LCC Projects IPO
LISTEDMAINBOARDLCCPROJECTListing Performance
▲ 29.45%
Issue Price
₹146
Listing Price
₹189
Listed On
17 Sep 2026
- Price Band
- ₹139 – ₹146
- Lot Size
- 102
- Lot Value
- ₹14,892
- Open Date
- 09 Sep09 Sep 2026
- Close Date
- 11 Sep11 Sep 2026
- Min Investment
- ₹14,892
About LCC Projects
LCC Projects is an infrastructure company operating primarily in the irrigation and water supply sector. The company executes a wide range of projects, including the construction of dams, barrages, weirs, hydraulic structures, canals, pipe distribution networks, lift irrigation works, and water supply schemes. It generates the majority of its revenue from state and central government departments through engineering, procurement, and construction contracts awarded via competitive bidding. While irrigation and water supply projects account for the vast majority of its business, the company is diversifying into other infrastructure sectors. Its current operations include ongoing projects in metro railway construction, mining, road work, and renewable energy. The company operates across multiple states in India, with a significant geographic concentration of its ongoing projects in Gujarat and Madhya Pradesh. It also recently established a manufacturing unit for precast concrete solutions.
Use of IPO Proceeds
Promoters
Arjan Suja Rabari
Chairman and Managing Director · age 48
Pre-issue: 41%
Laljibhai Arjanbhai Ahir
Managing Director · age 36
Pre-issue: 41%
Maya Arjan Rabari
Non-Executive Director · age 21
Investment Analysis
Quick Analysis: 5 strengths · 5 risk factors· Exchange: Equity
Strengths (5)
- •Proven track record in successfully executing complex irrigation and water supply infrastructure projects.
- •A robust order book ensures strong future revenue visibility and growth.
- •Geographically diversified operational presence spanning across 12 different Indian states.
- •Consistent financial growth demonstrated by a strong revenue CAGR of 21.50% (FY24–FY26).
- •Extensive in-house fleet of construction equipment and newly added precast concrete manufacturing capabilities.
Risk Factors (5)
- •Top 10 clients generate 72.30% of our total operating revenue.
- •High reliance on government contracts exposes us to policy shifts.
- •Higher financial leverage and debt compared to listed industry peers.
- •High geographic revenue concentration in Gujarat and Madhya Pradesh.
- •High unbilled revenue levels could negatively impact our cash flows.
Demand snapshot
Subscription and grey market data as reported. Not a recommendation.
- Subscribed 34.73x (QIB 47.60x, NII 55.23x, Retail 18.80x) at close
Investor Quota
Approx. shares reserved per category
Estimated from total issue size; actual reserved lots are set in the RHP.
Application Lot Sizes
Retail caps at ₹2,00,000 (13 lots here). S-HNI is ₹2L–₹10L, B-HNI is above ₹10L.
| Category | 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 |
Subscription Status
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 1.13x | 1.15x | 47.60x |
| sNII (S-HNI) | 0.92x | 6.01x | 57.36x |
| bNII (B-HNI) | 1.96x | 3.97x | 54.16x |
| Retail | 0.90x | 3.33x | 18.80x |
| Total | 1.12x | 3.00x | 34.73x |
Colour: red <1x · amber 1–10x · green ≥10x oversubscribed.
Allotment Statistics
Retail Individual Investors (RII)
Subscription
18.80x
Allotment Ratio
1 lot per 19 applicants
Allotment Probability
~5.3%
Non-Institutional Investors (NII / HNI)
Subscription
55.23x
Allotment Type
Proportionate allotment
Qualified Institutional Buyers (QIB)
Subscription
47.60x
Allotment Type
Discretionary allotment
Total Subscription
34.73x
Allotment probability is estimated based on subscription data and is not guaranteed. Actual allotment depends on the registrar's process.
Basis of Allotment
Category-wise subscription & allotment ratio
Weigh your chances
IPO Timeline
Issue Opens
09 Sep 2026 · Wed
Issue Closes
11 Sep 2026 · Fri
UPI Deadline
11 Sep 2026 · Fri
Allotment
15 Sep 2026 · Tue
Refund
16 Sep 2026 · Wed
Share Credit
16 Sep 2026 · Wed
Listing
17 Sep 2026 · Thu
Issue Opens
09 Sep 2026 · Wed
Issue Closes
11 Sep 2026 · Fri
UPI Deadline
11 Sep 2026 · Fri
Allotment
15 Sep 2026 · Tue
Refund
16 Sep 2026 · Wed
Share Credit
16 Sep 2026 · Wed
Listing
17 Sep 2026 · Thu
IPO Details
| Registrar | KFin Technologies Limited |
| Exchange | Equity |
| ISIN | — |
| Face Value | ₹5 |
| Issue Size | ₹427.14 Cr |
| Fresh Issue | ₹258.00 Cr |
| OFS Size | — |
| Lead Managers | Motilal Oswal Investment Advisors Limited |
3-Year Financial Summary
Revenue trend
↑ FY24→FY25
| Fiscal Year | Revenue (₹Cr) | PAT (₹Cr) | EPS | P/E | ROE |
|---|---|---|---|---|---|
| FY25 | 2,918.29 | 223.63 | 10.42 | — | 32.24% |
| FY24 | 2,438.91 | 122 | — | — | — |
Detailed Line Items (₹ Cr)
| Line Item | FY24 | FY25 |
|---|---|---|
| EBITDA | 241.37 | 401.04 |
| Net Worth | 382.83 | 604.99 |
| Total Borrowings | 421.64 | 746.77 |
From the company's offer document (DRHP/RHP); restated figures where available.
