LCC Projects IPO
Grey Market Premium (GMP)
GMP applies before listing only. This IPO has listed — see Listing Performance below for the actual debut.
Subscription Status
| Category | Subscription |
|---|---|
| QIB | 78.73x |
| NII | 64.91x |
| sNII (₹2L–₹10L) | 71.66x |
| bNII (above ₹10L) | 61.53x |
| Retail (RII) | 26.34x |
| Total | 49.57x |
Bidding day 3 · final figures at close of bidding: 17 Sept 2026, 6:30 pm IST
IPO Details
- Open Date
- 9 Sept 2026
- Close Date
- 11 Sept 2026
- Listing Date
- 17 Sept 2026
- Face Value
- ₹5
- Fresh Issue
- ₹258 Cr
- OFS
- ₹169.14 Cr
- Listing On
- NSE, BSE
- Registrar
- KFin Technologies (KFintech)
The fresh issue is money for the company; the OFS goes to selling shareholders. Fresh issue vs offer for sale, explained
Lot Size & Application Amounts
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 102 | ₹14,892 |
| Retail (Max) | 14 | 1,428 | ₹2,08,488 |
| B-HNI (Min) | 68 | 6,936 | ₹10,12,656 |
Issue Reservation
| Investor category | Shares offered | % of issue |
|---|---|---|
| Anchor | 87,76,869 | 30% |
| QIB (ex-anchor) | 58,51,246 | 20% |
| NII | 43,88,435 | 15% |
| — sNII (< ₹10L) | 14,62,811 | 5% |
| — bNII (> ₹10L) | 29,25,624 | 10% |
| Retail | 1,02,39,682 | 35% |
| Total | 2,92,56,232 | 100% |
The anchor portion is carved out of the QIB quota. Percentages are of the total shares offered.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 2,449.79 | 122 | 241.37 | 382.83 | 1,129.99 | 422.3 | — |
| FY 2025 | 2,941.01 | 223.63 | 401.04 | 604.99 | 1,727.46 | 649.55 | — |
| FY 2026 | 3,639.45 | 286.44 | 519.9 | 888.41 | 2,447.54 | 860.65 | 10.53 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 13.87x
- P/E (post-issue)
- 14.76x
- RoNW
- 32.24%
- RoE
- 32.24%
- RoCE
- 27.13%
- Debt / Equity
- 0.97
- EPS (pre-issue)
- ₹10.53
- EPS (post-issue)
- ₹9.89
- EBITDA Margin
- 14.44%
- PAT Margin
- 7.96%
- P/BV
- 4.47x
- NAV / share
- ₹32.66
- Market Cap
- ₹4,229.2 Cr
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Objects of the Issue
| Purpose | Est. Amount |
|---|---|
| Purchase of equipment | ₹14.69 Cr |
| Prepayment and/or repayment, in full or in part, of all or a portion of certain outstanding borrowings availed by Company | ₹180 Cr |
| General corporate purposes | ₹41.73 Cr |
| Issue Expense | ₹35.68 Cr |
Net-proceeds utilisation as disclosed in the offer document.
