Lumino Industries IPO Day 3 Final Subscription Status: 118.12x Subscribed; GMP at ₹54

Lumino Industries IPO Day 3 final subscription status closed at 118.12 times, with Qualified Institutional Buyers (QIBs) leading at 221.43x, followed by Non-Institutional Investors (NIIs) at 176.42x and retail investors at 38.50x. The Initial Public Offering (IPO) closed on 31 August 2026 after a sharp final-day acceleration. The latest adopted Grey Market Premium (GMP) was ₹54, indicating an unofficial price of about ₹136 per share.

Metric	Final/latest update
Bidding day	Day 3 final
Data status	Final after bidding closed on 31 August 2026
Overall subscription	118.12x
QIB subscription	221.43x
NII subscription	176.42x
Retail subscription	38.50x
Employee category	Not separately available in adopted final NSE-reported set
Latest adopted GMP	₹54
GMP percentage	65.9%
Indicative price	₹136
Closing date	31 August 2026

Lumino Industries IPO Day 3 Final Subscription Status

The Lumino Industries IPO Day 3 final subscription reached 118.12x based on the stabilized post-close exchange-reported figures. The issue received bids for about 746.60 crore shares against 6.32 crore shares available for public bidding.

Investor category	Day 3 final subscription
Qualified Institutional Buyers (QIBs)	221.43x
Non-Institutional Investors (NIIs)	176.42x
Retail Individual Investors	38.50x
Overall	118.12x

QIBs became the most subscribed category by the close, overtaking the NII segment after institutional bidding accelerated sharply on the final day. NII demand was also well above the overall multiple, while retail bidding closed at 38.50x.

Subscription multiples measure bid quantity relative to shares reserved in each category. They do not represent the number of unique applicants. Category allocation should therefore be considered before comparing one multiple directly with another.

Final Day-wise Subscription Trend

Lumino Industries saw most of its subscription build on the final bidding day.

Bidding stage	Overall subscription	Leading category
Day 1 close	1.42x	NII, 2.09x
Day 2 close	4.87x	NII, 7.78x
Day 3 final subscription	118.12x	QIB, 221.43x

The overall book moved from 1.42x after Day 1 to 4.87x after Day 2 before rising sharply to 118.12x at the close.

The biggest change was institutional participation. QIB demand had remained limited through the earlier bidding period but finished at 221.43x. NIIs also increased their bids substantially to 176.42x, while retail demand reached 38.50x. The final result was therefore broad across the three main categories, although QIB and NII multiples were considerably higher than retail.

Lumino Industries IPO GMP Today and Estimated Listing Price

The latest adopted Lumino Industries IPO GMP was ₹54 as of late afternoon (3:30 p.m. to 5:00 p.m. IST) on 31 August 2026. The previous available reading from the same tracker was around ₹60, indicating that the GMP had eased by about ₹6.

At the ₹82 upper price band:

Indicative price = ₹82 + ₹54 = ₹136

GMP percentage = ₹54 ÷ ₹82 × 100 = approximately 65.9%

Other same-day grey-market trackers showed different readings, ranging from the low-₹50s to around ₹61. This disagreement is important because GMP is unofficial, unregulated, and based on grey-market indications rather than exchange trading.

The ₹136 figure is therefore only an indicative calculation. GMP can change before listing and does not guarantee the actual listing price or gains.

What Stands Out in Today’s Bidding

Two developments stand out in the Day 3 final subscription data.

First, institutional participation changed the shape of the book. QIB subscription finished at 221.43x after being comparatively limited before the final session, making QIBs the leading category at close.

Second, subscription and GMP did not move in the same direction throughout the final phase. The subscription multiple rose dramatically to 118.12x, while the adopted GMP eased from its previous reading. This divergence highlights that IPO subscription and GMP measure different forms of demand.

Neither high subscription nor a positive GMP establishes fair valuation, business quality, or future returns. GMP disagreement across trackers adds another layer of uncertainty.

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
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 fresh issue accounts for ₹500 crore of the offer, while promoters Devendra Goel and Jay Goel are selling shares worth up to ₹200 crore through the OFS.

Brief Company and Financial Context

Lumino Industries is an integrated engineering, procurement, and construction business focused on power transmission and distribution. It also manufactures conductors, power cables, electrical wires, and specialised transmission 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 intends to use ₹337 crore of fresh-issue proceeds for repayment or prepayment of borrowings and about ₹15 crore for capital expenditure. Key considerations include working-capital requirements, customer concentration, project execution, and dependence on government and public-sector orders.

What Happens Next

With bidding now closed, the next stage is the allotment process, expected on 1 September 2026. Refund or fund-unblocking processes and credit of shares are expected to follow before Lumino Industries shares are scheduled to list on BSE and NSE on 3 September 2026. These dates remain subject to the final issue timetable.

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