Valuation at Issue Price
Issue P/E
14.0x
Price ÷ EPS
EPS (FY25)
₹10
Earnings per share
RoNW
32.24%
Return on net worth
ROCE
27.13%
as reported in filing
EBITDA margin
13.7%
EBITDA ÷ revenue
Price/NAV
4.47x
Price ÷ NAV (as reported)
Check the valuation yourself
Company Fundamentals
11 sections extracted from this filingCapital Structure
| Authorised Capital | — |
| Issued Capital | — |
| Paid-up Capital | ₹136.00 Cr |
| Equity Shares (Pre-Issue) | — |
| Equity Shares (Post-Issue) | — |
Source: LCC Projects offer document (DRHP/RHP).
Shareholding Pattern
Pre-Issue
Pre-Issue not disclosed in this filing.Not separately disclosed in LCC Projects's filing.
Post-Issue
Post-Issue not disclosed in this filing.Not separately disclosed in LCC Projects's filing.
Source: LCC Projects offer document (DRHP/RHP).
Reservations & OFS
Investor Reservation
- QIB50.00%
- NII / HNI15.00%
- Retail35.00%
OFS Selling Shareholders
- Arjan Suja Rabari57,92,500 sh
- Laljibhai Arjanbhai Ahir57,92,500 sh
Source: LCC Projects offer document (DRHP/RHP).
Board & Management
Board of Directors (6)
- Arjan Suja Rabari₹2.40 Cr p.a.
Chairman and Managing Director
- Laljibhai Arjanbhai Ahir₹2.40 Cr p.a.
Managing Director
- Maya Arjan Rabari₹0.00 Cr p.a.
Non-Executive Director
- Rajnikant Chimanlal Diwan₹0.00 Cr p.a.
Independent Director
- Vijayalakshmi Suvarna₹0.00 Cr p.a.
Independent Director
- Mirtunjay Singh₹0.00 Cr p.a.
Independent Director
Key Managerial Personnel (2)
- Gayatri Desai₹0.02 Cr p.a.
Company Secretary and Compliance Officer
Bachelor's in Commerce from Gujarat University; Associate of Institute of Company Secretaries of India
6 years in finance, compliance and secretarial
- Artiba Narpatsinh Jadeja₹0.03 Cr p.a.
Chief Financial Officer
Bachelor's in Commerce from Bhuj Commerce College; Master's in Commerce from Gujarat University; Member of Institute of Chartered Accountants of India
10 years in finance
Source: LCC Projects offer document (DRHP/RHP).
Industry & Market
Industry & market data not disclosed in this filing.Market-size/industry detail was not extracted from LCC Projects's filing.
Peer Comparison
| Company | P/E | EPS | RoNW % | NAV |
|---|---|---|---|---|
| LCC Projects Limited | — | 10.42 | 32.24 | 32.66 |
| Vishnu Prakash R Punglia Limited | — | -12.04 | — | 50.54 |
| Enviro Infra Engineers Limited | 19.14 | 10.42 | 15.28 | 70.23 |
Material Litigation
| Type | Against | Matters | Amount (₹Cr) |
|---|---|---|---|
| Civil | Company | 2 | 4.198 |
| Tax | Company | 12 | 1.222 |
| Criminal | Directors | 1 | — |
| Tax | Directors | 1 | 0.002 |
Registrar (RTA)
SEBI-registered Registrar & Transfer Agent — handles allotment and refunds.
Registrar:KFin Technologies Limited→Lead Managers (BRLMs)
Click any merchant banker for their full IPO track record (positive listing rate, average gain, IPOs managed).
Documents
Frequently Asked Questions
When is the LCC Projects IPO opening?
The LCC Projects IPO opens on 09 Sep 2026 and closes on 11 Sep 2026. Check this page for the latest updates as we refresh every 30 minutes.
What is the price band of the LCC Projects IPO?
The price band for the LCC Projects IPO is ₹139 to ₹146. The final price is announced after the book-building process and is confirmed before listing.
What is the lot size and minimum investment for the LCC Projects IPO?
The minimum lot size is 102 shares with a minimum investment of ₹14,892. Retail investors can apply for up to the retail limit defined by SEBI.
What is the GMP of LCC Projects IPO today?
The latest Grey Market Premium for LCC Projects is ₹78 (+53.42%). GMP is unofficial data and is not a guarantee of listing price.
When will the LCC Projects IPO list on NSE and BSE?
The LCC Projects IPO is expected to list on 17 Sep 2026 on Equity. Actual listing day trading begins at the start of the normal market session.
How can I check the LCC Projects IPO allotment status?
The registrar for this IPO is KFin Technologies Limited. You can check your allotment status on the registrar's portal using your PAN, application number, or DP ID. We link to the registrar directly on our allotment page after the allotment date.
Is the LCC Projects IPO a mainboard or SME issue?
LCC Projects is a mainboard IPO that will list on the main NSE and BSE boards. Mainboard IPOs are open to retail investors with a minimum application of one lot.
How do I apply for the LCC Projects IPO?
You can apply for the LCC Projects IPO through any SEBI-registered broker such as Zerodha, Upstox, or Angel One using UPI or ASBA while the issue is open for bidding.
What is the GMP-implied price of LCC Projects IPO?
The GMP-implied price (unofficial, not a forecast) is ₹224: the upper price band of ₹146 plus the latest grey market premium of ₹78, as of 28 Sep 2026, 01:01 PM IST. GMP is unofficial grey market data, and the actual listing price can differ from it.
What is the allotment ratio for LCC Projects IPO?
Based on the retail subscription of 18.80x, the estimated allotment ratio is 1 lot per 19 applicants (approximately 5.3% chance of allotment). This is an estimate and actual allotment may vary.
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