Lumino Industries IPO Day 2: GMP signals 68% listing gains, issue subscribed 1.42 times. Should you subscribe?

The Rs 700 crore Lumino Industries IPO entered its second day of bidding amid strong investor demand, with a robust grey market premium adding to the buzz around the issue. The IPO’s grey market premium (GMP) has climbed to 68%, up from 61% earlier, signalling expectations of a potentially strong listing gain.

Investor appetite was clearly visible on the opening day. The IPO was subscribed 1.42 times overall, with bids received for the issue against 6.32 crore shares on offer. Retail investors showed even greater enthusiasm, with their portion getting 1.96 times subscribed against 3.09 crore shares available. With the IPO priced in the Rs 78–82 per share range, investors now have their eyes on Day 2 subscription trends

Of the total Rs 700 crore issue, Rs 500 crore will come through a fresh issue of 6.10 crore shares, while the remaining Rs 200 crore will be raised through an offer for sale (OFS) of 2.44 crore shares by promoters Devendra Goel and Jay Goel.


The IPO will remain open from August 27 to August 31, 2026. The shares are proposed to be listed on both the NSE and BSE, with the tentative listing date set for September 3, 2026.

At the upper price band of Rs 82, retail investors will need Rs 14,924 to bid for one lot of 182 shares.

At the IPO price band, Lumino Industries is valued at a P/E multiple of 11.87 times at the lower end and 12.48 times at the upper end, based on diluted FY26 earnings.

That valuation looks relatively modest when compared with the FY26 industry peer-group average P/E of 48.55 times, according to the company's offer document.

Motilal Oswal Investment Advisors Ltd. is the book running lead manager, and Bigshare Services Pvt. Ltd. is the registrar. is the registrar of the issue.

Lumino Industries has raised Rs 206.99 crore from anchor investors ahead of its IPO on August 25, 2026. The company allotted 2,52,43,901 equity shares at Rs 82 apiece to 30 anchor investors.

Lumino Industries IPO subscription status

The Lumino Industries IPO witnessed a strong response from investors on Day 1, with the issue getting 1.42 times subscribed against the 6.32 crore shares on offer.

• Retail Individual Investors (RIIs): 1.96 times subscribed against 3.09 crore shares offered.
• Non-Institutional Investors (NIIs): 2.09 times subscribed against 1.32 crore shares on offer.
• Qualified Institutional Buyers (QIBs): 4% subscribed against 1.76 crore shares offered.

Lumino Industries IPO GMP today

The Lumino Industries IPO GMP stands at Rs 56, or a 68% premium over the upper issue price of Rs 82 per share. At the current grey market premium, the estimated listing price works out to around Rs 138 per share, indicating a potentially strong debut if the GMP trend holds.

However, investors should note that GMP is unofficial and can fluctuate before listing. It is only an indicator of market sentiment and does not guarantee actual listing gains.

Lumino Industries IPO proceeds

A substantial portion of the fresh issue proceeds is earmarked for reducing the company's debt. Lumino Industries plans to use approximately Rs 337 crore for the prepayment or repayment of certain outstanding borrowings.

The company also proposed spending around Rs 15.01 crore on capital expenditure, including equipment and machinery purchases, civil works, and interior development at an existing manufacturing facility. The remaining proceeds will be deployed towards general corporate purposes.

Lumino Industries' financial performance

The company reported an improvement in both revenue and profitability in FY26. Total income rose 7% to Rs 2,089.31 crore in FY26, compared with Rs 1,946.68 crore in FY25. More significantly, Profit After Tax increased 28% to Rs 160 crore, from Rs 124.59 crore in FY25.

The stronger growth in profit compared with total income points to an improvement in the company's earnings performance during the year.

About Lumino Industries

Established in 2005, Lumino Industries is an integrated engineering, procurement and construction (EPC) and manufacturing company focused on India's power transmission and distribution sector. The company manufactures conductors, power cables, electrical wires and high-temperature low-sag (HTLS) conductors, which are used in power transmission and distribution infrastructure.

Its EPC business covers power transmission and distribution, EHV substations, HTLS re-conductoring, railway electrification, solar power projects and water management projects. The company caters to major EPC players in India and also serves international customers, including government-owned electricity companies, public enterprises and electricity boards across several countries. As of March 31, 2026, Lumino Industries had 890 permanent employees.

With the Rs 78–Rs 82 price band now set, the next major trigger for Lumino Industries will be anchor investor participation on August 25, followed by the response from retail and institutional investors when the IPO opens on August 27.

Should you subscribe?

According to Anand Rathi Research, Lumino Industries’ integrated EPC and manufacturing model, strong Rs 3,149.9 crore order book, healthy financial performance and exposure to growing power transmission, renewable energy and wires & cables markets offer strong long-term growth potential.

The brokerage also sees support from capacity expansion, higher-margin EHV projects, rising exports and strong execution capabilities.

At the upper price band, the IPO is valued at 15.5x FY26 P/E and 9.6x EV/EBITDA. Considering the company’s growth prospects and industry tailwinds, Anand Rathi has assigned a “Subscribe - Long Term” rating to the issue.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)