The offer for Sale consists of shareholders selling shares up to Rs 300 crore by Devendra Goel and up to Rs 100 crore by Jay Goel.
FinTech BizNews Service
Mumbai, January 21, 2025: Kolkata-based Lumino Industries, one of the fastest growing players in the conductors, power cables, and power EPC industry in terms of Revenue from Operations CAGR between Fiscal 2022 to 2024, among the peers, has filed its Draft Red Herring Prospectus (DRHP) with capital markets regulator, Securities and Exchange Board of India (SEBI) to raise Rs 1000 crore through Initial Public Offering (IPO).
The IPO, with a face value of Rs 5, is a mix of fresh issues of shares up to Rs 600 crore and an offer-for-sale up to Rs 400 crore by Promoter Selling Shareholders. The offer also includes a subscription reservation by eligible employees in the employee reservation portion. The offer for Sale consists of shareholders selling shares up to Rs 300 crore by Devendra Goel and up to Rs 100 crore by Jay Goel.
Lumino Industries Ltd compares itself with prominent players in the industry, including Apar Industries Limited, Bajel Projects Limited, JSK Industries Private Limited, Kalpataru Projects International Limited, KEC International Limited, KEI Industries Limited, Sterlite Power Transmission Limited, and Universal Cables Limited. Between FY22 and FY24, Lumino Industries emerged as the third fastest-growing company among its peers in Operating EBITDA. In FY24, the company achieved the second-highest operating EBITDA margin at 10.14%, and by H1FY25, it led the peer group with the highest margin of 10.65%.
Additionally, Lumino Industries recorded the highest asset turnover ratio of 18.80 in FY24 and the second-highest PAT margin of 6.07%. The company also ranked second in terms of return on equity (RoE), achieving 21.52% in FY24 among its Indian peers. The company, in consultation with the BRLMS, may consider an issue of equity shares aggregating up to Rs 120 crore as pre-IPO placement. If the pre-IPO placement is completed, the amount raised under the pre-IPO placement will be reduced from the fresh issue.
The proceeds from the fresh issue to the extent of Rs. 420 crores for prepayment or repayment, in full or in part, of certain outstanding borrowings availed by the Company; Rs 15.08 crore for Capital expenditure by the Company for purchase of equipment and machinery, civil works and interior development of an existing manufacturing facility; and general corporate purposes. The Offer is being made through the book-building process, wherein not more than 50% of the net offer is allocated to qualified institutional buyers, and not less than 15% and 35% of the net offer is assigned to non-institutional and retail individual bidders respectively.
Lumino Industries Ltd is a product-centric, integrated engineering, procurement, and construction (EPC) company in India, specializing in the manufacturing and supply of conductors, power cables, electrical wires, and other specialized components for the power distribution and transmission sector. The company also manufactures high-temperature low-sag (HTLS) conductors, essential for transmission and distribution lines.
