LCC Projects IPO is listing on BSE and NSE today, September 17, 2026, at 10:00 IST in a special pre-open session. According to BSE website details, the equity shares will be listed and admitted for trading on both exchanges. The IPO was subscribed 48.51 times on the final day of bidding, raising up to ₹427 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 grey market premium for LCC Projects stands at ₹44 as of September 17, suggesting an estimated listing price of ₹190 per share. At the upper end of the ₹146 price band, this implies a potential listing gain of ₹44 above the issue price, representing a 30.14% premium. According to LiveMint, the GMP has fluctuated significantly over the past 13 sessions, ranging from a minimum of ₹17 to a maximum of ₹78, indicating current pessimistic market sentiment. The current GMP of ₹44 suggests a cautious outlook compared to previous highs, though it remains positive ahead of the listing.
The issue 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. As reported by LiveMint, the IPO had a lot size of 102 shares. At the upper price band of ₹146, retail investors needed to invest ₹14,892 for one lot. The IPO had reserved not more than 50% of shares for QIBs, not less than 15% for NIIs, and not more than 35% for retail investors. The company plans to deploy funds raised through the fresh issue towards purchasing equipment, repaying debt and meeting general corporate requirements.
Mahesh M. Ojha from Kantilal Chhaganlal Securities expects LCC Projects to deliver a listing gain of up to 25% based on the company's strong order book and improving profitability. However, he notes that the company remains exposed to risks from dependence on government projects, customer and geographical concentration, project execution challenges and relatively high leverage. At the upper price band, the IPO is valued at 14.8 times FY26 earnings. For investors receiving allotment, Ojha suggests considering partial profit booking on listing and holding remaining shares for long-term based on execution performance and risk appetite.
Incorporated in 2017, LCC Projects operates as an 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, LCC Projects had an order book of 103 projects, largely comprising major irrigation and multi-village water supply contracts, while also expanding its presence in metro rail construction and mining development and operations. EPC remains the company's core business, contributing nearly 99.8% of revenue in Fiscal 2026.
