Lumino Industries Files DRHP for Rs 1000 Crore IPO, Listing on BSE and NSE
Lumino Industries Ltd. has submitted its draft papers to SEBI, seeking to raise up to ₹1,000 crore through an initial public offering (IPO). The offering will comprise fresh equity shares worth ₹600 crores and an offer-for-sale of ₹400 crores by promoter selling shareholders. The company's equity shares are set to be listed on both the National Stock Exchange of India (NSE) and the Bombay Stock Exchange (BSE).
Lumino Industries - Company Details
The Kolkata-based company is an integrated engineering, procurement, and construction firm focused on product development. It specializes in manufacturing and supplying conductors, power cables, electrical wires, and other specialized components for the power transmission and distribution sector. Additionally, the company produces high-temperature, low-sag conductors, which play a crucial role in efficient transmission and distribution.
As of September 30, 2024, Lumino Industries reported a total order book of ₹1,803.5 crore, which includes both domestic and international projects serving government and private sector clients. The company's revenue from operations saw a significant growth of 85.12%, rising from ₹760.21 crore in FY 2023 to ₹1,407.31 crore in FY 2024.
IPO Structure
The IPO, with a face value of ₹5, comprises a combination of fresh share issues worth ₹600 crores and an offer-for-sale totalling ₹400 crores by Promoter Selling Shareholders. Additionally, the offer includes a reserved portion for eligible employees under the employee reservation category. As part of the offer for sale, Devendra Goel will divest shares worth ₹300 crore, while Jay Goel will sell shares valued at ₹100 crore.
Use of Proceeds
The company plans to allocate ₹420 crore from the fresh issue to prepay or partially repay certain outstanding borrowings. Additionally, ₹15.08 crore will be utilized for capital expenditure, including the purchase of equipment and machinery, civil works, and interior upgrades to an existing manufacturing facility. The remaining funds will be directed toward general corporate purposes
Pre-IPO Placement
The company is considering a pre-IPO placement of equity shares totalling up to ₹120 crore. If this placement is successfully completed, the amount raised will be deducted from the fresh issue proceeds.
Book Running Lead Managers (BRLMs)
Motilal Oswal Investment Advisors Ltd., JM Financial Ltd., and Monarch Networth Capital Ltd. are serving as the book-running lead managers for the IPO. MUFG Intime India Pvt. and Bigshare Services Ltd. has been appointed as the registrar for the issue.
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