Aequitas Research

Hong Jie Seow

Independent Insight Provider

IPOs and Placements coverage across Asia Pacific

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Lumino Industries Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lumino-industries-ltd" target="_blank" data-smartkarma-citation="entities:44298:1" rel="noopener">Lumino Industries Ltd (0349204D IN)</a> is looking to raise US$116m in its upcoming India IPO.</li>
<li>Lumino is an engineering, procurement, and construction (EPC) player in India, focusing on the manufacturing of conductors, power cables, electrical wires, and others for the power distribution and transmission industry</li>
<li>In this note, we look at the company’s past performance.</li>
</ul>



Lumino Industries Ltd (0349204D IN) is looking to raise US$116m in its upcoming India IPO.
Lumino is an engineering, procurement, and construction (EPC) player in India, focusing on the manufacturing of conductors, power cables, electrical wires, and others for the power distribution and transmission industry
In this note, we look at the company’s past performance.


Lumino Industries Limited Pre-IPO: Strong Momentum but Rising Risks Temper Outlook

APAC IPOs & Placements, Aequitas Research

Rosita Fernandes

APAC IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lumino-industries-ltd" target="_blank" data-smartkarma-citation="entities:44298:1" rel="noopener">Lumino Industries Ltd (0349204D IN)</a> is looking to raise about US$116m in its upcoming India IPO. The bookrunners for the deal are Motilal, JM Fin, Monarch.</li>
<li>Lumino Industries Ltd (LIL) was established in 2005. The company is a product-driven integrated engineering, procurement, and construction (EPC) player in India.</li>
<li>As per CRISIL Report, Lumino Industries is recognized as the fastest-growing player in the conductors, power cables, and power EPC industry, in terms of revenue CAGR between FY22 to FY24.</li>
</ul>



Lumino Industries Ltd (0349204D IN) is looking to raise about US$116m in its upcoming India IPO. The bookrunners for the deal are Motilal, JM Fin, Monarch.
Lumino Industries Ltd (LIL) was established in 2005. The company is a product-driven integrated engineering, procurement, and construction (EPC) player in India.
As per CRISIL Report, Lumino Industries is recognized as the fastest-growing player in the conductors, power cables, and power EPC industry, in terms of revenue CAGR between FY22 to FY24.


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, a number of company's appear to be lining up to launch their IPOs in the coming month.</li>
<li>On the placements front, there were a number of large deals across the region.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, a number of company's appear to be lining up to launch their IPOs in the coming month.
On the placements front, there were a number of large deals across the region.


ECM Weekly (1 September 2025)- Nissan, Metaplanet, Indigo, Laopu, Akeso, Mixue, Aux, Orion, Chery

Partner at Exencial Research, Exencial Research

Viral Kishorchandra Shah

Partner at Exencial Research

Exencial Research

Thematic (Sector/Industry)

<ul>
<li>
Record Rs47.8B investments in 2025-26, marking the highest project completions in a decade, driven by surging demand for aluminium products.</li>
<li>
<a href="https://www.smartkarma.com/entities/hindalco-industries-ltd" target="_blank" data-smartkarma-citation="entities:18490:1" rel="noopener">Hindalco Industries (HNDL IN)</a>  dominates with Rs37.6B Hirakud project, accounting for 79% of 2025-26 investments, boosting flat-rolled product capacity by 170k tonnes/year.</li>
<li>
25 new projects announced in 2024-25, including <a href="https://www.smartkarma.com/entities/vedanta-ltd" target="_blank" data-smartkarma-citation="entities:514:1" rel="noopener">Vedanta Ltd (VEDL IN)</a> ’s Rs409.9B smelter, signalling robust growth in downstream and recycled aluminium sectors.</li>
</ul>



Record Rs47.8B investments in 2025-26, marking the highest project completions in a decade, driven by surging demand for aluminium products.

