LCC Projects IPO GMP today is Rs 36. Investors can use this GMP along with price band and subscription status for a better IPO review.
Listed
Mainboard IPO
LCCPROJECT
LCC Projects IPO GMP & Allotment
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.
- IPO Price Band
- ₹139.00 - ₹146.00
- Lot Size
- 102 Shares
- Bidding Closes
- 11 Sept 2026
- Listing Date
- 17 Sept 2026
Current GMP Status
₹36
+24.66% vs upper band
Est. Listing Gain
+29.45%
Last Trend
17 Sept 2026
Listing Price
₹189.00
Retail Entry
₹14,892
IPO Details
Complete IPO information
| IPO Open Date | 09 Sept 2026 |
|---|---|
| IPO Close Date | 11 Sept 2026 |
| IPO Price Band | ₹139.00 - ₹146.00 |
| Lot Size | 102 Shares |
| Current GMP | ₹36 |
| Estimated Listing Gain | +29.45% |
| Issue Size | Approx ₹427.14 Cr |
| Fresh Issue | Approx ₹258 Cr |
| Issue Type | Mainboard |
| IPO Listing | BSE, NSE |
| Retail Quota | TBA |
| Registrar | Kfin Technologies Ltd. |
| Overall Subscription | 48.51x |
| Minimum Investment | ₹14,892 |
| DRHP Draft Prospectus | |
| RHP Draft Prospectus |
Demand Tracker
Subscription Status
| Category | Shares Reserved | Shares Applied | Subscription (x) |
|---|---|---|---|
| QIB | 58.54 | 4606.58 | 78.69x |
| NII | 45.22 | 2848.57 | 62.99x |
| Retail | 105.51 | 2697.18 | 25.56x |
| Overall Subscription | 209.27 | 10152.33 | 48.51x |
Analysis
IPO Snapshot & Investor Takeaways
At the upper end of its price band, LCC Projects is priced at ₹146 per share. With a minimum lot size of 102 shares, a retail investor applying for one lot would need approximately ₹14,892 to participate in this Mainboard issue.
The latest recorded Grey Market Premium for LCC Projects stands at ₹36, implying an estimated listing gain of around 24.66% over the issue price if it holds until listing. This is down ₹18 from its previously recorded level. GMP reflects informal grey-market sentiment rather than a guaranteed outcome, and can change at any point until the day of listing.
As of the latest update, LCC Projects's IPO was subscribed 48.51x overall, with a category-wise breakdown of Retail 25.56x, QIB 78.69x, NII 62.99x.
Among the strengths highlighted in LCC Projects's IPO documents: Proven track record in successfully executing complex irrigation and water supply infrastructure projects.; A robust order book ensures strong future revenue visibility and growth..
Investors should also weigh the risk factors LCC Projects has disclosed, including: Top 10 clients generate 72.30% of our total operating revenue..
Mainboard IPOs list on the main platform of BSE/NSE, typically involve larger issue sizes, and draw participation across retail, HNI and institutional (QIB) investor categories.
Timeline
IPO roadmap at a glance
✓
Bidding Opens
09 Sept 2026
✓
Bidding Closes
11 Sept 2026
✓
Allotment
15 Sept 2026
✓
Listing
17 Sept 2026
Grey Market Premium
Daily GMP status
| Date | GMP | Change | Gain |
|---|---|---|---|
| 17 Sept 2026 | ₹36.00 | -₹18.00 | 24.66% |
| 16 Sept 2026 | ₹54.00 | +₹3.00 | 36.99% |
| 11 Sept 2026 | ₹51.00 | +₹6.00 | 34.93% |
| 10 Sept 2026 | ₹45.00 | +₹12.00 | 30.82% |
| 09 Sept 2026 | ₹33.00 | +₹8.00 | 22.60% |
| 07 Sept 2026 | ₹25.00 | +₹8.00 | 17.12% |
| 06 Sept 2026 | ₹17.00 | - | 11.64% |
Swipe to see more →
Market Lot
Application size breakdown
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 Lot | 102 | ₹14,892 |
| Retail Maximum | 13 Lot | 1,326 | ₹1,93,596 |
| S-HNI Minimum | 14 Lot | 1,428 | ₹2,08,488 |
| S-HNI Maximum | 67 Lot | 6,834 | ₹9,97,764 |
| B-HNI Minimum | 68 Lot | 6,936 | ₹10,12,656 |
Swipe to see more →
Fund Utilization
Objects of the Issue & Official Documents
Issue Notes
Important takeaways before applying
Strengths
- 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.
Risks
- 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.
Analysis
LCC Projects IPO Reservation
The LCC Projects IPO reservation is divided between qualified institutional buyers, non-institutional investors and retail investors. QIB investors are allocated 50% of the shares offered, while NII investors receive 15% and retail investors receive 35%. The anchor investor allocation is currently shown as not specified in the provided details.
| Investor Category | Share Offered | -% Shares |
|---|---|---|
| Anchor Investor | – Shares | -% |
| QIB (Ex. Anchor) | – Shares | 50% |
| NII Shares Offered | – Shares | 15% |
| Retail Shares Offered | – Shares | 35% |
Note: Reservation percentages are based on the LCC Projects IPO details provided and may be updated with the final issue allocation.
Analysis
LCC Projects IPO Anchor Investors
The LCC Projects IPO anchor bidding is scheduled for September 8, 2026, one day before the public issue opens. Anchor investors participate in the issue ahead of the broader subscription period, with the allocation and applicable lock-in details disclosed as part of the IPO process. The shares offered and anchor size are currently shown as not specified in the provided details.
| Particular | Details |
|---|---|
| Anchor Bidding Date | September 8, 2026 |
| Shares Offered | [.] Shares |
| Anchor Size | [.] Cr. |
| Lock-in Period End Date 50% Shares (30 Days) | 2026 |
| Lock-in Period End Date 50% Shares (90 Days) | 2026 |
Note: Anchor allocation figures and lock-in dates are based on the information provided for the LCC Projects IPO and may be updated after the final anchor investor allocation announcement.
