Lohia Corp opens Rs 1,100 crore all-OFS IPO at Rs 404-425 band

The Development

Lohia Corp Limited, a Kanpur-based manufacturer of machinery for the woven raffia and technical-textiles industry, opened its initial public offering for subscription on Thursday, 23 July 2026. The issue is structured entirely as an offer for sale (OFS) of up to 25,931,407 equity shares of face value Re 1 each by the promoters and other selling shareholders, per the red herring prospectus (RHP) dated 17 July 2026 filed with the Registrar of Companies and available on SEBI's website. At the announced price band of Rs 404 to Rs 425 per share, the offer aggregates to roughly Rs 1,100 crore at the upper end. The development was surfaced through coverage on the IPO desk of The Economic Times.

Because the offer is a pure OFS, the company itself receives none of the proceeds; the entire amount flows to the selling shareholders. Per the RHP schedule, anchor investor bidding took place on Wednesday, 22 July 2026, one working day before the offer opened. The three-day bidding window closes on Monday, 27 July 2026. The equity shares are proposed to be listed on both BSE and NSE, with NSE designated as the stock exchange for the offer.

The Company

Lohia Corp describes itself in the offer document as "a global manufacturer of machinery and equipment for technical textiles, focused on PP and HDPE woven fabric and sacks." Per the RHP, its product range spans tape extrusion lines, winders, circular looms, coating and lamination lines, printing and conversion machines, multifilament yarn machines, recycling machines and spare parts. The company discloses that its machines are used in packaging for cement, fertilisers, chemicals, food grains and minerals, and in non-packaging applications such as geotextiles, tarpaulin and carpet backing. It operates six manufacturing facilities, four in India and one each in the United States and Italy, and describes itself as a market leader in India and among the leading manufacturers globally of woven raffia machinery.

The company was formerly known as Kanpur Packaging Machines Limited and took its present form and name through a scheme of arrangement effective 1 April 2024, per the RHP. Its promoters are Raj Kumar Lohia, Gaurav Lohia and Amit Kumar Lohia.

On the numbers the company discloses, per the restated financial information: revenue from operations of Rs 1,717 crore (Rs 17,169.95 million) in the financial year ended 31 March 2026, up from Rs 1,377 crore in FY2025; profit after tax of Rs 193.45 crore in FY2026 against Rs 117.84 crore in FY2025; and EBITDA of Rs 339.45 crore at an EBITDA margin of 19.53%. The RHP puts return on equity at 36.80% and basic earnings per share at Rs 18.31 for FY2026, with a disclosed order book of Rs 1,358.5 crore as of 31 March 2026.

The Offer Structure

The offer is wholly an offer for sale; there is no fresh issue, and the stated objects of the offer are, per the RHP, to "carry out the Offer for Sale" and to "achieve the benefits of listing." The selling shareholders are the three promoters, Raj Kumar Lohia (up to 16,728,500 shares), Gaurav Lohia (up to 2,217,500 shares) and Amit Kumar Lohia (up to 920,187 shares), along with promoter-group shareholder Ritu Lohia (up to 1,671,250 shares) and other selling shareholders Alok Kumar Lohia (2,171,460 shares), Anurag Lohia (1,137,610 shares) and Anuja Lohia (1,084,900 shares).

The price band is set at Rs 404 to Rs 425 per equity share of face value Re 1, and the bid lot is 35 shares, translating to a minimum retail application of Rs 14,875 at the upper end of the band. The book-running lead managers to the offer are Equirus Capital Limited and Motilal Oswal Investment Advisors Limited, and the registrar is MUFG Intime India Private Limited (formerly Link Intime India). Readers working through the arithmetic of an allotment or a holding period can use Oquilia's lumpsum calculator and CAGR calculator; prior primary-market coverage sits on the Oquilia news desk.

Risk Factors

The RHP sets out the company's own risk factors, which prospective investors are directed to read in full. Among the top internal risks the company discloses is a heavy concentration in a single product market: the RHP states that woven raffia machines accounted for 88.16% of revenue from operations in FY2026, so any slowdown in end-use industries such as agro-textiles, building-textiles and packaging could adversely affect the business.

The company also discloses risks from "significant increases or fluctuations in prices of, or shortages of" primary raw materials, and from its reliance on overseas suppliers, where import restrictions or changes in tariffs could weigh on operations. The RHP further lists exposure to foreign-currency fluctuation, given imports of raw materials and exports of finished products, and notes that the company has "experienced negative cash flows from operating activities in the past." The offer document additionally flags that its special-purpose combined and carve-out financial statements "may not be representative" of results as an independent company, a consequence of the 2024 scheme of arrangement. These are the company's stated disclosures, not an assessment by this desk.

What Happens Next

With anchor bidding completed on 22 July and the public window open from 23 to 27 July, the standard mechanics from here run their course: the three-day subscription period closes at the stated UPI mandate cut-off, after which the registrar finalises the basis of allotment and processes refunds and the unblocking of application amounts for unsuccessful bidders. Credit of allotted shares to demat accounts follows, ahead of listing on BSE and NSE.

Exchange subscription figures are published category-wise, across qualified institutional buyers, non-institutional bidders and retail, as of stated times during the bidding window, and the eventual listing price will be set against the issue price on the day of debut. Each of these steps is a matter of the exchange and registrar record rather than a prediction of demand or price.

FAQ

Should I apply for this IPO?

Oquilia does not make recommendations. This report is informational and is not investment advice or a recommendation to subscribe. The RHP, including the complete risk-factors section, is available on SEBI's website and the exchanges - read it directly before making any decision.

What is the price band and lot size?

The price band is Rs 404 to Rs 425 per equity share of face value Re 1, and the bid lot is 35 shares. At the upper end of the band, one lot amounts to Rs 14,875, per the offer's terms.

Is this a fresh issue or an offer for sale?

The offer is entirely an offer for sale of up to 25,931,407 equity shares by the promoters and other selling shareholders. Per the RHP, the company receives none of the proceeds; the entire amount goes to the selling shareholders.

When does the issue open and close?

Per the RHP schedule, anchor bidding took place on 22 July 2026, the offer opened on 23 July 2026 and the bidding window closes on 27 July 2026.

Where can I read the RHP?

The red herring prospectus filed with SEBI, dated 17 July 2026, is available on SEBI's website and on the BSE and NSE websites. The abridged prospectus carrying the offer's salient features is linked from SEBI's public-issues filings section.

This report is based on the red herring prospectus filed with SEBI and the offer schedule it sets out. The development was surfaced via coverage in The Economic Times.