Lumino Ind Files Draft Papers For IPO

New Delhi: Conductors and power cables manufacturer Lumino Industries has filed preliminary papers with capital markets regulator Sebi to raise Rs 1,000 crore through an initial public offering (IPO). The Kolkata-based company’s IPO is a combination of a fresh issue of shares worth Rs 600 crore and an offer-for-sale component of up to Rs 400 crore by promoters. The offer also includes a subscription reservation by eligible employees, according to the Draft Red Herring Prospectus (DRHP) filed on Monday.

The OFS consists of the sale of shares to the tune of Rs 300 crore by Devendra Goel and Rs 100 crore by Jay Goel. The company may consider raising equity shares aggregating up to Rs 120 crore under pre-IPO placement. If such placement is completed, the fresh issue size will be reduced. Proceeds from the fresh issue to the extent of Rs 420 crore will be used for payment of debt, Rs 15.08 crore for purchase of equipment and machinery, civil works and interior development of an existing manufacturing facility; and a portion will be used for general corporate purposes.