Lumino Industries Files DRHP For Rs 1,000 Crore IPO

Lumino Industries Ltd. on Tuesday filed its preliminary papers with the capital markets regulator SEBI to raise up to Rs 1,000 crore via an initial public offering. The public offer will include a mix of fresh issues of shares up to Rs 600 crore and an offer-for-sale up to Rs 400 crore by promoter selling shareholders.

The equity shares are proposed to be listed on the National Stock Exchange of India Ltd. and BSE Ltd.

The company may consider an issue of equity shares aggregating up to Rs 120 crore as a pre-IPO placement. If the pre-IPO placement is completed, the amount raised under the pre-IPO placement will be reduced from the fresh issue.

Devendra Goel and Jay Goel are the promoters of the company offloading shares in the offer for sale.

Motilal Oswal Investment Advisors Ltd., JM Financial Ltd., and Monarch Networth Capital Ltd. are the book-running lead managers for the issue and MUFG Intime India Pvt. Bigshare Services Ltd. will be the registrar of the issue.

The proceeds from the fresh issue, to the extent of Rs 420 crores, are for prepayment or repayment, in full or in part, of certain outstanding borrowings availed of by the company. While Rs 15.08 crore will go for capital expenditure for the purchase of equipment and machinery, civil works and interior development of an existing manufacturing facility, the remaining will be used for general corporate purposes.

The Kolkata-based company is a product-centric, integrated engineering, procurement, and construction company, specialising in the manufacturing and supply of conductors, power cables, electrical wires, and other specialised components for the power distribution and transmission sector. The company also manufactures high-temperature, low-sag conductors, essential for transmission and distribution lines.

As of Sept. 30, 2024, Lumino Industries reported an aggregate order book of Rs 1,803.5 crores. The portfolio includes domestic and international projects, catering to both government and private sector clients.

Lumino Industries's revenue from operations increased by 85.12% from Rs 760.21 crore in fiscal 2023 to Rs 1,407.31 crore in fiscal 2024. Restated profit for the year increased from Rs 19.40 crore in fiscal 2023 to Rs 86.61 crore in fiscal 2024.