Issue Expenses
| Purpose | Est. Amount |
|---|---|
| Fees payable to the BRLM including underwriting commission, brokerage and selling commission, as applicable | ₹1.69 Cr |
| Selling commission and processing fees for SCSBs and Bidding Charges for Members of the Syndicate, Registered Brokers, RTAs and CDPs | ₹0.21 Cr |
| Fees payable to the Registrar to the Offer | ₹0.04 Cr |
| Listing fees, SEBI and Stock Exchanges filing fees, book building software fees and other regulatory expenses | ₹0.47 Cr |
| Printing and stationery expenses | ₹0.06 Cr |
| Advertising and marketing expenses | ₹0.32 Cr |
| Fees payable to the legal counsels to the Offer | ₹0.47 Cr |
| Fees payable to Statutory Auditor | ₹0.14 Cr |
| Fees payable to the industry service provider | ₹0.02 Cr |
| Fees payable to the other intermediaries | ₹0.04 Cr |
| Miscellaneous | ₹0.1 Cr |
Promoters & Shareholding
Promoters: <p>Arjan Suja Rabari, Laljibhai Arjanbhai Ahir, Maya Arjan Rabari</p>
- Holding (pre-issue)
- 100%
- Holding (post-issue)
- 89.9%
- Dilution
- 10.1%
Documents
Anchor Investors
| Investor | Category | Shares | Price | Amount ₹Cr | Allocation |
|---|---|---|---|---|---|
| ASTORNE CAPITAL VCC-ARVEN | Other | 20,54,790 | ₹146 | 30 | 23.41% |
| EDELWEISS LIFE INSURANCE CO.LTD. | Insurance | 10,27,344 | ₹146 | 15 | 11.71% |
| RGSL INVESTMENT LVF I | Other | 8,21,916 | ₹146 | 12 | 9.36% |
| SUNRISE INVESTMENT TRUST-SUNRISE INVESTMENT OPPORTUNITIES FUND | Other | 6,85,032 | ₹146 | 10 | 7.8% |
| NECTA BLOOM VCC-REGAL FUND | Other | 6,85,032 | ₹146 | 10 | 7.8% |
| NECTA BLOOM VCC-NECTA BLOOM ONE | Other | 6,85,032 | ₹146 | 10 | 7.8% |
| LRSD SECURITIES PVT.LTD. | Other | 6,84,930 | ₹146 | 10 | 7.8% |
| CRAFT EMERGING MARKET FUND PCC-CITADEL CAPITAL FUND | Other | 6,85,032 | ₹146 | 10 | 7.8% |
| CRAFT EMERGING MARKET FUND PCC-ELITE CAPITAL FUND | Other | 6,85,032 | ₹146 | 10 | 7.8% |
| RAJASTHAN GLOBAL SECURITIES PVT.LTD. | FII/FPI | 4,19,406 | ₹146 | 6.12 | 4.78% |
| ASAS GLOBAL FUND INCORPORATED VCC SUB FUND | FII/FPI | 3,43,323 | ₹146 | 5.01 | 3.91% |
Anchor bidding took place on 8 Sept 2026. Anchor lock-in: 50% of shares unlock on 15 Oct 2026, the remainder on 14 Dec 2026.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW |
|---|---|---|---|---|
| LCC Projects | 10.42 | 32.66 | — | 32.24% |
| Enviro Infra Engineers | 10.42 | 70.23 | 19.14x | 15.28% |
| Vishnu Prakash R Punglia | -12.04 | 50.54 | — | — |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Lead Managers (BRLMs)
Tap a lead manager to see every IPO it has run and how those listings fared.
Broker Recommendations
| Reviewer | Verdict |
|---|---|
| Capital Market | Neutral |
Third-party analyst views on the LCC Projects IPO, aggregated for reference. ipostation does not rate IPOs — nothing here is investment advice.
Listing Performance
About the LCC Projects IPO
The LCC Projects mainboard IPO is open between 9 Sept 2026 and 11 Sept 2026, offered at a price band of ₹139–146 per share, and is set to list on NSE and BSE. The IPO seeks to raise ₹427.14 crore. Retail investors bid in lots of 102 shares, a minimum application of ₹14,892.
Issue structure
The offer combines a fresh issue of ₹258 crore with an offer for sale (OFS) of ₹169.14 crore by existing shareholders. Money raised through the fresh issue goes to the company for its stated objects, while OFS proceeds go to the selling shareholders rather than the business.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward prepayment and/or repayment, in full or in part, of all or a portion of certain outstanding borrowings availed by company (₹180 crore), alongside general corporate purposes (₹41.73 crore). In all, 4 objects are disclosed — the full break-up is in the table above.
Financials
In FY2026, LCC Projects reported revenue of ₹3,639.45 crore and a net profit of ₹286.44 crore. Revenue grew from ₹2,449.79 crore in FY2024 to ₹3,639.45 crore in FY2026 (+49.0%). Net worth stood at ₹888.41 crore at the end of FY2026. At the upper band, that puts the issue at roughly 13.9× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 14.76× post-issue earnings and 4.47× book value, against a return on net worth of 32.24% and a debt-to-equity ratio of 0.97. These ratios come from the offer document and are for comparison, not a recommendation.
Promoters
The promoters of the company are <p>Arjan Suja Rabari, Laljibhai Arjanbhai Ahir, Maya Arjan Rabari</p>. Promoter holding stands at 100% before the issue and comes down to 89.9% after listing.