Analysis
LCC Projects IPO Dates
| Particular | Dates |
|---|---|
| IPO Open Date | 09 Sept 2026 |
| IPO Close Date | 11 Sept 2026 |
| Basis of Allotment | 15 Sept 2026 |
| Refunds | 16 Sept 2026 |
| Credit to Demat Account | 16 Sept 2026 |
| IPO Listing Date | 17 Sept 2026 |
Note: The timeline for LCC Projects IPO is tentative and subject to change.
Analysis
LCC Projects Promoters and Holding Pattern
The promoters of LCC Projects are Arjan Suja Rabari, Laljibhai Arjanbhai Ahir and Maya Arjan Rabari. Before the IPO, the promoter and promoter group hold the entire pre-IPO share capital. Following the issue, their holding is expected to reduce to 89.90%, while the shareholding of others will account for 10.10% of the company.
| Particular | Pre IPO Shares | Pre IPO % Shares | Post IPO Shares | Post IPO % Shares |
|---|---|---|---|---|
| Promoter and Promoter Group | 272,000,000 | 100% | 260,415,000 | 89.90% |
| Others* | – | -% | 29,256,232 | 10.10% |
| Total | 272,000,000 | 100% | 289,671,232 | 100% |
Note: The holding pattern is based on the provided LCC Projects IPO shareholding details. “Others*” represents shareholders outside the promoter and promoter group.
Analysis
LCC Projects Objects of the Issue & Utilisation of Proceeds
| Purpose | Crores |
|---|---|
| Purpose | INR crores (%) |
| Purchase of equipment | 14.69 (5.69%) |
| Prepayment and/or repayment of outstanding borrowings | 180 (69.77%) |
| General corporate purposes | 63.31 (24.54%) |
Note: Objectives are as specified in the DRHP/RHP documents of LCC Projects.
Analysis
LCC Projects About IPO
LCC Projects, founded in 2017, is an engineering, procurement, and construction (“EPC”) firm that works mainly on irrigation and water supply projects. Its projects include construction of dams, barrages, weirs, hydraulic structures, canals, pipe distribution networks, lift irrigation works, water supply schemes, and other EPC projects.
As of September 2024, the firm has completed 68 projects, of which the Sondwa Lift Micro Irrigation Project, Sidhi Bansagar Multi–Village Scheme, and Gandhi Sagar 1 Multi-Village Scheme are the top three. Moreover, LCC has also completed various notable projects such as the construction of the Tawa Left Bank Canal, Parbati Dam Project, Dudhai Sub Branch Canal Project, and AKOT Lift Irrigation Scheme.
In FY22, the firm was operating in 8 states, and by FY24, it had expanded to 11 states: Gujarat, Madhya Pradesh, Odisha, Rajasthan, Maharashtra, Uttar Pradesh, Karnataka, Jharkhand, Chhattisgarh, Himachal Pradesh, and Haryana.
Analysis
LCC Projects Company Financials
| Period | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2024 | 2449.79 Cr. | 2241.87 Cr. | 122.00 Cr. | 1129.99 Cr. |
| 2025 | 2941.01 Cr. | 2647.56 Cr. | 223.63 Cr. | 1727.46 Cr. |
| 2026 | 3639.45 Cr. | 3260.12 Cr. | 286.44 Cr. | 2447.54 Cr. |
Note: Financial numbers for LCC Projects are in ₹ Crores unless stated otherwise.
Analysis
LCC Projects Company Valuation – FY2026
| KPI | Values |
|---|---|
| ROE | 32.24% |
| ROCE | 27.13% |
| EBITDA Margin | 14.44% |
| PAT Margin | 7.96% |
| Debt to Equity Ratio | 0.97 |
| Earning Per Share (EPS) | 10.42 (Basic) |
| Price/Earning P/E Ratio | - |
| Return on Net Worth (RoNW) | 32.24% |
| Net Asset Value (NAV) | 32.66 |
Note: Valuation KPIs for LCC Projects are computed for FY2026.
Analysis
LCC Projects IPO Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| Vishnu Prakash R Punglia Limited | (12.04) | – | – | 50.54 | 851.20 Cr. |
| Enviro Infra Engineers Limited | 10.42 | 19.14 | 15.28% | 70.23 | 1145.60 Cr. |
Note: Peer group comparisons for LCC Projects are sourced from DRHP filings.
Analysis
LCC Projects IPO Lead Managers aka Merchant Bankers
- Motilal Oswal Investment Advisors Ltd.
Comparison
Compare LCC Projects IPO with similar IPOs
FAQ
LCC Projects IPO FAQs
LCC Projects IPO price band is Rs 139.00 to Rs 146.00. Check the latest issue price, lot size and GMP together before applying.
LCC Projects IPO open date is 09 Sept 2026, close date is 11 Sept 2026, and listing date is 17 Sept 2026.
LCC Projects IPO lot size is 102 shares. The minimum retail investment is Rs 14,892.
LCC Projects is classified as a Mainboard IPO. This helps investors quickly understand the issue category and exchange segment.
LCC Projects IPO subscription status currently shows Retail 25.56x, QIB 78.69x, NII 62.99x, Overall 48.51x.
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.
LCC Projects IPO issue size is 427.14 and the expected allotment date is 15 Sept 2026.
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