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₹146 - 146Day cells show that day's addition; Now is the running total. Amounts at the upper price band.
LCC Projects Ltd
Infrastructure Developers & OperatorsIPO
₹146 - 146
We are a multidisciplinary engineering, procurement and construction ("EPC") company in the irrigation and water supply projects segment from Gujarat. We are a multidisciplinary large corporate EPC company from Gujarat, poised to undertake infrastructure projects across 12 states in India. Over a period of two decades (including projects undertaken through the partnership firm prior to conversion to our Company), we have executed a wide range of projects in the irrigation and water supply segment such as construction of dams, barrages, weirs, hydraulic structures, canals, pipe distribution networks, lift irrigation works, water supply schemes, and other EPC projects.
Lot102Min Invest₹14,892Face Value₹5Issue Size₹427 CrFresh Issue₹258 CrOffer for Sale₹169 CrListing Price₹189CMP₹120
Timeline
9 Sept
Bidding opens
11 Sept
Bidding closes
15 Sept
Allotment
16 Sept
Refund & demat credit
17 Sept
Listing
Subscription · As of 8:00 PM, 11 Sept
Demand by day
CategoryDay 1Day 2Day 3Now+1.14x+0.02x+77.53x78.7x+1.72x+3.61x+57.67x63.0x+1.26x+3.43x+20.87x25.6xOverall+1.32x+2.52x+44.67x48.5x
Shares & amount
CategorySubscriptionShares OfferedShares BidAmt ₹ CrQIB78.7x1.46 Cr115.11 Cr16,805.52NII63.0x43.88 L27.64 Cr4,036.14Retail25.6x1.02 Cr26.18 Cr3,821.64Total48.5x2.93 Cr141.92 Cr20,720.56
Reports
Offer Details
Terms
Issue Size₹427 Cr2.93 Cr shares
Fresh Issue₹258 Cr
Offer for Sale₹169 Cr
Face Value₹5
Lot Size102 shares
ReservationQIB 50% · NII 15% · RETAIL 35%
Application Sizes
Retail₹14,8921-13 lots
sNII₹2,08,488from 14 lots
bNII₹10,12,656from 68 lots
Managers & Registrar
Lead ManagerMotilal Oswal Investment Advisors Ltd
RegistrarKFin Techologies Ltd
Ownership & Proceeds
Offer for Sale
Selling ShareholderShares OfferedAmt ₹ CrArjan Suja RabariPRMTR57,92,50084.57Laljibhai Arjanbhai AhirPRMTR57,92,50084.57Total1,15,85,000169.14
Shareholding
CategoryPre IPOPost IPOPromoter Group100%89.9%Public0%10.1%
Objects of the Issue
- Purchase of equipment
- Prepayment and/or repayment, in full or in part, of all or a portion of certain outstanding borrowings availed by the company
- General corporate purposes
Anchor Book
Bid Date08-Sep-2026Bid Price₹146Shares87,76,869Amount₹128 Cr30-day lock-in14-Oct-202690-day lock-in13-Dec-2026
Financials
Profit & Loss
| Financial Year | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| RevenueCr | 1,225 | 2,439 | 2,918 | 3,600 |
| Operating ProfitCr | 118 | 266 | 378 | 482 |
| OPM% | 9.7 | 10.9 | 13.0 | 13.4 |
| PBTCr | 92 | 172 | 294 | 378 |
| PATCr | 68 | 122 | 224 | 286 |
| EPS | 3 | 4 | 8 | 10 |
Balance Sheet
| Financial Year | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Equity CapitalCr | 34 | 34 | 136 | 136 |
| ReservesCr | 227 | 349 | 469 | 752 |
| BorrowingsCr | 289 | 422 | 747 | 861 |
| Total AssetsCr | 804 | 1,130 | 1,727 | 2,448 |
Cash Flow
| Financial Year | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Operating Cash FlowCr | -49 | 29 | 24 | 158 |
| Investing Cash FlowCr | -93 | -129 | -195 | -107 |
| Financing Cash FlowCr | 143 | 83 | 252 | 18 |
| Net Cash FlowCr | 2 | -17 | 81 | 69 |
Strengths & Risks
Strengths · as stated in the DRHP
- Multidisciplinary EPC company in India for irrigation and water supply projects.
- Strong Order Book and diversified project portfolio.
- In-house project designing capabilities with robust technical knowledge.
- Strong risk management, project selection and dispute resolution processes.
- Efficient business model.
- Experienced management team and qualified personnel with significant industry experience.
Strategies · as stated in the DRHP
- Strengthen our presence in India by expanding our geographical footprint.
- Diversify and optimize our project mix and cater to large and more complex projects.
- Continue to invest in our technology infrastructure to enhance in-house design and engineering, and project execution capabilities and thereby improve operational efficiencies.
- Continue to focus on efficient cost management in relation to project execution.
- Growing a highly skilled and motivated workforce and strengthening our equipment base.
Risks · as stated in the DRHP
- The company's inability to collect receivables outstanding and due to be paid by its customers, in a timely manner, or at all, may adversely affect the company's business, financial condition, results of operations and cash flows.
- The company has certain contingent liabilities which have been disclosed in its Restated Consolidated Financial Information, which if they materialize, may adversely affect the company's results of operations, cash flows and financial condition.
- The company's business operations are being conducted on premises leased from third parties. Its inability to continue operating from such premises, or to seek renewal or extension of such leases may have an adverse effect on the company's business, operations and financial condition.
- The Company has a significantly higher level of indebtedness and leverage compared to its listed industry peers, which could increase the company's financial risk and adversely affect its operational flexibility and competitive position.
- Revenue from the company's top ten customers comprise a significant portion of its revenue from operations i.e. 72.30% for Fiscal 2026, 84.10% for the Fiscal 2025, and 82.76% for the Fiscal 2024. Any failures to maintain the company's relationship with these customers, any adverse changes affecting their financial condition or the loss of any of its customers will have an adverse effect on the company's business, results of operations, financial condition and cash flows.
- There are outstanding legal proceedings involving the Company, Subsidiaries, Promoters and Directors. Any adverse decision in such proceedings may adversely affect its business, financial condition and results of operations.