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New Delhi, Sep 3 (PTI) Shares of Lumino Industries made a strong debut on bourses on Thursday, listing with a premium of more than 34 per cent against the issue price of Rs 82.
The stock opened at Rs 110, marking a 34.15 per cent premium over the issue price on the NSE. Later, it jumped 44.15 per cent to Rs 118.20 apiece.
On the BSE, the shares listed at Rs 109, a premium of 32.93 per cent, and later surged 45.11 per cent to Rs 118.99.
At these levels, the company’s market valuation stood at Rs 3,508.46 crore on the NSE, and Rs 3,505.41 crore on the BSE.
The strong debut came against a firm broader market. The 30-share BSE Sensex rose 64.03 points to 76,634.38, while the NSE Nifty gained 25.85 points to 23,940.30 in morning trade.
The initial public
offering (IPO) of Lumino Industries was subscribed 118.12 times on the final day of bidding on Monday, reflecting strong investor demand.
The Rs 700-crore IPO was offered in a price band of Rs 78-82 per equity share.
The public issue comprised a fresh issue of equity shares worth up to Rs 500 crore and an Offer-for-Sale of up to Rs 200 crore by promoters Devendra Goel and Jay Goel.
Out of the fresh issue proceeds, Rs 337 crore will be utilised for debt repayment, and Rs 15 crore for capital expenditure, including the purchase of equipment and machinery, civil works, and interior development of an existing manufacturing facility.
The remaining proceeds will be used for general corporate purposes.
Lumino Industries is a product-driven integrated engineering, procurement and construction (EPC) player in India. PTI HG DRR
