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    LCC Projects IPO

    Updated 15 Sept 2026, 8:00 pm.

    Open Demat Account
    GMP disclaimer: GMP is unofficial and unregulated. It is not a recommendation or a reliable estimate of listing price or returns. Consider the RHP and your own risk assessment before applying.

    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

    ₹210

    Issue size

    ₹427.14 Cr

    GMP history

    Each point is a recorded observation from the scheduled data sync.

    ObservedGMPEst. listing price
    15 Sept 2026, 8:00 pm₹64₹210
    15 Sept 2026, 2:12 pm₹58₹210
    15 Sept 2026, 2:10 pm₹64₹210
    15 Sept 2026, 12:09 am₹64₹210
    15 Sept 2026, 12:08 am₹64₹210
    14 Sept 2026, 2:27 pm₹64₹210
    14 Sept 2026, 2:25 pm₹64₹210
    12 Sept 2026, 9:50 pm₹72₹221
    12 Sept 2026, 9:49 pm₹75₹221
    12 Sept 2026, 5:41 pm₹72₹221
    12 Sept 2026, 5:40 pm₹75₹221
    12 Sept 2026, 1:26 pm₹78₹221
    12 Sept 2026, 1:25 pm₹75₹221
    11 Sept 2026, 10:33 pm₹64₹196
    11 Sept 2026, 10:31 pm₹50₹196
    11 Sept 2026, 6:20 pm₹55₹196
    11 Sept 2026, 6:19 pm₹50₹196
    11 Sept 2026, 1:35 pm₹50₹196
    11 Sept 2026, 1:33 pm₹50₹196
    11 Sept 2026, 12:30 pm₹50₹196
    11 Sept 2026, 12:25 pm₹50₹196
    11 Sept 2026, 12:20 pm₹50₹196
    11 Sept 2026, 11:58 am₹50₹196
    10 Sept 2026, 11:47 pm₹48₹191
    10 Sept 2026, 11:07 pm₹47₹191
    10 Sept 2026, 11:00 pm₹45₹191
    10 Sept 2026, 10:30 pm₹48₹191
    10 Sept 2026, 10:29 pm₹45₹191
    10 Sept 2026, 6:26 pm₹47₹191
    10 Sept 2026, 6:25 pm₹45₹191
    10 Sept 2026, 4:50 pm₹47₹191
    10 Sept 2026, 1:38 pm₹45₹191
    10 Sept 2026, 11:43 am₹45₹191
    10 Sept 2026, 11:40 am₹45₹191
    10 Sept 2026, 11:39 am₹45₹191
    9 Sept 2026, 10:39 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
    ₹210
    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

    Red Herring Prospectus (RHP)Check allotment statusCompany website

    Subscription by category

    As of 11 Sept 2026, 6:52 pm.

    Total subscription

    49.57x

    Qualified Institutional78.73×
    Non Institutional64.91×
    Retail Individual26.34×

    Full issue details

    Details as published for this issue, read 14 Sept 2026, 2:45 pm. Verify against the RHP before applying.

    IPO Details

    IPO Date9 to 11 Sep, 2026
    Listing DateThu, Sep 17, 2026 T
    Face Value₹ 5 per share
    Price Band₹139 to ₹146
    Issue Price₹146 per share
    Lot Size102 Shares
    Sale TypeFresh capital cum OFS
    Issue TypeBookbuilding IPO
    Listing AtBSE, NSE
    Total Issue Size2,92,56,232 shares (agg. up to ₹ 427 Cr)
    Fresh Issue1,76,71,232 shares (agg. up to ₹ 258 Cr)
    Offer for Sale1,15,85,000 shares of ₹ 5 (agg. up to ₹ 169 Cr)
    Share Holding Pre Issue27,20,00,000 shares
    Share Holding Post Issue28,96,71,232 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

    • QIB50.00%
    • NII (HNI)15.00%
    • Retail35.00%
    Issue Reservation: Share of the issue reserved for each investor category. Figures as published in the table below.
    Investor CategoryShares% of Total IssueMax Allottees
    QIB1,46,28,11650.00%NA
    - Anchor Investor87,76,86930.00%NA
    - QIB (Ex. Anchor)58,51,24720.00%NA
    NII (HNI)43,88,43515.00%NA
    - bNII > ₹10L29,25,62310.00%2,048
    - sNII < ₹10L14,62,8125.00%1,024
    Retail1,02,39,68135.00%1,00,389
    Total2,92,56,232100.00%—

    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

    Retail (Min)₹14,892
    Retail (Max)₹1,93,596
    S-HNI (Min)₹2,08,488
    S-HNI (Max)₹9,97,764
    B-HNI (Min)₹10,12,656
    IPO Lot Size: What an application costs at the upper price band, by category. Figures as published in the table below.
    ApplicationLotsSharesAmount
    Retail (Min)1102₹14,892
    Retail (Max)131326₹1,93,596
    S-HNI (Min)141428₹2,08,488
    S-HNI (Max)676834₹9,97,764
    B-HNI (Min)686936₹10,12,656

    Investors can bid for a minimum of 102 shares and in multiples thereof.

