Lumino Industries make decent stock market debut; shares list at 34% premium on NSE

Shares of Lumino Industries made a strong stock market debut on Thursday, September 03 as the EPC solutions player was listed at Rs 110 on NSE, at a premium of 34.15 per cent over its issue price of Rs 82. Similarly, the stock settled with a premium of 32.93 per cent over issue price at Rs 109 on BSE Ltd.

According to the price, investors made a profit of Rs 4,900-5,100 on each lot allotted to them. However, listing of Lumino Industires has been below the expectations. Ahead of its debut, Lumino was commanding a grey market premium (GMP) of 38-40 apiece, suggesting a listing pop of 46-48 per cent for the investors.

The IPO of Lumino Industries ran for subscription in the price band of Rs 78-82 apiece between August 27-31. The company sold the issue with a lot size or 182 equity shares and its multiples thereafter. It raised a total of Rs 700 crore via IPO, with issue being overall subscription of 104.69 times, fetching more than 58.35 lakh applications.

On an individual basis, the portion reserved for non-institutional investors (NIIs) saw subscription of 62.35 times, while the portion for qualified institutional bidders (QIBs) was subscribed more than 43.58 times. The allocation for retail investors was subscribed 11.04 times during the three-day bidding period.

Incorporated in 2005, Lumino Industries is an integrated engineering, procurement and construction (EPC) company, with a focus on manufacturing and supplying conductors, power cables, electrical wires and specialised products for the power transmission and distribution industry. It manufactures high-temperature low-sag (HTLS) conductors used in transmission and distribution lines.

Brokerage firms were mostly positive on the issue, suggesting to subscribe to it for both long-term and listing gains. Motilal Oswal Investment Advisors, JM Financial Ltd and Monarch Networth Capital were the book running lead managers and Bigshare Services served as the registrar of the issue.