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Mon, 07 Sept 2026
06:40:07 am
Mon, 07 Sept 2026
06:40:07 am
Synopsis
LCC Projects IPO latest updates on GMP, price, subscription, allotment, listing, financials, valuation, lot size, order book and key details for investors.
LCC Projects IPO is a ₹427.14 crore book-built issue comprising a fresh issue of 1.77 crore shares worth ₹258 crore and an offer for sale of 1.16 crore shares worth ₹169.14 crore. The IPO will open for subscription on September 9, 2026, and close on September 11, 2026.
The LCC Projects IPO price band is fixed at ₹139 to ₹146 per share, with a lot size of 102 shares. The IPO is proposed to be listed on BSE and NSE, with allotment expected on September 15 and a tentative listing date of September 17, 2026.
| IPO Date | 9 to 11 Sep, 2026 |
|---|---|
| Listing Date | Thu, Sep 17, 2026 |
| Face Value | ₹5 per share |
| Price Band | ₹139 to ₹146 |
| Lot Size | 102 Shares |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Total Issue Size | 2,92,56,232 shares (agg. up to ₹427 Cr) |
|---|---|
| Fresh Issue | 1,76,71,232 shares (agg. up to ₹258 Cr) |
| Offer for Sale | 1,15,85,000 shares of ₹5 (agg. up to ₹169 Cr) |
| Share Holding Pre Issue | 27,20,00,000 shares |
| Share Holding Post Issue | 28,96,71,232 shares |
LCC Projects IPO has a total issue size of ₹427.14 crore. Of this, ₹258 crore will come through fresh shares issued by the company, while ₹169.14 crore will be raised through the OFS portion.
According to the supplied grey-market data, the LCC Projects IPO GMP is ₹25 as of September 6, 2026. With the upper price band of ₹146, the indicative listing price comes to ₹171.
This represents an indicative premium of 17.12% over the upper issue price. GMP is unofficial and can change before listing, so it should not be treated as a guaranteed listing gain.
| GMP Date | IPO Price | GMP | Est. Listing Price | Est. Profit* | Last Updated |
|---|---|---|---|---|---|
| 06-09-2026 | ₹146.00 | ₹25 ─ | ₹171 (17.12%) | ₹2,550 | 6-Sep-2026 14:29 |
| 05-09-2026 | ₹146.00 | ₹25 ▲ | ₹171 (17.12%) | ₹2,550 | 5-Sep-2026 23:33 |
| 04-09-2026 | ₹146.00 | ₹17 ─ | ₹163 (11.64%) | ₹1,734 | 4-Sep-2026 23:35 |
*Estimated profit is based on the 102-share lot size.
Investors can bid for a minimum of 102 shares and in multiples of 102. At the upper price of ₹146, a retail investor needs ₹14,892 for one lot.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 102 | ₹14,892 |
| Retail (Max) | 13 | 1,326 | ₹1,93,596 |
| S-HNI (Min) | 14 | 1,428 | ₹2,08,488 |
| S-HNI (Max) | 67 | 6,834 | ₹9,97,764 |
| B-HNI (Min) | 68 | 6,936 | ₹10,12,656 |
| Investor Category | Shares |
|---|---|
| QIB | Not more than 50% of the Net Offer |
| Retail | Not less than 35% of the Net Offer |
| NII | Not less than 15% of the Net Offer |
LCC Projects Limited was incorporated in 2017 and provides engineering, procurement and construction (EPC) services, primarily in the irrigation and water supply projects segment.
The company has worked on dams, barrages, weirs, hydraulic structures, canals, pipe distribution networks, lift irrigation projects and water supply schemes. As of March 31, 2026, its order book included 103 projects, with Sondwa Lift Micro Irrigation Project, Sidhi Bansagar Multi-Village Scheme and Gandhi Sagar 1 Multi-Village Scheme among its largest projects.
LCC Projects expanded its operations from eight states in FY26 to 12 states by March 31, 2026. These include Gujarat, Madhya Pradesh, Odisha, Rajasthan, Maharashtra, Uttar Pradesh, Karnataka, Jharkhand, Chhattisgarh, Andhra Pradesh, Himachal Pradesh and Haryana. The company had 2,093 permanent employees as of March 31, 2026.
LCC Projects reported growth in both revenue and profit in FY26. Total income increased to ₹3,639.45 crore from ₹2,941.01 crore in FY25, while PAT rose to ₹286.44 crore from ₹223.63 crore.
EBITDA increased to ₹519.90 crore in FY26 from ₹401.04 crore in FY25. Net worth also increased to ₹888.41 crore, while total borrowings stood at ₹860.65 crore.