Grey market premium (GMP)
In the unofficial grey market, LCC Projects shares are quoted at a premium of ₹36 implying an expected listing around ₹182, about +24.7% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.
Subscription
The LCC Projects IPO was subscribed 49.57 times overall. The strongest demand came from qualified institutional buyers (QIB) at 78.73 times, with non-institutional investors (NII) at 64.91× and retail investors at 26.34×.
Listing performance
LCC Projects listed on 17 Sept 2026 at ₹191.9, a premium of +31.4% over the issue price of ₹146.
What to weigh
When evaluating the LCC Projects IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend, subscription demand across investor categories and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.
About LCC Projects
Incorporated in 2017, LCC Projects Limited offers engineering, procurement and construction (“EPC”) services in the irrigation and water supply projects segment. The company has executed projects in the irrigation and water supply segment, such as the construction of dams, barrages, weirs, hydraulic structures, canals, pipe distribution networks, lift irrigation works, water supply schemes, and other EPC projects. As of September 30, 2024, the company's Order Book comprises 68 projects, of which Sondwa Lift Micro Irrigation Project, Sidhi Bansagar Multi – Village Scheme, and Gandhi Sagar 1 Multi-Village Scheme are the top three projects. In the past, LCC have also executed notable projects, such as the construction of Tawa Left Bank Canthe al, Parbati Dam Projthe ect, Dudhai Sub Branch Canal Projectthe and AKOT Lift Irrigation Scheme. The company expanded its operations from eight states in Fiscal 2022 to 11 states by September 30, 2024, namely, Gujarat, Madhya Pradesh, Odisha, Rajasthan, Maharashtra, Uttar Pradesh, Karnataka, Jharkhand, Chhattisgarh, Himachal Pradesh and Haryana. As of the six months ending September 30, 2024, the company had 1,788 permanent employees.
LCC Projects — Contact Details
- Registered office
- ‘B’ Wing,15th Floor, Privilon Building,, Vikram Nagar AmbliBopal Road,, Behind ISKCON Temple,, Ahmedabad, Gujarat, 380058
- Phone
- +91 79 4848 4453
- cs@lccprojects.com
- Website
- www.lccprojects.com/
- Registrar (IPO queries)
- lccpl.ipo@kfintech.com
Frequently asked questions
- What is the LCC Projects IPO price band?
- The LCC Projects IPO price band is ₹139 to ₹146 per share, with a lot size of 102 shares.
- What was the LCC Projects IPO GMP before listing?
- The final grey market premium recorded before the LCC Projects IPO listed was ₹36. The IPO listed on 17 Sept 2026 at ₹191.9, +31.4% against the issue price. GMP is an unofficial figure and was never a guarantee of the listing price.
- When does the LCC Projects IPO open and close?
- The LCC Projects IPO opens on 9 Sept 2026 and closes on 11 Sept 2026.
- When is the LCC Projects IPO allotment and listing date?
- Allotment is expected on 15 Sept 2026. The shares are scheduled to list on 17 Sept 2026 on NSE and BSE.
- How many times was the LCC Projects IPO subscribed?
- The LCC Projects IPO was subscribed 49.57 times in total across all investor categories.
- What is the reservation split in the LCC Projects IPO?
- Of the total shares offered, retail investors get 35%, QIBs 20% (plus 30% anchor), non-institutional investors 15%. The full category-wise break-up is in the Issue Reservation table on this page.
- Who are the promoters of LCC Projects and what is their holding?
- The promoters are <p>Arjan Suja Rabari, Laljibhai Arjanbhai Ahir, Maya Arjan Rabari</p>. Promoter holding is 100% before the issue and 89.9% after listing.
- What is the P/E ratio of the LCC Projects IPO?
- At the upper price band, the LCC Projects IPO is valued at 13.87× pre-issue earnings and 14.76× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the LCC Projects IPO?
- The net proceeds go primarily toward prepayment and/or repayment, in full or in part, of all or a portion of certain outstanding borrowings availed by company, among 4 disclosed objects. See the Objects of the Issue table for the full break-up.
- Who are the lead managers and registrar of the LCC Projects IPO?
- The book-running lead manager is Motilal Oswal Investment Advisors Ltd.. KFin Technologies (KFintech) is the registrar to the issue.
- Is LCC Projects a Mainboard or SME IPO?
- LCC Projects is a Mainboard IPO, listing on NSE and BSE.