Lumino Industries Set to Illuminate Markets with Rs 1,000 Crore IPO

Lumino Industries, an EPC company focused on conductors and power cables, aims to raise Rs 1,000 crore via an IPO. The offer includes a fresh issue worth Rs 600 crore and an OFS of Rs 400 crore. Proceeds will primarily be used for reducing debt and general corporate needs.

Lumino Industries is preparing to launch an initial public offering (IPO) to raise Rs 1,000 crore, as per their draft red herring prospectus filed with SEBI. The Kolkata-based EPC company specializes in conductors, power cables, and power projects.

The IPO will feature a fresh issue of shares amounting to Rs 600 crore and an offer-for-sale (OFS) of Rs 400 crore by the promoters. To encourage employee participation, a portion of the offer will be reserved under an employee reservation scheme.

The company intends to utilize Rs 420 crore from the fresh issue to reduce its borrowing. A minor Rs 15 crore will be allocated for capital expenditure, with the remainder directed towards general corporate objectives. Additionally, a pre-IPO equity shares placement totalling Rs 120 crore may be considered.

(With inputs from agencies.)