LCC Projects shares made a strong debut on Thursday, listing 31.4% higher at ₹191.90 on NSE and 29.45% higher at ₹189 on BSE, significantly outperforming grey market expectations. The shares are currently trading at ₹172.75 as of 10:30 IST on BSE, representing an 18.32% premium over the issue price of ₹146. The stock has hit a high of ₹191.90 and a low of ₹172.75, with over 24.59 lakh shares traded on the BSE counter. This strong debut reflects positive investor sentiment towards the engineering, procurement and construction (EPC) company's growth prospects in irrigation and water supply infrastructure. A lot consisting of 102 shares cost ₹14,892, and investors who received allotment made ₹4,386 per lot, taking the total value to ₹19,278 based on the NSE listing price. The market capitalisation of the stock stood at ₹5,077.94 crore on the BSE following the listing, slightly lower than the earlier reported ₹5,558.79 crore. The market debut was better than expectations in the grey market, which had anticipated a listing gain of around 25 percent.
The IPO was subscribed 48.51 times on the final day of bidding, raising up to ₹427.14 crore for company growth and debt repayment. Investors placed bids for 101.52 crore shares against 2.09 crore shares on offer. The subscription pattern showed qualified institutional buyers (QIBs) subscribing 78.69 times, while the non-institutional investor (NII) portion was subscribed 62.99 times and the retail category received 25.56 times subscription. The IPO was priced in the range of ₹139-146 per share and comprised a fresh issue of ₹258 crore and an offer-for-sale (OFS) of ₹169.14 crore by promoters Laljibhai Arjanbhai Ahir and Arjan Suja Rabari. The IPO opened for subscription on September 9, 2026, and closed on September 11, 2026, with shares scheduled to list on both NSE and BSE on September 17, 2026.
Of the net proceeds from the fresh issue, the company intends to use ₹180 crore towards prepayment or re-payment, in full or in part, of certain outstanding borrowings availed by the company; ₹14.691 crore towards purchase of equipment; and the balance towards general corporate purposes. For FY26, LCC Projects' profit rose 28.1% to ₹286.4 crore, while revenue increased 23.4% year-on-year to ₹3,600.3 crore. As of March 2026, the company had an order book of ₹7,953.1 crore, with irrigation and water supply projects accounting for 83% of the total. The company expects to benefit from listing on stock exchanges, including enhancement of brand name and creation of a public market for equity shares in India.
Ahead of the IPO, LCC Projects raised ₹128.14 crore from anchor investors on August 8, 2026, with the board allotting 87.76 lakh shares at ₹146 each to 11 anchor investors. The strong market response reflects positive investor confidence in the company's growth prospects and execution capabilities in the irrigation and water supply infrastructure sector. The company's focus on government projects, with 89.34% of revenue from government departments in FY26, positions it well to benefit from continued infrastructure development initiatives.
Incorporated in 2017, LCC Projects operates as a multi-disciplinary engineering, procurement and construction (EPC) company specialising in irrigation and water supply infrastructure. Drawing on over 20 years of project execution experience, the company has delivered dams, barrages, canals, lift irrigation systems, hydraulic structures, pipeline networks, and drinking water projects across 12 Indian states. As of March 31, 2026, the company's order book stood at ₹7,953.18 crore across 103 projects, with irrigation and water supply projects accounting for 83.26% and government customers for 79.07% of the order book. Irrigation and water supply projects contributed 87.44% of revenue in FY26, while government departments accounted for 89.34% of revenue. The company was originally founded as a partnership firm named Laxmi Construction Company in 2004 by late Arjanbhai Dau and Arjanbhai S. Rabari, later converting to a private limited company in December 2017 and subsequently becoming a public limited company.
