Shares of Lumino Industries Ltd made a strong debut on the bourses today. The stock opened at Rs 110 on the National Stock Exchange (NSE) against the issue price of Rs 82, a gain of 34.15 per cent. On the BSE, the stock began trading at Rs 109, up Rs 27, or 32.93 per cent. The stock gained further to touch the high of Rs 113.65. Last seen, it was trading at Rs 111.13 on the BSE, with a gain of 4.07 per cent from the listing price and 38.34 per cent from the IPO price. The market cap of the company stood at Rs 3,462.78 crore.
Earlier, the issue received a strong response and was subscribed 118.12 times on the final day of bidding on Monday, driven mainly by Qualified Institutional Buyers (QIBs).
According to data available on the National Stock Exchange, the IPO received bids for 7,46,59,52,130 shares against 6,32,05,127 shares on offer. The QIB category was subscribed 221.43 times, while the non-institutional investors segment garnered 176.42 times subscription. The retail portion was subscribed 38.50 times.
Lumino Industries IPO GMP Today
Ahead of the listing, the Lumino Industries IPO was commanding a grey market premium (GMP) of around Rs 38 today, implying a potential 46.34 per cent premium over the issue price of Rs 82. This suggested that the stock may list at Rs 120.
Raised Rs 207 crore from anchor investors
Ahead of the IPO, the company raised Rs 207 crore from anchor investors. The company has allotted over 2.52 crore equity shares to anchor investors at Rs 82 per share, according to a circular uploaded on BSE’s website.
The anchor book saw participation from investors, including Citigroup Global Markets Mauritius, SBI General Insurance Company, Bajaj Life Insurance, Silver Stride India Global Fund, and 3PIM India Equity (IFSC) Fund.
Of the proceeds from the fresh issue, Rs 337 crore will be utilised for payment of debt; another Rs 15 crore will be used for capital expenditure, including purchase of equipment and machinery, civil works and interior development of an existing manufacturing facility. The remaining proceeds will be utilised for general corporate purposes.
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(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)
