LCC Projects Limited IPO
ListedMainboardInfrastructure Developers & Operators
49.57×
Subscribed
Price band
₹139 – ₹146
Lot size
102
1 lot = ₹14,892
Issue size
₹427.14 Cr
Open – close
09 Sept 2026
to 11 Sept 2026
Listing
17 Sept 2026
Listing gain
+29.45%
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
Mixed6 of 7 dimensions read
A mixed but reasonable offering — 4 positive against 1 negative signals
Strength67/100
- Undemanding valuation14.0× earnings at the upper band, with no peer set published to compare against
- Steady revenue growthRevenue compounding at 21.5%
- Profit growth outpaces salesPAT up 53.2% a year against revenue at 21.5% — check whether that is operating leverage or a one-off before extrapolating it
- High return on equityROE of 32.1%
- Conservative balance sheetDebt/equity of 0.75×
- Large related-party dealingsRelated-party transactions run at 109.5% of revenue — a material share of the business is with connected entities
- Institutions bid heavilyQIB portion subscribed 78.73×
Every line above is arithmetic on a figure shown elsewhere on this page - no model, no opinion. It describes the quality of the offering as disclosed. It is not a prediction of the listing price, and it is not advice to apply.
Dates
The issuer's tentative timetable — a date passing is not confirmation the step completed
- Opens09 Sept 2026
- Closes11 Sept 2026
- Allotment15 Sept 2026
- Listing17 Sept 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Qualified institutionalQIB78.73x
Non-institutionalNII / HNI64.91x
Big NIIabove ₹10L61.53x
Small NII₹2L – ₹10L71.66x
Retail individualRII26.34x
25,13,032 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 11 Sept 2026.
Chance of allotment
Retail26.34× subscribed
~1 in 26.3
Minimum 1 lot · 102 shares · ₹14,892 blocked
Retail is 26.34× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 26.3 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII64.91× subscribed
~1 in 64.9
Minimum 14 lots · 1,428 shares · ₹2,08,488 blocked
HNI is 64.91× subscribed. This category is allotted proportionately, so a bid receives roughly 1/64.9 of the shares applied for, subject to the minimum-lot draw.
Derived from SEBI's allotment mechanics and the subscription figures beside it. Retail allotment is a lottery on a single lot, so applying for more lots does not improve your chance of getting something.
Grey market premium
Unofficial dealer quotes — not published by NSE, BSE, SEBI or the company
₹78+53.4%
over the upper band · last seen 21 Sept 2026 · rising since 07 Sept 2026
What this number is not. Grey-market premium is an unregulated, thinly-traded quote from private dealers. It is not a forecast of the listing price, it is not verifiable, and it can be moved by the same people who benefit from it looking high. We publish it because you will look it up anyway — and we deliberately do not convert it into an expected listing gain, because that arithmetic implies a reliability the number has never earned. For what actually happened to comparable issues, see recent outcomes below.
The offering
Terms, structure and who is selling
Terms
Price band₹139 – ₹146
Face value₹5
Lot size102shares
Minimum application₹14,892at cut-off
Total issue size₹427.14 Cr
Fresh issue₹258 Cr
Offer for sale₹169.14 Cr
Listing atMainboard
Anchor investorsAllotted
Company & valuation
P/E at upper band14.01×
EPS₹8.68pre-issue
NAV per share₹32.66
Return on equity32.07%
Debt / equity0.75×
Related-party109.45%of revenue
ROCE27.13%
RoNW32.24%
PAT Margin7.96%
EBITDA Margin14.44%
NAV32.66
Price to Book Value4.47
ISININE1FPN01026
RegistrarKARVY
Lead managersMotilal Oswal Investment Advisors Limited
39.6% of this issue is an offer for sale. The rest is fresh capital that goes into the company itself.
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| QIB | 1,46,28,116 | — |
| Anchor Investor | 87,76,869 | — |
| QIB (Ex. Anchor) | 58,51,247 | — |
| NII (HNI) | 43,88,435 | — |
| bNII > ₹10L | 29,25,623 | 2048.00% |
| sNII < ₹10L | 14,62,812 | 1024.00% |
| Retail | 1,02,39,681 | 100389.00% |
Total issue 2,92,56,232 shares. Indented rows sit inside the category above them and are not added to it.
What each category may bid
Retail (Min)₹14,8921 lot · 102 sh
Retail (Max)₹1,93,59613 lots · 1,326 sh
S-HNI (Min)₹2,08,48814 lots · 1,428 sh
S-HNI (Max)₹9,97,76467 lots · 6,834 sh
B-HNI (Min)₹10,12,65668 lots · 6,936 sh
Lot size alone does not answer "how much do I need" — an S-HNI minimum is several lots, not one.
Anchor book
Shares allotted87,76,869
Anchor portion₹128.14 Cr
Bid date08 Sept 2026
Lock-in ends (50%)15 Oct 2026
Lock-in ends (rest)14 Dec 2026
Anchors are institutional money placed a day before bidding opens, against a lock-in. Those two dates are when that stock can first be sold — a supply event worth knowing if you still hold.
