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Lumino Industries shares debut at 34.15% premium to IPO price
The IPO opened at ₹110 per share on the NSE and the grey-market GMP was ₹39.5 ahead of listing, implying an estimated ₹121.5 listing price.
Lumino Industries stock made its market debut on Thursday, September 3, listing at a 34.15% premium over the IPO price of ₹82. According to LiveMint Markets, shares opened at ₹110 per share on the NSE, with the listing arriving below market expectations.
The company’s grey-market premium, or GMP, stood at ₹39.5 ahead of listing, which indicated an estimated listing price of ₹121.5. LiveMint Markets said the issue was led by non-institutional investors, whose reserved portion was subscribed 176.42 times, while QIBs were subscribed 221.43 times and retail saw 38.50 times subscription.
LiveMint Markets reported that the IPO price band was set at ₹78 to ₹82 per equity share, with a face value of ₹5 and a lot size of 182 shares. The IPO comprised a fresh issue of equity shares aggregating up to ₹500 crore and an offer-for-sale component worth up to ₹200 crore by promoters Devendra Goel and Jay Goel.
For use of proceeds, LiveMint Markets said the firm plans to deploy ₹337 crore from the fresh issue toward debt repayment and ₹15 crore for capital expenditure at an existing manufacturing facility, with the remainder allocated for general corporate purposes. Motilal Oswal Investment Advisors Ltd was named the book-running lead manager, and Bigshare Services Pvt Ltd was appointed as registrar.