Lumino Industries, a leading player in the power EPC sector, has submitted its draft red herring prospectus to SEBI to raise ₹1000 crore through an initial public offering.
The IPO comprises a combination of fresh issue of shares up to ₹600 crore and an offer-for-sale of up to ₹400 crore by promoter selling shareholders. Devendra Goel, the Managing Director, plans to sell shares worth up to ₹300 crore through the offer-for-sale, while Whole-time Director Jay Goel aims to sell shares worth up to ₹100 crore.
There is also a provision for an issue of equity shares worth up to ₹120 crore through pre-IPO placement, which may reduce the amount raised from the fresh issue.
Headquartered in Kolkata, Lumino Industries specializes in integrated engineering, procurement, and construction services, with a focus on manufacturing and supplying conductors, power cables, electrical wires, and other specialized components for the power distribution and transmission sector.
The company plans to list its equity shares on the National Stock Exchange of India and BSE.
Proceeds from the ₹420 crore raised through the fresh issue will be used for prepayment or re-payment of outstanding borrowings, ₹15.08 crore for capital expenditure, and for general corporate purposes.
In terms of financial performance, the company’s revenue from operations grew by 85.12% from ₹760.21 crore in FY23 to ₹1407.31 crore in FY24. Restated profit also saw a significant increase from ₹19.40 crore in FY23 to ₹86.61 crore in FY24.
Motilal Oswal Investment Advisors, JM Financial, and Monarch Network Capital have been appointed as the book-running lead managers for the IPO.