Hindalco Industries (HNDL IN)  dominates with Rs37.6B Hirakud project, accounting for 79% of 2025-26 investments, boosting flat-rolled product capacity by 170k tonnes/year.

25 new projects announced in 2024-25, including Vedanta Ltd (VEDL IN) ’s Rs409.9B smelter, signalling robust growth in downstream and recycled aluminium sectors.


The Aluminium Revolution: Four Major Projects Set to Transform India's Metal Landscape

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, we had a look at the valuations for <a href="https://www.smartkarma.com/entities/dr-agarwal-s-eye-hospital" target="_blank" data-smartkarma-citation="entities:23713:1" rel="noopener">Dr. Agarwal’s Eye Hospital</a> and <a href="https://www.smartkarma.com/entities/seoul-guarantee-insurance-co" target="_blank" data-smartkarma-citation="entities:40123:1" rel="noopener">Seoul Guarantee Insurance (031210 KS)</a>. </li>
<li>On the placements front, given the holiday shortened week, there were no placements this week.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, we had a look at the valuations for Dr. Agarwal’s Eye Hospital and Seoul Guarantee Insurance (031210 KS). 
On the placements front, given the holiday shortened week, there were no placements this week.


ECM Weekly (3rd Feb 2025) - Seoul Guarantee, Dr Agarwal's, Ather Energy, Hexaware, Visen Pharma

India

Lumino Industries Limited operates as an integrated power infrastructure company. The Company offers a wide range of overhead conductors, aerial bunched and power cables, and earth wires. Lumino Industries serves customers in India.

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Lumino Industries Ltd (0349204D IN)

Lumino Industries Limited Pre-IPO: Strong Momentum but Rising Risks Temper Outlook

Lumino Industries Ltd is set to raise $116m in its India IPO, specializing in manufacturing products for the power distribution industry.

Hong Jie Seow

Lumino Industries Ltd Pre-IPO Tearsheet

Lumino Industries Ltd is set to raise $116m in India IPO, recognized as fastest-growing player in conductors and power EPC industry.

Rosita Fernandes

ECM Weekly (1 September 2025)- Nissan, Metaplanet, Indigo, Laopu, Akeso, Mixue, Aux, Orion, Chery

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

The Aluminium Revolution: Four Major Projects Set to Transform India's Metal Landscape

Record investments in 2025-26 driven by demand for aluminium products, Hindalco Industries leads with Hirakud project, 25 new projects announced...

Viral Kishorchandra Shah

ECM Weekly (3rd Feb 2025) - Seoul Guarantee, Dr Agarwal's, Ather Energy, Hexaware, Visen Pharma

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Lumino Industries Limited Pre-IPO: Strong Momentum but Rising Risks Temper Outlook

​Lumino Industries Ltd is set to raise $116m in its India IPO, specializing in manufacturing products for the power distribution industry.

Hong Jie Seow

Lumino Industries Ltd Pre-IPO Tearsheet

​Lumino Industries Ltd is set to raise $116m in India IPO, recognized as fastest-growing player in conductors and power EPC industry.

Rosita Fernandes

ECM Weekly (1 September 2025)- Nissan, Metaplanet, Indigo, Laopu, Akeso, Mixue, Aux, Orion, Chery

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

The Aluminium Revolution: Four Major Projects Set to Transform India's Metal Landscape

​Record investments in 2025-26 driven by demand for aluminium products, Hindalco Industries leads with Hirakud project, 25 new projects announced...

Viral Kishorchandra Shah

ECM Weekly (3rd Feb 2025) - Seoul Guarantee, Dr Agarwal's, Ather Energy, Hexaware, Visen Pharma

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Lumino Industries Ltd is set to raise $116m in its India IPO, specializing in manufacturing products for the power distribution industry.

Lumino Industries Ltd is set to raise $116m in India IPO, recognized as fastest-growing player in conductors and power EPC industry.

Record investments in 2025-26 driven by demand for aluminium products, Hindalco Industries leads with Hirakud project, 25 new projects announced...