Lumino Industries Ltd’s initial public offering opened on Thursday with an overall subscription of 1.42 times on the first day, driven by strong retail and non-institutional investor demand, while institutional participation remained subdued.The ₹700-crore IPO, priced at ₹78–82 per share, received bids for 9,00,23,752 shares against 6,32,05,127 shares on offer by close. The retail individual investor (RII) category was subscribed 1.96 times, with bids for 6,06,79,528 shares against 3,09,61,538 on offer. Non-institutional investors (NIIs) subscribed 2.09 times overall, with the sub-₹10 lakh NII bucket seeing 3.63 times subscription.Qualified institutional buyers (QIBs), however, barely made a dent, subscribing just 0.04 times against the 1,76,92,307 shares reserved for them. QIB participation typically builds through the final day of an IPO. The employee reservation portion was subscribed 0.71 times.The issue comprises a fresh issue of ₹500 crore and an offer for sale of ₹200 crore. Proceeds from the fresh issue are earmarked primarily for debt repayment (₹337 crore) and capital expenditure (₹15 crore).Lumino Industries, incorporated in 2005, manufactures conductors, power cables, and electrical wires, and executes EPC projects in power transmission, solar, and railway electrification. Manufacturing contributed approximately 69.7 per cent of FY26 revenue, with EPC accounting for the rest. The company reported FY26 revenue of ₹2,041 crore and PAT of ₹160 crore.At the upper price band, the issue is valued at 15.6 times FY26 earnings. Brokerage houses Geojit, Anand Rathi and SBI Securities have issued “Subscribe” ratings for the issue.The IPO closes on August 31, 2026.Published on August 27, 2026