The initial public offering of Lumino Industries Ltd was subscribed 118.12 times on the final day of bidding on Monday amid overwhelming investor response, mainly from Qualified Institutional Buyers (QIBs).

The IPO received bids for 7,46,59,52,130 shares against 6,32,05,127 shares on offer, as per details available with the NSE.

The category for QIBs was subscribed 221.43 times, while the non-institutional investors segment garnered 176.42 times subscription. The retail portion was subscribed 38.50 times.

Lumino Industries Ltd on Tuesday raised Rs 207 crore from anchor investors.

The company has fixed a price band of Rs 78-82 per equity share for its IPO.

The IPO comprises a fresh issue of equity shares worth up to Rs 500 crore and an offer-for-sale (OFS) of up to Rs 200 crore by promoters Devendra Goel and Jay Goel.

Of the proceeds from the fresh issue, Rs 337 crore will be utilised for payment of debt, and Rs 15 crore will be used for capital expenditure, including purchase of equipment and machinery, civil works and interior development of an existing manufacturing facility. The remaining funds will be utilised for general corporate purposes.

Lumino Industries is a product-driven integrated engineering, procurement and construction (EPC) player in India.