Lohia Corp files RHP for all-OFS IPO; issue opens July 23

The Development

Lohia Corp Limited, a Kanpur-based manufacturer of machinery for the technical-textiles industry, filed its red herring prospectus (RHP) with SEBI and the Registrar of Companies on July 17, 2026, setting the terms for its main-board initial public offering. Per the RHP, anchor investor bidding is scheduled for Wednesday, July 22, 2026, with the public subscription window opening on Thursday, July 23, 2026 and closing on Monday, July 27, 2026. The equity shares are proposed to be listed on both BSE Limited and the National Stock Exchange of India (NSE), with NSE as the designated stock exchange.

The offer is structured entirely as an offer for sale of up to 25,931,407 equity shares of face value Rs 1 each by the company's promoters and other existing shareholders. As there is no fresh-issue component, the company itself will not receive any proceeds; the money goes to the selling shareholders. The RHP records the floor price and cap price as still to be determined at the date of filing. The development was surfaced through coverage on the Mint markets desk.

The Company

Per the RHP, Lohia Corp describes itself as 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. Its product range spans tape extrusion lines, circular looms, winders, coating and lamination lines, printing and conversion machines, multifilament yarn machines and recycling machines. The company discloses that its machines are used to package cement, fertilisers, chemicals, food grains and minerals, and to make shopping bags, FIBCs and container liners.

The company operates six manufacturing facilities, four in India (at Kanpur and Bengaluru) and one each in the United States and Italy, per the RHP. It was incorporated in June 2023 as Kanpur Packaging Machines Limited and took over the demerged machinery undertaking of the erstwhile Lohia Corp Limited, since renamed LTS Holdings, through a Scheme of Arrangement effective April 1, 2024. The promoters are Raj Kumar Lohia, the Chairman and Managing Director, Gaurav Lohia and Amit Kumar Lohia.

On financials, the company discloses restated revenue from operations of Rs 1,716.99 crore for the year ended March 31, 2026, up from Rs 1,376.87 crore in FY25, and restated profit after tax of Rs 193.45 crore in FY26. The offer document also reports an order book of Rs 1,358.52 crore as of March 31, 2026.

The Offer Structure

The offer is a pure offer for sale of up to 25,931,407 equity shares, per the RHP. The largest seller is promoter Raj Kumar Lohia, offering up to 16,728,500 shares, alongside fellow promoters Gaurav Lohia (up to 2,217,500 shares) and Amit Kumar Lohia (up to 920,187 shares). Promoter-group shareholder Ritu Lohia and other selling shareholders Alok Kumar Lohia, Anurag Lohia and Anuja Lohia are also offering shares. The stated objects of the offer are to carry out the offer for sale and to achieve the benefits of listing on the exchanges.

The price band and lot size are fixed by the company in consultation with the book-running lead managers and set out in the price band advertisement filed with the exchanges ahead of the anchor bidding; the RHP dated July 17 records them as to be determined. 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). Readers working through the arithmetic of an allotment 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 risks the company is required to disclose. Among them, the company discloses that it is heavily dependent on the woven raffia machines market, which accounted for 88.16% of its revenue from operations in FY26; any slowdown in end-use industries such as agro-textiles, building-textiles, geo-textiles and packaging-textiles could adversely affect its business, the RHP states.

The offer document also lists raw-material risk: significant increases, fluctuations or shortages in the prices of primary raw materials, or delays in supply, could affect the company's costs and timelines. The company discloses that it sources a significant portion of its raw materials, parts and components from overseas suppliers, so import restrictions or changes in tariffs could hurt operations, and separately lists exposure to foreign-currency fluctuation, noting that revenue from operations outside India was 42.18% of the total in FY26.

Among the other risks the company discloses are 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 for the demerged undertaking, may not be representative of its results as an independent company. This section reports the company's own disclosures, not an assessment by Oquilia.

What Happens Next

Per the RHP, the anchor investor book opens on July 22, one working day before the main issue. The three-day public subscription window then runs from July 23 to July 27, with applications made through the ASBA and UPI mechanisms; the UPI mandate cut-off is 5:00 p.m. on the closing date. After the issue closes, the registrar finalises the basis of allotment, shares are credited to successful applicants, and blocked funds are released for those not allotted.

The shares are then admitted for trading on BSE and NSE on the listing date, which the exchanges confirm through a listing notice. These are the standard mechanics of a book-built main-board issue, described here as process rather than prediction. The RHP, including the complete risk-factors section and the price band once fixed, remains the authoritative source for every term.

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.

When does the Lohia Corp issue open and close?

Per the RHP, anchor investor bidding is on July 22, 2026, the issue opens on July 23, 2026 and closes on July 27, 2026. The UPI mandate confirmation cut-off is 5:00 p.m. on the closing date.

What is the price band and lot size?

The RHP dated July 17 records the floor price, cap price and lot size as still to be determined. They are fixed by the company with the lead managers and published in the price band advertisement filed with BSE and NSE ahead of the anchor bidding.

Is this a fresh issue or an offer for sale?

It is entirely an offer for sale of up to 25,931,407 equity shares by the promoters and other existing shareholders, per the RHP. The company will not receive any proceeds; the funds go to the selling shareholders.

Where can I read the RHP?

The red herring prospectus is available on the SEBI website and on the BSE and NSE websites.

This report is based on the red herring prospectus filed with SEBI and the offer's abridged prospectus. It was surfaced via coverage in Mint.