The IPO closes on July 27, 2026.

The initial public offering (IPO) of Lohia Corp Limited, a Kanpur-based global manufacturer of woven raffia machinery, received a subdued response on its first day of bidding on Wednesday, with the issue subscribed just 0.39 times overall.

The IPO, priced at ₹404–425 per share, received bids for 56.38 lakh shares against the 1.43 crore shares on offer. Retail investors led the categories with a 0.66x subscription, while the Qualified Institutional Buyer (QIB) portion stood at 0.43x, entirely driven by mutual funds. The Non-Institutional Investor (NII) category lagged at 0.15x, and the employee reservation portion was subscribed 0.26x.

The issue is entirely an Offer for Sale of 2.59 crore shares, meaning Lohia Corp will receive no proceeds from the offering. The total issue size is valued at approximately ₹1,102 crore at the upper price band

Lohia Corp holds a 40.7 per cent domestic market share in woven raffia machines by value in FY25 and a 15.4 per cent share of the global market by revenue in 2024. The company reported revenue of ₹1,717 crore in FY26, up 24.7 per cent year-on-year, with EBITDA margins expanding to 18.6 per cent and PAT of ₹193 crore.

Analysts across brokerages have recommended subscribing for the long term while flagging near-term concerns. Anand Rathi noted the issue appears “fully priced” at a P/E of 23.21x based on annualised FY26 earnings, with a post-issue market cap of approximately ₹44,901 million. The brokerage cited the company’s heavy revenue concentration in woven raffia machinery, contributing over 88 per cent of FY26 revenues, as a key risk, alongside exposure to cyclical end-user demand and raw material volatility.

SBI Securities, assigning a Subscribe for Long Term rating, highlighted the company’s strong return metrics, RoE of 38.9 per cent and RoCE of 42.6 per cent in FY26, and a lean balance sheet with debt-to-equity at 0.3x. HDFC Securities flagged concerns including losses at subsidiary Leesona Corp of ₹243 crore in FY26 and a significant unhedged foreign currency exposure of ₹780 million. The IPO closes on July 27, 2026.

Published on July 23, 2026