Mumbai: The Initial Public Offering of Lumino Industries Limited was subscribed 1.42 times on the first day of bidding, demonstrating strong demand from retail and non-institutional investors for this IPO.

The issue received bids of 9,00,23,752 equity shares against the offered 6,32,05,127 equity shares, according to data available on the stock exchanges.

Retail Portion and Non-institutional investors portion were subscribed 1.96 times and 2.09 times, respectively. Qualified Institutional Buyers (QIB) was subscribed 0.04 times whereas employee portion was subscribed 0.71 times.

The issue kicked off for subscription on Thursday, August 27, 2026, and will close for subscription on Monday, August 31, 2026.

A day before the opening of the issue, Lumino Industries Limited had raised nearly Rs 207 crore from anchor investors.

Brokerage houses recommend company

Leading brokerage firms like Adroit Financial, Anand Rathi, BP Wealth, Sushil Finance and Ventura Securities have given their “Subscribe” recommendation to Lumino Industries Limited, which is a product-driven integrated engineering, procurement and construction (EPC) player in India.

Anand Rathi highlights the company is a product-driven integrated engineering, procurement and construction (EPC) player in India, with strong focus on manufacturing (Manufacturing) and supplying conductors, power cables and electrical wires and other specialised products and components to the growing power transmission and distribution industry in India.

On the valuation front, at the upper price band, the company is valued at a P/E of 15.5 times FY26 earnings and an EV/EBITDA of 9.6 times FY26. Recommend “Subscribe for long-term”.

BP Wealth highlights the company over the years has expanded from a manufacturing-led business into an integrated platform spanning power transmission and distribution EPC, solar EPC, EHV sub-stations, railway electrification and water management projects.

On the valuation front, at the upper price band of Rs 82, the issue is valued at 12.5 times FY26 P/E based on diluted EPS of Rs. 6.6. Considering the company’s integrated business model, strong order-book visibility, diversified manufacturing capabilities, improving profitability and favourable long-term power sector outlook, we believe the valuation is fair. Recommend “Subscribe”.