Lumino Industries Shares Debut With Over 34% Premium

Shares of Lumino Industries made a strong debut on bourses on Thursday, listing with a premium of more than 34% against the issue price of ₹82.

The stock opened at ₹110, marking a 34.15% premium over the issue price on the NSE. Later, it jumped 44.15% to ₹118.20 apiece.

On the BSE, the shares listed at ₹109, a premium of 32.93%, and later surged 45.11% to ₹118.99.

At these levels, the company's market valuation stood at ₹3,508.46 crore on the NSE, and ₹3,505.41 crore on the BSE.

The strong debut came against a firm broader market. The 30-share BSE Sensex rose 64.03 points to 76,634.38, while the NSE Nifty gained 25.85 points to 23,940.30 in morning trade.

The initial public offering (IPO) of Lumino Industries was subscribed 118.12 times on the final day of bidding on Monday, reflecting strong investor demand.

The ₹700-crore IPO was offered in a price band of ₹78-82 per equity share.

The public issue comprised a fresh issue of equity shares worth up to ₹500 crore and an Offer-for-Sale of up to ₹200 crore by promoters Devendra Goel and Jay Goel.

Out of the fresh issue proceeds, ₹337 crore will be utilised for debt repayment, and ₹15 crore for capital expenditure, including the purchase of equipment and machinery, civil works, and interior development of an existing manufacturing facility.

The remaining proceeds will be used for general corporate purposes.

Lumino Industries is a product-driven integrated engineering, procurement and construction (EPC) player in India.