Lohia Corp sets July 23 IPO with 25.9 million share OFS

Lohia Corp will open its initial public offering on July 23, with anchor investors placing orders a day earlier. The Kanpur-based company will list its shares on both the BSE and NSE, managed by Equirus Capital and Motilal Oswal Investment Advisory.

The entire issue is structured as an offer for sale of over 2.59 crore shares. Because there are no fresh equity issuances, Lohia Corp will not receive any proceeds from the flotation. All capital raised will go directly to the selling shareholders, meaning the company's balance sheet will remain unchanged by the listing process.

The selling consortium is composed entirely of the Lohia family. Raj Kumar Lohia is the largest seller in the transaction, offloading up to 167.28 lakh shares. The remaining shares are being distributed among six other family members. Gaurav Lohia is selling up to 22.18 lakh shares, while Alok Kumar Lohia is offering up to 21.71 lakh shares. Ritu Lohia, Amit Kumar Lohia, Anurag Lohia, and Anuja Lohia make up the rest of the selling group, offloading smaller portions of their respective holdings.

Investors will price the issue against a backdrop of accelerating earnings. For the financial year ended March 31, 2026, net profit surged 64% year-on-year to Rs 193 crore, up from Rs 118 crore in the prior year. This profit growth significantly outstripped top-line expansion, as revenue grew 25% over the same period to reach Rs 1,717 crore from Rs 1,377 crore.

The pure offer-for-sale structure means the flotation is a liquidity event for the promoters rather than a capital-raising exercise for the business. Market participants will need to weigh that dynamic, alongside the recent growth trajectory, when the subscription window opens next month. Without a primary capital injection to fund expansion or deleverage, the valuation premium will likely rest entirely on the strength of those recent financial returns.