51× | 8.91% | ₹47.01 |
| Techno Electric & Engineering Company Limited | 25.97× | 12% | ₹40.74 |
| This issue | 12.5× | 24.62% | ₹6.57 |
derived: cut-off price Rs82 / stated EPS Rs6.57 (FY26 diluted, restated consolidated, adjusted for bonus issue (3:1) and sub-division (face value ₹10 to ₹5), [p159]). Peer figures are as printed in the prospectus — they date from its filing, not today. A multiple is one lens, not a verdict.
Terms of the issue
The mechanics of what is being sold. Held for every issue we track.
Not here yet
The anchor-investor allocation — which institutions were allotted shares before bidding opened — is still to be read out of its document.