Lumino Industries Makes Dazzling Market Debut, Shares List At Over 34% Premium
· Free Press Journal
New Delhi: Lumino Industries shares made an impressive stock market debut on Thursday, September 3, rewarding IPO investors with listing gains of more than 34% before extending their rally during morning trade.
The stock opened at Rs 110 on the NSE, a 34.15% premium over its IPO issue price of Rs 82. Buying momentum strengthened after listing, pushing the Lumino Industries share price as much as 44.15% higher to Rs 118.20.
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On the BSE, the stock debuted at Rs 109, representing a 32.93% premium to the issue price. It subsequently climbed 45.11% to Rs 118.99.
At these levels, Lumino Industries commanded a market valuation of about Rs 3,508.46 crore on the NSE and Rs 3,505.41 crore on the BSE.
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The strong listing followed overwhelming demand for the Lumino Industries IPO, which was subscribed 118.12 times by the final day of bidding.
The Rs 700-crore public issue had a price band of Rs 78-82 per share. It comprised a fresh issue worth Rs 500 crore and a Rs 200-crore Offer for Sale by promoters Devendra Goel and Jay Goel.
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Lumino Industries plans to use Rs 337 crore from the fresh issue proceeds to repay debt.
Another Rs 15 crore will fund capital expenditure, including machinery, equipment, civil works and interior development at an existing manufacturing facility. The remaining amount will be deployed for general corporate purposes.
Lumino Industries operates as a product-driven integrated engineering, procurement and construction (EPC) company in India.