What the money is for
Stated use of the net proceeds
- 01Purchase of equipment₹14.69 Cr
- 02Prepayment and/or repayment, in full or in part, of all or a portion of certain outstanding borrowings availed by our Company₹180 Cr
- 03General Corporate Purposes₹41.73 Cr
Financials
Restated figures as reported in the offer document, ₹ crore
| Period | Revenue | EBITDA | PAT | Net worth | Debt |
|---|---|---|---|---|---|
| 2024 | 2,438.912 | — | 121.997 | 383.363 | — |
| 2025 | 2,918.294 | — | 223.625 | 606.782 | — |
| 2026 | 3,600.252 | — | 286.441 | 893.247 | — |
Revenue CAGR 21.5%PAT CAGR 53.2%
How the issuer compares
The listed companies the offer document itself names as comparable.
| Company | EPS | P/E | NAV | RoNW |
|---|---|---|---|---|
| LCC Projects Limitedthis issue | 10.42 | — | 32.66 | 32.24% |
| Vishnu Prakash R Punglia Limited | -12.04 | — | 50.54 | — |
| Enviro Infra Engineers Limited | 10.41 | 19.14 | 70.23 | 15.28% |
Blank cells are figures the offer document does not publish. An unlisted issuer has no market price, so it has no price-based multiple until it lists — which is exactly why the comparison is against companies that already trade. The peer set is the issuer's own selection, so read it as the flattering-est comparison available rather than a neutral one.
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
Large related-party dealingsmedium
Related-party transactions are 109.5% of revenue.
mediumOur business operations are conducted on premises leased from third parties. We cannot assure you that we will be able to continue operating out of these premises or renew the leases on favourable terms, or at all. Certain agreements in relation to the lease properties are not adequately stamped as
mediumOur total debt-to-equity ratio is considerably higher than that of our listed industry peers, which may place us at a competitive disadvantage and expose us to greater financial risk. A significant portion of our cash flow is dedicated to servicing our debt obligations, which reduces the availabilit
mediumRevenue from our top ten customers comprise a significant portion of our revenue from operations i.e. 72.30% for Fiscal 2026, 84.10% for the Fiscal 2025, and 82.76% for the Fiscal 2024. Any failure to maintain our relationship with these customers, any adverse changes affecting their financial condi
Positives the filing discloses (2)
Strong revenue growth
Restated revenue CAGR of 21.5%.
Healthy return on equity
ROE of 32.1%.
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
+6.1%
Listed up
6 of 8
Best
+65.7%
Tonbo Imaging India Limited
Worst
-2.3%
Vishal Nirmiti Limited
Zetwerk Manufacturing Businesses Limitedsame segment
3.1× sub+5.5%
Sahajanand Medical Technologies Limitedsame segment
14.2× sub+7.9%
Bonfiglioli Transmissions Limitedsame segment
46.0× sub+0.0%
Tonbo Imaging India Limitedsame segment
135.9× sub+65.7%
Fusion CX Limitedsame segment
4.5× sub+5.5%
HD Fire Protect Limitedsame segment
131.7× sub+23.6%
Nityas Gems and Jewellery Limitedsame segment
2.3× sub+6.7%
Vishal Nirmiti Limitedsame segment
1.7× sub-2.3%
Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.
About LCC Projects Limited
LCC Projects is a multidisciplinary engineering, procurement and construction (EPC) company primarily engaged in irrigation and water supply projects. The company undertakes projects including dams, barrages, weirs, hydraulic structures, canals, pipe distribution networks, lift irrigation works, and water supply schemes. The company has also executed a metro rail project involving the construction of a station, approaches and viaducts, and is currently executing a mining development and operations project. As of FY26, its order book comprised 103 projects. LCC Projects operates across 12 states in India and has experience in executing projects across varied geographical and terrain conditions. The company has also established a manufacturing unit in Jaspur, Gujarat, for producing precast concrete elements used in infrastructure and construction projects. Use of proceeds: The IPO consists of both a fresh issue of shares and an offer for sale (OFS). Proceeds from the OFS will go to the respective selling shareholders, whereas the net proceeds from the fresh issue will be utilised for the following purposes: Purchase of equipment — Rs 14.69 crore Prepayment and/or repayment, in full or in part, of all or a portion of certain outstanding borrowings availed by the company — Rs 180 crore General corporate purposes
Founded 2017MD Mr Arjan Suja RabariSector Infrastructure Developers & Operators
Offer documents
The primary sources everything above is drawn from
Common questions
What is the LCC Projects Limited IPO GMP today?
The most recent grey-market premium recorded for LCC Projects Limited is ₹78 per share — about 53.4% over the ₹146 upper band. Grey-market premium is an unofficial, unregulated quote from private dealers. It is not published by NSE, BSE, SEBI or the company, and it is not a forecast of the listing price.
How many times is the LCC Projects Limited IPO subscribed?
LCC Projects Limited is subscribed 49.57× overall (QIB 78.73×, NII 64.91×, retail 26.34×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar, KARVY.
What is the minimum investment in the LCC Projects Limited IPO?
One lot is 102 shares, so a retail application at the ₹146 cut-off price blocks ₹14,892. Retail applications are capped at ₹2,00,000; above that you bid in the HNI category, where allotment is proportionate rather than by lottery.
What are the chances of allotment in the LCC Projects Limited IPO?
The retail portion is subscribed 26.34×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 26. Applying for more lots does not improve the chance of getting something — every retail applicant competes for the same single minimum lot.
When is the LCC Projects Limited IPO allotment date?
Allotment is scheduled for 2026-09-15, with listing on 2026-09-17. These dates are the issuer's tentative timetable — a date passing is not confirmation that the step completed. Allotment status is published by the registrar, KARVY.
Disclaimer. Figures are compiled from the issuer's offer document and exchange-published bidding data. Subscription changes until the issue closes, and the final basis of allotment is published by the registrar. Grey-market premium is unofficial and is not a forecast. Nothing here is investment advice or a recommendation — read the offer document and consult a SEBI-registered adviser before applying.