Lumino Industries Collects ₹207 Cr From Anchor Investors; IPO To Open On Aug 27

Lumino Industries Ltd on Tuesday raised ₹207 crore from anchor investors ahead of its initial public offering (IPO), which will open for subscription on August 27.

The company has allotted over 2.52 crore equity shares to anchor investors at ₹82 per share, according to a circular uploaded on BSE's website.

The anchor book saw participation from investors, including Citigroup Global Markets Mauritius, SBI General Insurance Company, Bajaj Life Insurance, Silver Stride India Global Fund, and 3PIM India Equity (IFSC) Fund.

The company has fixed a price band of ₹78-82 per equity share for its maiden IPO. The issue will open on August 27 and close on August 31.

The IPO comprises a fresh issue of equity shares worth up to ₹500 crore and an offer-for-sale (OFS) of up to ₹200 crore by promoters Devendra Goel and Jay Goel.

Of the proceeds from the fresh issue, ₹337 crore will be utilised for payment of debt; another ₹15 crore will be used for capital expenditure, including purchase of equipment and machinery, civil works and interior development of an existing manufacturing facility. The remaining proceeds will be utilised for general corporate purposes.

Lumino Industries is a product-driven integrated engineering, procurement and construction