LCC Projects IPO
Updated 11 Sept 2026, 5:03 pm.
Minimum investment (Retail)
₹14,892
1 lot · 102 shares at the upper price band
Price band
₹146
Latest GMP
₹64
+43.8% of the ₹146 upper band
Est. listing price
₹196
Issue size
₹427.14 Cr
GMP history
Each point is a recorded observation from the scheduled data sync.
| Observed | GMP | Est. listing price |
|---|---|---|
| 11 Sept 2026, 5:03 pm | ₹64 | ₹196 |
| 11 Sept 2026, 5:01 pm | ₹50 | ₹196 |
| 11 Sept 2026, 12:50 pm | ₹55 | ₹196 |
| 11 Sept 2026, 12:49 pm | ₹50 | ₹196 |
| 11 Sept 2026, 8:05 am | ₹50 | ₹196 |
| 11 Sept 2026, 8:03 am | ₹50 | ₹196 |
| 11 Sept 2026, 7:00 am | ₹50 | ₹196 |
| 11 Sept 2026, 6:55 am | ₹50 | ₹196 |
| 11 Sept 2026, 6:50 am | ₹50 | ₹196 |
| 11 Sept 2026, 6:28 am | ₹50 | ₹196 |
| 10 Sept 2026, 6:17 pm | ₹48 | ₹191 |
| 10 Sept 2026, 5:37 pm | ₹47 | ₹191 |
| 10 Sept 2026, 5:30 pm | ₹45 | ₹191 |
| 10 Sept 2026, 5:00 pm | ₹48 | ₹191 |
| 10 Sept 2026, 4:59 pm | ₹45 | ₹191 |
| 10 Sept 2026, 12:56 pm | ₹47 | ₹191 |
| 10 Sept 2026, 12:55 pm | ₹45 | ₹191 |
| 10 Sept 2026, 11:20 am | ₹47 | ₹191 |
| 10 Sept 2026, 8:08 am | ₹45 | ₹191 |
| 10 Sept 2026, 6:13 am | ₹45 | ₹191 |
| 10 Sept 2026, 6:10 am | ₹45 | ₹191 |
| 10 Sept 2026, 6:09 am | ₹45 | ₹191 |
| 9 Sept 2026, 5:09 pm | ₹33 | ₹179 |
GMP is an unofficial, unregulated grey-market estimate — not a prediction of listing performance.
Issue details
- Board
- Mainboard
- Price band
- ₹146
- Issue size
- ₹427.14 Cr
- Lot size
- 102
- Opens
- 9 Sept 2026
- Closes
- 11 Sept 2026
- Allotment
- 15 Sept 2026
- Listing
- 17 Sept 2026
- Est. listing price
- ₹196
- Listing price
- Awaited
- Listing gain
- Awaited
- Registrar
- Kfin Technologies Ltd.
- Minimum investment
- ₹14,892 (1 lot · 102 shares)
- Face value
- ₹5 per share
- Issue type
- Bookbuilding IPO
- Sale type
- Fresh capital cum OFS
- Fresh issue
- ₹258 Cr
- Offer for sale
- ₹169 Cr
- Listing at
- BSE, NSE
- Refunds
- 16 Sept 2026
- Shares credited
- 16 Sept 2026
- Promoter holding
- 100% before · 89.9% after
- Lead managers
- Motilal Oswal Investment Advisors Ltd.
Offer documents & links
Subscription by category
As of 11 Sept 2026, 5:39 am.
Total subscription
7.60x
Full issue details
Details as published for this issue, read 11 Sept 2026, 8:17 am. Verify against the RHP before applying.
IPO Details
| IPO Date | 9 to 11 Sep, 2026 |
|---|---|
| Listing Date | Thu, Sep 17, 2026 T |
| Face Value | ₹ 5 per share |
| Price Band | ₹139 to ₹146 |
| Issue Price | ₹146 per share |
| 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 |
IPO Timetable (Tentative)
- IPO Open
- Wed, Sep 9, 2026
- IPO Close
- Fri, Sep 11, 2026
- Allotment
- Tue, Sep 15, 2026
- Refund
- Wed, Sep 16, 2026
- Credit of Shares
- Wed, Sep 16, 2026
- Listing
- Thu, Sep 17, 2026
Issue Reservation
| Investor Category | Shares | % of Total Issue | Max Allottees |
|---|---|---|---|
| QIB | 1,46,28,116 | 50.00% | NA |
| − Anchor Investor | 87,76,869 | 30.00% | NA |
| − QIB (Ex. Anchor) | 58,51,247 | 20.00% | NA |
| NII (HNI) | 43,88,435 | 15.00% | NA |
| − bNII > ₹10L | 29,25,623 | 10.00% | 2,048 |
| − sNII < ₹10L | 14,62,812 | 5.00% | 1,024 |
| Retail | 1,02,39,681 | 35.00% | 1,00,389 |
| Total | 2,92,56,232 | 100.00% | — |
LCC Projects IPO comprises a total issue size of 2,92,56,232 shares. Out of which, 1,46,28,116 (50.00%) are allocated to QIB , 43,88,435 (15.00%) allocated to NII 1,02,39,681 (35.00%) allocated to RII .
IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 102 | ₹14,892 |
| Retail (Max) | 13 | 1326 | ₹1,93,596 |
| S-HNI (Min) | 14 | 1428 | ₹2,08,488 |
| S-HNI (Max) | 67 | 6834 | ₹9,97,764 |
| B-HNI (Min) | 68 | 6936 | ₹10,12,656 |
Investors can bid for a minimum of 102 shares and in multiples thereof.
IPO Subscription Details
IPO Anchor Investors
| Bid Date | Tue, Sep 8, 2026 |
|---|---|
| Shares Offered | 87,76,869 |
| Anchor Portion (₹ Cr.) | 128.14 |
| Anchor lock-in period end date for 50% shares (30 Days) | Thu, Oct 15, 2026 |
| Anchor lock-in period end date for remaining shares (90 Days) | Mon, Dec 14, 2026 |
LCC Projects IPO raises ₹ 128.14 crore from anchor investors . LCC Projects IPO Anchor bid date is September 8, 2026 .
📝 Anchor Investors Letter (PDF)
IPO Anchor Investors List
About LCC Projects Ltd.
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 March 31, 2026, the company's Order Book comprises 103 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 2026 to 12 states by March 31, 2026, namely, Gujarat, Madhya Pradesh, Odisha, Rajasthan, Maharashtra, Uttar Pradesh, Karnataka, Jharkhand, Chhattisgarh, Andhra Pradesh, Himachal Pradesh, and Haryana.
As of March 31, 2026, the company had 2,093 permanent employees.
Company Financials (Restated Consolidated)
| 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 |
LCC Projects Ltd.'s revenue increased by 24% and profit after tax (PAT) rose by 28% between the financial year ending with March 31, 2026 and March 31, 2025.
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|---|---|---|---|---|---|---|---|
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| Paluck Technologies Ltd. | SME | ₹33.00 Cr | ₹48 | 6.95 | ₹49.14 | +2.38% | ₹45.41 |
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| GRE Renew Enertech Ltd. | SME | ₹39.56 Cr | ₹105 | 15.72 | ₹91.20 | -13.14% | ₹179.05 |
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| Valplast Technologies Ltd. | SME | ₹28.09 Cr | ₹54 | 12.75 | ₹58.63 | +8.57% | ₹37.00 |
| Chiraharit Ltd. | SME | ₹31.07 Cr | ₹21 | 13.95 | ₹15.96 | -24.00% | ₹10.03 |
| Telge Projects Ltd. | SME | ₹27.24 Cr | ₹105 | 14.04 | ₹110.45 | +5.19% | ₹226.95 |
| Karbonsteel Engineering Ltd. | SME | ₹59.30 Cr | ₹159 | 12.47 | ₹194.35 | +22.23% | ₹109.00 |
View More »
IPO Objects of the Issue
| # | 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 proposes to utilise the Net Proceeds from the Issue towards the following objects:
Key Performance Indicator (KPI)
| 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 |
Check IPO Peer Comparison here.
IPO Valuation
| Valuation Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS (₹) | 10.53 | 9.89 |
| P/E (x) | 13.87 | 14.76 |
| Market Cap at Offer Price | ₹3,971.20 Cr. | ₹4,229.20 Cr |
Disclaimer
The value will be calculated using Equity Dilution = Share Holding Pre Issue - Share Holding Post Issue
The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2026 available in RHP.
The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of March 31, 2026 available in RHP.
Shareholding Structure
| 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.
Offer For Sale - Selling 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 |
LCC Projects IPO Recommendations
| Review By | Subscribe | May Apply | Neutral | Avoid |
|---|---|---|---|---|
| Brokers | 5 | 0 | 1 | 0 |
| Members | 0 | 0 | 0 | 0 |
IPO Registrar
Kfin Technologies Ltd.
040-79615565
lccpl.ipo@kfintech.com
IPO Lead Manager(s)
Motilal Oswal Investment Advisors Ltd.
Contact Details
LCC Projects Ltd. Address
‘B’ Wing,15th Floor, Privilon Building,
Vikram Nagar AmbliBopal Road,
Behind ISKCON Temple,
Ahmedabad, Gujarat , 380058
+91 79 4848 4453
cs@lccprojects.com
LCC Projects IPO in the news
Recent coverage in the financial press. Headlines are the publishers' own; verify details with the RHP.
IPO GMP comparison: Last day alert! LCC Projects vs Karamtara Engineering vs Steamhouse India
IndiaIPO · 11 Sept 2026
LCC Projects IPO Closes With 7.10x Subscription
Whalesbook · 11 Sept 2026
LCC Projects IPO GMP rises to 34% as subscription crosses 10x on Day 3
Moneycontrol.com · 11 Sept 2026
LCC Projects IPO Day 3: Subscribed 7.1x; NII sHNI leads at 16.96x
scanx.trade · 11 Sept 2026
IPO GMP comparison: Last day alert! LCC Projects vs Karamtara Engineering vs Steamhouse India
Livemint · 11 Sept 2026
LCC Projects IPO Day 3 Subscription Status 11 Sep 2026
Univest · 11 Sept 2026
LCC Projects IPO Allotment Date 15 September 2026: Price, Lot Size and Listing Details
Univest · 11 Sept 2026
