Lohia Corp sets Rs 404-425 band for Rs 1,101 crore OFS IPO

The Development

Lohia Corp Limited, formerly Kanpur Packaging Machines Limited, has fixed a price band of Rs 404 to Rs 425 per equity share for its initial public offering, a wholly offer-for-sale issue that opens for public subscription on Thursday, July 23, 2026 and closes on Monday, July 27, 2026, per the red herring prospectus dated July 17, 2026 filed with SEBI and the Registrar of Companies. Anchor investor bidding is scheduled for Wednesday, July 22, 2026. At the upper end of the band, the offer of up to 2,59,31,407 equity shares of Rs 1 face value aggregates to about Rs 1,101 crore, as reported by The Economic Times.

The issue is a mainboard offering proposed for listing on both the BSE and the National Stock Exchange, with the NSE as the designated stock exchange, the RHP states. The band-and-dates announcement is the operative milestone here: it converts the earlier filing into a live, dated offer with defined terms. Because the issue is structured entirely as an offer for sale, the company itself receives none of the proceeds; the money flows to the selling shareholders.

The Company

Lohia Corp is a global manufacturer of machinery and equipment for technical textiles, focused on polypropylene (PP) and high-density polyethylene (HDPE) woven fabric and sacks, commonly called woven raffia. Per the RHP, its product range spans tape extrusion lines, winders, circular looms, coating and lamination lines, printing and conversion machines, multifilament yarn machines, monofilament extrusion lines and recycling machinery. The company discloses that its machines serve packaging applications for cement, fertilisers, chemicals, food grains and minerals, as well as non-packaging uses 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 reports a single business segment.

On financials, the company discloses restated consolidated total income of Rs 1,737.87 crore and profit after tax of Rs 193.45 crore for the financial year ended March 31, 2026, against total income of Rs 1,386.47 crore and profit of Rs 117.84 crore in FY2025. Revenue from operations was Rs 1,716.99 crore in FY2026 and EBITDA was Rs 339.45 crore, per the RHP. The order book stood at Rs 1,358.52 crore as of March 31, 2026, the company discloses. The promoters are Raj Kumar Lohia, Gaurav Lohia and Amit Kumar Lohia.

The Offer Structure

The offer is entirely an offer for sale of up to 2,59,31,407 equity shares of Rs 1 face value, with no fresh issue, per the RHP. The selling shareholders are all promoters, promoter-group members or other individual holders: Raj Kumar Lohia (up to 1,67,28,500 shares), Gaurav Lohia (up to 22,17,500), Amit Kumar Lohia (up to 9,20,187), Ritu Lohia (up to 16,71,250), Alok Kumar Lohia (up to 21,71,460), Anurag Lohia (up to 11,37,610) and Anuja Lohia (up to 10,84,900). As the stated objects are limited to carrying out the offer for sale and achieving the benefits of listing, the company will not receive any proceeds, the RHP states.

The price band is Rs 404 to Rs 425 per share. The book-running lead managers are Equirus Capital Limited and Motilal Oswal Investment Advisors Limited, and the registrar is MUFG Intime India Private Limited (formerly Link Intime India), per the RHP. The lot size and minimum application amount are set out in the price-band advertisement and on the exchanges. Readers working through the arithmetic of an allotment can use Oquilia's lumpsum calculator or CAGR calculator; prior primary-market coverage sits on the /news desk.

Risk Factors

The RHP lists ten internal risk factors. Among the most material, the company discloses a heavy dependence on the woven raffia machines market, which contributed 88.16% of revenue from operations in FY2026; any slowdown in end-use industries such as agro-textiles, building-textiles, geo-textiles and packing-textiles could adversely affect the business, the RHP states. The company also flags that significant increases, fluctuations or shortages in the prices of primary raw materials could affect its costs and timelines.

Because a significant portion of raw materials, parts and components is sourced from overseas suppliers, the RHP lists exposure to import restrictions, tariff changes and foreign-currency fluctuation as risks. The company discloses that it has experienced negative cash flows from operating activities in the past, and that its Special Purpose Combined and Carve-Out financial statements, prepared following a scheme of arrangement, may not be representative of its results as an independent company. Among the risk factors the company discloses, it also notes reliance on the continued operation of its manufacturing facilities. The complete risk-factors section begins on page 20 of the RHP.

What Happens Next

The current milestone is the price band and schedule. Per the RHP timetable, anchor investor bidding takes place on July 22, 2026, one working day before the offer opens. The three-day public subscription window runs from July 23 to July 27, 2026, with the UPI mandate cut-off at 5:00 p.m. on the closing date. Bids are placed category-wise across qualified institutional buyers, non-institutional bidders and retail individual bidders.

After the close, the basis of allotment is finalised with the registrar and the designated stock exchange, followed by the unblocking of application funds for unsuccessful or partially successful bidders and the crediting of shares to successful applicants. Trading then begins on the BSE and NSE on the listing date; The Economic Times reported an expected listing on July 30, 2026. Subscription multiples and the eventual listing price will be exchange facts once available, reported here against the official record rather than as any prediction of demand.

FAQ

What is the price band and lot size?

The price band is Rs 404 to Rs 425 per equity share of Rs 1 face value, per the red herring prospectus. The lot size and the resulting minimum application amount are specified in the price-band advertisement and on the BSE and NSE public-issue pages. At the upper end of the band, the offer of up to 2,59,31,407 shares aggregates to about Rs 1,101 crore.

When does the issue open and close?

Per the RHP timetable, anchor bidding is on July 22, 2026, the offer opens on Thursday, July 23, 2026 and closes on Monday, July 27, 2026, with the UPI mandate confirmation cut-off at 5:00 p.m. on the closing day. The Economic Times reported an expected listing date of July 30, 2026.

Is this a fresh issue or an offer for sale?

The issue is entirely an offer for sale of up to 2,59,31,407 equity shares by the promoters and other existing shareholders, with no fresh issue, per the RHP. The company will not receive any proceeds; the funds go to the selling shareholders. The stated objects are to carry out the offer for sale and to achieve the benefits of listing.

Where can I read the RHP?

The red herring prospectus dated July 17, 2026 is available on SEBI's website and on the BSE and NSE websites, as well as on the websites of the company and the book-running lead managers. It contains the complete risk-factors section and financial statements.

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.

This report is based on the red herring prospectus filed with SEBI and the accompanying abridged prospectus. It was surfaced via coverage in The Economic Times.