Kolkata-based Lumino Industries, which manufactures conductors, power cables and electrical wires, has filed preliminary papers with the capital markets regulator SEBI to raise Rs 1,000 crore via initial public offering.
The IPO is a combination of fresh issue of Rs 600 crore, and an offer-for-sale of Rs 400 crore worth shares by promoters Devendra Goel, and Jay Goel.
Further, the company may consider fund raising of up to Rs 120 crore in the pre-IPO round. If it completes the pre-IPO placement, the said amount will be reduced from the fresh issue.
The Rs 420 crore out of fresh issue proceeds will be utilised for repaying debt. Further, Rs 15.08 crore will be used for purchase of equipment and machinery, civil works and interior development of existing manufacturing facility.
Lumino Industries supplies conductors, power cables and other specialised products to large EPC players such as Kalpataru Projects International, Jackson, Warora Kurnool Transmission, KGN Electricals, WRSS XXI (A) Transco, Monte Carlo and RS Infraprojects. It also caters these products to international clients in countries such as United States of America, Nepal, Bangladesh, Kenya, Ghana, Rwanda and Ethiopia.
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Its total order book at the end of September 2024 was Rs 1,803.5 crore, comprising both domestic and international projects.
The engineering, procurement and construction (EPC) player has recorded a massive 346 percent growth in its profit at Rs 86.6 crore for the fiscal 2024, compared to Rs 19.4 crore in the previous fiscal. Revenue during the year ended March 2024 at Rs 1,407.3 crore increased by 85.1 percent compared to Rs 760.2 crore in the fiscal 2023.
Further, profit for six months period ended September 2024 was at Rs 63.7 crore on revenue of Rs 947.6 crore.
Motilal Oswal Investment Advisors, JM Financial, and Monarch Networth Capital will act as the book running lead managers to the issue.
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