    IPO Subscription Details

    IPO Anchor Investors

    Bid DateTue, Sep 8, 2026
    Shares Offered87,76,869
    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)

    Total Income

    31 Mar 20242,449.79
    31 Mar 20252,941.01
    31 Mar 20263,639.45

    Profit After Tax

    31 Mar 2024122.00
    31 Mar 2025223.63
    31 Mar 2026286.44

    EBITDA

    31 Mar 2024241.37
    31 Mar 2025401.04
    31 Mar 2026519.90

    NET Worth

    31 Mar 2024382.83
    31 Mar 2025604.99
    31 Mar 2026888.41
    Company Financials (Restated Consolidated): Each line is scaled to its own largest period, ₹ crore - compare periods within a line, not one line against another. Figures as published in the table below.
    Period Ended31 Mar 202631 Mar 202531 Mar 2024
    Assets2,447.541,727.461,129.99
    Total Income3,639.452,941.012,449.79
    Profit After Tax286.44223.63122.00
    EBITDA519.90401.04241.37
    NET Worth888.41604.99382.83
    Reserves and Surplus752.41468.99348.83
    Total Borrowing860.65649.55422.30
    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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    IPO Objects of the Issue

    Purchase of equipment14.69
    Prepayment and/or repayment, in full or in part, of all or a portion of certain outstanding borrowings availed by Company180.00
    IPO Objects of the Issue: What the proceeds are earmarked for (₹ Cr.). Figures as published in the table below.
    #Issue ObjectsEst Amt (₹ Cr.)
    1Purchase of equipment14.69
    2Prepayment and/or repayment, in full or in part, of all or a portion of certain outstanding borrowings availed by Company180.00
    3General corporate purposes—
    Total194.69

    The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:

    Key Performance Indicator (KPI)

    ROE

    Mar 31, 202536.96%
    Mar 31, 202632.24%

    ROCE

    Mar 31, 202527.64%
    Mar 31, 202627.13%

    RoNW

    Mar 31, 202536.96%
    Mar 31, 202632.24%

    PAT Margin

    Mar 31, 20257.66%
    Mar 31, 20267.96%

    EBITDA Margin

    Mar 31, 202513.74%
    Mar 31, 202614.44%
    Key Performance Indicator (KPI): The percentage ratios only; the table's absolute figures stay in the table. Figures as published in the table below.
    KPIMar 31, 2026Mar 31, 2025
    ROE32.24%36.96%
    ROCE27.13%27.64%
    Debt/Equity0.971.23
    RoNW32.24%36.96%
    PAT Margin7.96%7.66%
    EBITDA Margin14.44%13.74%
    NAV32.6622.24
    Price to Book Value4.476.56

    Check IPO Peer Comparison here.

    IPO Valuation

    Valuation MetricPre IPOPost IPO
    EPS (₹)10.539.89
    P/E (x)13.8714.76
    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

    Pre IPO

    • Promoter and Promoter Group100%

    Post IPO

    • Promoter and Promoter Group89.9%
    • Public10.10%
    Shareholding Structure: Who holds the company before and after the issue. Figures as published in the table below.
    CategoryPre IPOPost IPO
    Promoter and Promoter Group100%89.9%
    Public—10.10%
    Total100%100%

    Company Promoters: Arjan Suja Rabari, Laljibhai Arjanbhai Ahir and Maya Arjan Rabari.

    Offer For Sale - Selling Shareholders

    NameCategoryNo. of Shares OfferedAmount (₹ cr.)
    Arjan Suja RabariPromoter57,92,50084.57
    Laljibhai Arjanbhai AhirPromoter57,92,50084.57
    Total—1,15,85,000169.14

    LCC Projects IPO Recommendations

    Review BySubscribeMay ApplyNeutralAvoid
    Brokers5010
    Members0000

    IPO Subscription Status

    CategorySubscription (x)Shares OfferedShares bid for
    QIB (Ex Anchor)78.7358,51,24746,06,57,806
    NII64.9143,88,43528,48,56,624
    bNII (> ₹10L)61.5329,25,62318,00,27,960
    sNII (< ₹10L)71.6614,62,81210,48,28,664
    Retail26.341,02,39,68126,97,18,192
    Total49.572,04,79,3631,01,52,32,622

    The LCC Projects IPO is subscribed 49.57 times on September 11, 2026 6:52:32 PM (Day 3). The public issue subscribed 26.34 times in the retail category, 78.73 times in the QIB category, and 64.91 times in the NII category. Check Day by Day Subscription Details (Live Status)

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    Total Applications: 25,13,032

    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.

    LCC Projects IPO Subscription Status Day 3: Issue Subscribed 49.57 Times

    hdfcsky.com · 11 Sept 2026

    Six IPOs get aggressive bids worth ₹1.4 lakh crore as Rentomojo, Karamtara, LCC Projects sparkle

    BusinessLine · 11 Sept 2026

    LCC Projects IPO subscribed 48.51 times

    Business Standard · 11 Sept 2026

    LCC Projects IPO Day 3: Issue closes with over 48x subscription; check allotment date and step to check status on NSE, BSE

    Upstox · 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 45.5x; QIB surges 6027%; NII bHNI leads

    scanx.trade · 11 Sept 2026

    IPO GMP comparison: Last day alert! LCC Projects vs Karamtara Engineering vs Steamhouse India

    IndiaIPO · 11 Sept 2026