Lumino Industries IPO Day 2 Subscription Status: 4.25x Subscribed; GMP at ₹56.5
Lumino Industries IPO was subscribed 4.25 times as of late afternoon on Day 2 (3:30 p.m. to 5:00 p.m. IST on 28 August 2026). Non-Institutional Investors (NIIs) led demand at 6.38x, followed by retail investors at 5.86x. Qualified Institutional Buyers (QIBs) remained at 0.05x. The Grey Market Premium (GMP) stood at ₹56.5. The ₹700 crore IPO remains open until 31 August 2026.
| Metric | Latest update |
| Bidding day | Day 2 |
| Data status | Late afternoon (3:30 p.m. to 5:00 p.m. IST) on 28 August 2026 |
| Overall subscription | 4.25x |
| QIB subscription | 0.05x |
| NII subscription | 6.38x |
| Retail subscription | 5.86x |
| Employee subscription | 1.60x |
| Current GMP | ₹56.5 |
| GMP percentage | 68.9% |
| Indicative price | ₹138.5 |
| Closing date | 31 August 2026 |
Lumino Industries IPO Day 2 Subscription Status
Lumino Industries IPO demand increased across most categories on the second bidding day. The overall public offer reached 4.25x subscription, compared with 1.51x at the end of Day 1 on the same consolidated share base.
| Investor category | Day 2 | Day 1 close | Change |
| Qualified Institutional Buyers (QIBs) | 0.05x | 0.04x | +0.01x |
| Non-Institutional Investors (NIIs) | 6.38x | 2.20x | +4.18x |
| Big NII | 4.37x | 1.39x | +2.98x |
| Small NII | 10.40x | 3.82x | +6.58x |
| Retail Individual Investors | 5.86x | 2.08x | +3.78x |
| Employees | 1.60x | 0.75x | +0.85x |
| Overall | 4.25x | 1.51x | +2.74x |
The small NII segment was the most subscribed category at 10.40x, while broader NII demand reached 6.38x. Retail bidding also accelerated, rising from 2.08x on Day 1 to 5.86x.
Subscription multiples show the quantity of shares bid for relative to shares reserved in each category. They do not represent the number of unique applicants, and smaller reserved categories can reach higher multiples with fewer absolute shares.
How Subscription Changed From Day 1
The strongest Day 2 acceleration came from NIIs. Their subscription increased by 4.18 times, from 2.20x at the Day 1 close to 6.38x in the latest Day 2 snapshot. Within that category, small NII demand rose more sharply than big NII demand.
Retail participation also broadened significantly, adding 3.78 times to reach 5.86x. Employee demand moved above full subscription at 1.60x.
QIB participation, however, changed only marginally from 0.04x to 0.05x. Institutional bidding often develops later in an IPO subscription period, but the current data does not establish whether QIB demand will accelerate on the closing day.
Lumino Industries IPO GMP Today and Estimated Listing Price
Lumino Industries IPO GMP was ₹56.5 as of late afternoon (3:30 p.m. to 5:00 p.m. IST) on 28 August 2026. The previous available reading was around ₹56, indicating a small increase of ₹0.5.
At the upper price band of ₹82:
Indicative price = ₹82 + ₹56.5 = ₹138.5
GMP percentage = ₹56.5 ÷ ₹82 × 100 = approximately 68.9%
The current GMP therefore indicates an unofficial price near ₹138.5 per share.
Other available grey-market readings were broadly in the mid-₹50 range, so minor differences between trackers are possible. GMP is an unofficial and unregulated market indicator. It is not published by the SEBI, BSE, or NSE. It can change quickly and does not guarantee either the actual listing price or listing gains.
What Stands Out in Today’s Bidding
Two signals stand out from Day 2. First, demand has broadened substantially among NIIs and retail investors, taking overall subscription from 1.51x on Day 1 to 4.25x. Second, the GMP has remained strongly positive while subscription has increased, meaning the two short-term demand indicators are currently moving in the same direction.
There are also clear limitations. QIB subscription remains low at 0.05x, so the current book is still concentrated mainly in NII and retail categories. In addition, neither a high subscription multiple nor a high GMP establishes fair valuation, business quality, or future market returns.
IPO Details Retail Investors Need
| IPO detail | Information |
| Price band | ₹78 to ₹82 per share |
| Lot size | 182 shares |
| Minimum retail investment | ₹14,924 at ₹82 |
| Total issue size | ₹700 crore |
| Fresh issue | ₹500 crore |
| Offer for Sale (OFS) | ₹200 crore |
| Issue type | Book-built mainboard IPO |
| Closing date | 31 August 2026 |
| Expected listing date | 3 September 2026 |
| Exchange | BSE and NSE |
The IPO includes a ₹500 crore fresh issue and a ₹200 crore OFS. One retail lot contains 182 shares, making the minimum investment ₹14,924 at the upper price band.
Brief Company and Financial Context
Lumino Industries is an integrated engineering, procurement, and construction company focused on power transmission and distribution. It also manufactures conductors, power cables, electrical wires, and specialised electrical products.
Revenue from operations increased to ₹2,041.07 crore in FY26 from ₹1,917.97 crore in FY25, while profit after tax rose to about ₹160 crore from ₹124.59 crore. The company plans to use ₹337 crore of fresh-issue proceeds for debt repayment or prepayment and about ₹15 crore for capital expenditure. Key considerations include customer concentration, working-capital requirements, raw-material price movements, and exposure to government and public-sector projects.
What Happens Next
Lumino Industries IPO enters its closing day on 31 August 2026. Investors tracking the issue should watch whether QIB participation increases, whether NII and retail demand continues to build, how the final overall multiple develops, and whether the GMP remains near its current level or changes materially before bidding closes.
Frequently Asked Questions (FAQs)
Q: How many times was the Lumino Industries IPO subscribed on Day 2?
A: Lumino Industries IPO was subscribed 4.25x overall as of late afternoon (3:30 p.m. to 5:00 p.m. IST) on 28 August 2026. NIIs led at 6.38x, retail investors were at 5.86x, QIBs at 0.05x, and employees at 1.60x.
Q: How did Lumino Industries IPO demand change from Day 1 to Day 2?
A: Overall subscription increased from 1.51x at the Day 1 close to 4.25x on Day 2, an increase of 2.74 times. NII and retail bidding drove most of the rise, while QIB participation remained limited.
Q: What is the Lumino Industries IPO GMP today?
A: The latest adopted GMP was ₹56.5 as of late afternoon (3:30 p.m. to 5:00 p.m. IST) on 28 August 2026. GMP is an unofficial market indicator and can change before listing.
Q: What listing price does the current Lumino Industries IPO GMP indicate?
A: Adding the ₹56.5 GMP to the ₹82 upper price band gives an indicative price of ₹138.5 per share, about 68.9% above the upper band. This is only an unofficial indication and not a guaranteed listing price.
Q: Does high subscription guarantee that Lumino Industries IPO will list at a premium?
A: No. High subscription reflects demand for the shares offered, while GMP reflects unofficial grey-market activity. Neither guarantees a premium listing, fair valuation, business quality, or positive returns after the stock begins trading.
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