New Delhi, Sep 3 (PTI) Shares of Lumino Industries on Thursday ended more than 1 per cent higher after making a strong debut on the stock exchanges.
The stock opened at Rs 109, a premium of 32.93 per cent over the issue price on the BSE. During the day, it climbed 45.12 per cent to hit an intraday high of Rs 119 before ending at Rs 110.39 apiece, up 1.28 per cent.
On the NSE, the shares were listed at Rs 110, marking a 34.15 per cent premium. The stock surged 45.10 per cent during the intraday session to hit a high of Rs 118.99 before settling at Rs 111.20, higher by 1.09 per cent.
At the close of trading, the company’s market valuation stood at Rs 3,386.64 crore and Rs 3,361.97 crore on the NSE and BSE, respectively.
The strong debut followed robust
investor response to Lumino Industries’ initial public offering (IPO), which was subscribed 118.12 times on the final day of bidding on Monday.
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.
Of the fresh issue proceeds, Rs 337 crore will be utilised for debt repayment, and Rs 15 crore will be used 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 utilised for general corporate purposes.
Lumino Industries is a product-driven integrated engineering, procurement and construction (EPC) player in India. PTI HG HG BAL BAL
