SEBI approves IPO papers of Lumino Industries, M&B Engineering, Sunshine Pictures

Green Light from the Regulator

According to SEBI’s latest update on June 15, 2025, the three companies had filed their draft red herring prospectuses (DRHPs) between March and April this year. After a thorough review, the market regulator issued its final observations, effectively permitting them to proceed with their IPOs. These companies now have one year to launch their offerings from the date of observation.

About the Companies

Lumino Industries Ltd.

Based in Kolkata, Lumino Industries is a leading player in the power infrastructure space, primarily engaged in manufacturing aluminum conductors and cables used in power transmission. The company caters to a range of public sector utilities and has seen increasing demand driven by India’s expanding electricity grid.

The IPO is expected to be a fresh issue of equity shares worth ₹350 crore, alongside an offer for sale (OFS) by existing shareholders. Proceeds will primarily be used to enhance production capacity and repay debt.

M&B Engineering Ltd.

Mumbai-headquartered M&B Engineering operates in the mechanical and industrial engineering sector. The company provides turnkey engineering solutions to clients in oil & gas, power, and infrastructure. Known for its robust order book and technological know-how, the company aims to capitalize on India’s growing infrastructure momentum.

The IPO size is pegged at around ₹280 crore, comprising a mix of fresh issuance and OFS. The funds raised will go towards modernizing existing facilities, R&D, and working capital requirements.

Sunshine Pictures Pvt. Ltd.

Founded by film director Rohit Shetty, Sunshine Pictures is a Mumbai-based production house with a successful track record in mainstream Bollywood cinema. With multiple box office hits under its belt, the company is looking to diversify into digital content, regional cinema, and international collaborations.

Its IPO will consist of a pure offer for sale of ₹200 crore, enabling existing investors to partially exit and improve the company’s visibility in the capital markets. Sunshine Pictures will become one of the few Indian media and entertainment firms to be publicly listed.

Analyst Views

The approvals come at a time when Indian stock markets are scaling new highs, backed by strong macroeconomic fundamentals and retail investor participation.

“The SEBI nod reflects the growing confidence in India's capital markets. These IPOs offer a diversified investment opportunity—from industrial manufacturing to media entertainment,” said Ravi Krishnamurthy, head of research at Aegis Capital.

“Lumino and M&B are B2B plays with infrastructure linkages, which investors currently favor. Sunshine Pictures brings a rare flavor of creative business to the bourses, which may appeal to new-age investors,” noted Kavita Mehta, IPO analyst at WealthFund Advisors.

IPO Market Context

The IPO pipeline in 2025 has remained healthy, with over 40 companies filing DRHPs in the first five months alone. SEBI has been fast-tracking its review process to ensure efficient capital market access. Notably, recent IPOs of companies like Awfis, TBO Tek, and Juniper Hotels witnessed strong investor demand and listing gains.

The current IPO approvals align with the broader trend of mid-cap firms opting to go public amid favorable liquidity conditions and robust mutual fund inflows into equity markets.

Investor Outlook

For retail and institutional investors, these IPOs bring sectoral diversity and potential long-term value creation:

• Lumino Industries: Appeals to those looking for exposure to India’s energy transmission expansion, especially with the government's push for renewable integration.

• M&B Engineering: Suitable for investors betting on the infrastructure capex cycle, especially with private and public projects in full swing.

• Sunshine Pictures: Offers entry into the entertainment and content sector—a space rapidly evolving with OTT, regional cinema, and global collaborations.

However, analysts advise a cautious approach.

“Valuation will be key. Investors should look beyond brand recognition and examine fundamentals, especially for Sunshine Pictures. With creative businesses, revenue visibility can be volatile,” said Mehta.

The SEBI approval for Lumino Industries, M&B Engineering, and Sunshine Pictures is a strong endorsement of the companies' readiness to access the capital markets. As each company finalizes its pricing, offer dates, and roadshows, investor attention will shift toward the specifics of business models, financials, and growth strategies.

The upcoming IPOs are expected to launch within the next two to three quarters, with formal timelines to be announced shortly.