Lohia Corp Ltd IPO: Business Overview, Objects of Issue & Financials from the RHP

There’s a detail worth understanding before anything else: Lohia Corp’s IPO is a 100% offer for sale. Every one of the 2.59 crore shares on offer at ₹404–425 belongs to the promoter family or their associates — the company itself won’t see a rupee of it. Bidding runs 23–27 July 2026, with listing to follow on BSE and NSE.

Because the entire issue is an offer for sale, the objects of this IPO are unusually simple: give the selling shareholders liquidity and get the stock listed. There’s no capex plan, no debt repayment, no working-capital top-up to evaluate — just a straightforward transfer of shares from the Lohia family and associated entities to new public shareholders.

Promoter Raj Kumar Lohia alone is offloading 1.67 crore shares — nearly two-thirds of the entire OFS. Every seller’s acquisition cost sits at a few paise per share, a direct result of how these shares came to exist: through the 2024 demerger, not a cash purchase.

Lohia Corp makes machinery for technical textiles, with a heavy focus on equipment that produces polypropylene and HDPE woven fabric and sacks — an industry segment the company calls “Raffia.” It’s not a small player: Lohia Corp holds a 15.4% share of the global woven Raffia machinery market by value (calendar 2024) and a dominant 40.7% share of the domestic Indian market (fiscal 2025), making it the clear leader at home. The company runs six manufacturing facilities — four in India (two in Kanpur, two in Bengaluru), one in Burlington, North Carolina, and one in Como, Italy — with installed capacity for 240 tapelines, 13,800 circular looms and 108,000 tape winders a year. Its IP position is substantial for an industrial manufacturer: 54 registered trademarks, 71 Indian and 56 foreign patents, and eight registered designs.

This mix swung hard and then swung back: exports were just 38.72% of sales in FY2024, jumped to 54.70% in FY2025, then fell back to 38.19% in FY2026. That kind of year-to-year volatility in the domestic/export split is worth watching — it suggests order timing and large individual contracts move the needle more than a steady, structural export program.

Lohia Corp Limited as a listing entity is barely two years old. Its technical-textile-machinery business and five subsidiaries were carved out of a separate company (now renamed LTS Holdings Private Limited) via an NCLT-approved demerger in 2024. Because of this, the RHP is explicit that FY2024 standalone figures — essentially nil, since the company had no operations before the scheme took effect — are not comparable to the FY2025 and FY2026 consolidated numbers, which reflect the demerged business. Read the growth figures below with that caveat in mind: two clean years of data, not three.

*FY2024 reflects the standalone shell company only, prior to the demerger taking effect — not the operating business. Treat it as a reference point, not a trend line.

Woven raffia machines alone generated 88.16% of FY2026 revenue, 87.28% in FY2025 and 85.68% in FY2024 (on a carve-out basis) — meaning Lohia Corp’s fortunes are tied overwhelmingly to a single equipment category and, by extension, to the health of the packaging, agro-textile and geo-textile industries that buy it.

Promoters and their close family collectively hold 95.61% of the company going into this IPO — about as concentrated as ownership gets for a listing business. Even after the OFS, the Lohia family retains the overwhelming majority of the company; this listing is about generating liquidity and a public market, not about ceding control.

On that comparison, Lohia Corp’s issue price sits near the bottom of its own peer group’s range, and well below the 67.30x industry composite. That’s a meaningfully cheaper entry multiple than most machinery-sector peers currently command, though investors should weigh that against the shorter comparable financial history and the fact that this valuation, like the peer group’s, is being set against a business with unusually high return on net worth driven partly by a thin equity base rather than balance-sheet scale.

The RHP spells out the standard SEBI ICDR mechanics for anchor allocation but doesn’t name the specific anchor investors or confirm the amounts finally allotted to each — that list is typically released separately once anchor bidding closes. We’ll update this section if and when it becomes available.