Kolkata
Lumino Industries, a major player in the power EPC industry, has filed its draft red herring prospectus with capital markets regulator SEBI to raise₹1000 crore through initial public offering.
The IPO, with a face value of ₹5, is a mix of fresh issues of shares up to ₹600 crore and an offer-for-sale up to ₹400 crore by promoter selling shareholders.
Through the OFS, Devendra Goel, the Managing Director of the company, is planning to sell shares aggregating up to ₹300 crore, while Jay Goel, a Whole-time Director, is looking to sell shares aggregating up to ₹100 crore, according to the DRHP.
The company may consider an issue of equity shares aggregating up to ₹120 crore as pre-IPO placement. If the pre-IPO placement is completed, the amount raised under the pre-IPO placement would be reduced from the fresh issue.
Headquartered in Kolkata, Lumino Industries is an integrated engineering, procurement, and construction (EPC) company, specialising in the manufacturing and supply of conductors, power cables, electrical wires, and other specialised components for the power distribution and transmission sector.
The equity shares of the company are proposed to be listed on the National Stock Exchange of India and BSE.
The proceeds from the fresh issue to the extent of ₹420 crore would be used for prepayment or re-payment, in full or in part, of certain outstanding borrowings availed by the company, ₹15.08 crore for capital expenditure for purchase of equipment and machinery, civil works and interior development of an existing manufacturing facility, and general corporate purposes.
The company’s revenue from operations increased by 85.12 per cent from₹760.21 crore in FY23 to ₹1407.31 crore in FY24. Restated profit increased from ₹19.40 crore in FY23 to ₹86.61 crore in FY24.
Motilal Oswal Investment Advisors, JM Financial, and Monarch Network Capital are the book-running lead managers of the issue.