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 received final observation from the capital markets regulator, Securities and Exchange Board of India (SEBI), to raise Rs 1,000 crore through an 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 300 crore by Devendra Goel and up to Rs 100 crore by Jay Goel. The company had filed its IPO papers with Sebi on January 20, 2025.

The proceeds from the fresh issue to the extent of Rs. 420 crores for prepayment or re-payment, 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.

Lumino Industries 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.

The company operates under two primary business segments—Manufacturing and EPC and its focuses on designing, engineering, manufacturing, and distributing specialized solutions for diverse applications, including power distribution, industrial uses, renewable energy, communication systems, electrical panels, and railway networks.

The company caters to a wide range of clients, supplying conductors, power cables, and specialized products. Domestic client includes Kalpataru Projects International Limited, Jackson Limited, Warora Kurnool Transmission Limited, and Monte Carlo Limited and International clients includes government-owned utilities and electricity boards of United States, Nepal, Bangladesh, Kenya, Ghana, Rwanda, and Ethiopia.

As of September 30, 2024, Lumino Industries reported an aggregate order book of Rs.1, 803.53 crores.

Lumino Industries Limited's revenue from operations increased by 85.12% from Rs. 760.21 crore in Fiscal 2023 to Rs. 1,407.31 crore in Fiscal 2024. Restated Profit for the year increased from Rs. 19.40 crore in Fiscal 2023 to Rs. 86.61 crore in Fiscal 2024.

For the six months ended September 30, 2024, revenue from operations stood at Rs.947.62 crore, and Profit after tax stood at Rs 64.31 crore.

Motilal Oswal Investment Advisors Limited, JM Financial Limited, and Monarch Network Capital Limited are the book-running lead managers and Bigshare Services Private Limited is the registrar of the issue. The equity shares are proposed to be listed on the National Stock Exchange of India Limited and BSE Limited.