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 2,447.54 | 1,727.46 | 1,129.99 |
| Total Income | 3,639.45 | 2,941.01 | 2,449.79 |
| Profit After Tax | 286.44 | 223.63 | 122.00 |
| EBITDA | 519.90 | 401.04 | 241.37 |
| NET Worth | 888.41 | 604.99 | 382.83 |
| Reserves and Surplus | 752.41 | 468.99 | 348.83 |
| Total Borrowing | 860.65 | 649.55 | 422.30 |
Amount in ₹ Crore
The fresh issue proceeds are proposed to be used mainly for purchasing equipment and reducing the company's outstanding borrowings.
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Purchase of equipment | 14.69 |
| 2 | Prepayment and/or repayment, in full or in part, of all or a portion of certain outstanding borrowings availed by Company | 180.00 |
| 3 | General corporate purposes | — |
| Total | 194.69 |
The company plans to allocate ₹14.69 crore towards equipment purchases and ₹180 crore towards repayment or prepayment of borrowings. The remaining proceeds will be used for general corporate purposes.
| KPI | Mar 31, 2026 | Mar 31, 2025 |
|---|---|---|
| ROE | 32.24% | 36.96% |
| ROCE | 27.13% | 27.64% |
| Debt/Equity | 0.97 | 1.23 |
| RoNW | 32.24% | 36.96% |
| PAT Margin | 7.96% | 7.66% |
| EBITDA Margin | 14.44% | 13.74% |
| NAV | 32.66 | 22.24 |
| Price to Book Value | 4.47 | 6.56 |
At the upper price band of ₹146, LCC Projects has a post-issue market capitalisation of approximately ₹4,229.20 crore. The post-issue EPS is ₹9.89 and the post-issue P/E is 14.76 times.
| Valuation Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS (₹) | 10.53 | 9.89 |
| P/E (x) | 13.87 | 14.76 |
| Market Cap at Offer Price | ₹3,971Cr. | ₹4,229.20 Cr |
The IPO will result in promoter ownership reducing from 100% before the issue to 89.9% after the issue, while public shareholding will increase to 10.10%.
| Category | Pre IPO | Post IPO |
|---|---|---|
| Promoter and Promoter Group | 100% | 89.9% |
| Public | — | 10.10% |
| Total | 100% | 100% |
Company Promoters: Arjan Suja Rabari, Laljibhai Arjanbhai Ahir and Maya Arjan Rabari.
The OFS portion consists of 1.16 crore shares being sold by two promoter shareholders.
| Name | Category | No. of Shares Offered | Amount (₹ cr.) |
|---|---|---|---|
| Arjan Suja Rabari | Promoter | 57,92,500 | 84.57 |
| Laljibhai Arjanbhai Ahir | Promoter | 57,92,500 | 84.57 |
| Total | 1,15,85,000 | 169.14 |
| IPO Event | Date |
|---|---|
| IPO Open | September 9, 2026 |
| IPO Close | September 11, 2026 |
| Allotment | September 15, 2026 |
| Refund | September 16, 2026 |
| Credit of Shares | September 16, 2026 |
| Listing | September 17, 2026 |
All dates are tentative as provided in the IPO details.
Registrar: Kfin Technologies Ltd.
Lead Manager: Motilal Oswal Investment Advisors Ltd.
The company has its registered address at ‘B’ Wing, 15th Floor, Privilon Building, Vikram Nagar Ambli Bopal Road, Behind ISKCON Temple, Ahmedabad, Gujarat – 380058.
LCC Projects IPO is a ₹427.14 crore mainboard book-building IPO comprising a fresh issue and an offer for sale.
The LCC Projects IPO price band is ₹139 to ₹146 per share.
The latest supplied GMP is ₹25, implying an indicative listing price of ₹171 at the upper price band.
The LCC Projects IPO lot size is 102 shares.
Retail investors need ₹14,892 for one lot at the upper price band.
The LCC Projects IPO will open on September 9, 2026.
The IPO will close on September 11, 2026.
The tentative allotment date is September 15, 2026.
The tentative listing date is September 17, 2026 on BSE and NSE.
Kfin Technologies Ltd. is the registrar of the LCC Projects IPO.
Motilal Oswal Investment Advisors Ltd. is the lead manager.
The total issue size is ₹427.14 crore, including a ₹258 crore fresh issue and ₹169.14 crore OFS.
The company proposes to use the fresh issue proceeds for equipment purchases, repayment or prepayment of borrowings and general corporate purposes.
Disclaimer: GMP figures are unofficial and indicative. IPO investment involves market risks. Investors should review the RHP and other official documents and conduct their own due diligence before making an investment decision.
Financial journalist specializing in market analysis, stock research, and investment trends. Dedicated to providing accurate, timely insights for informed decision-making.
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