LCC Projects IPO

LCC Projects IPO is a book-built issue worth ₹427.14 crore. The IPO includes a fresh issue of 1.77 crore shares worth ₹258 crore and an offer for sale (OFS) of 1.16 crore shares worth ₹169.14 crore.

The LCC Projects IPO will open for subscription on September 9, 2026, and close on September 11, 2026. The share allotment is expected to be finalised on September 15, 2026. The company plans to list its shares on both the NSE and BSE, with the tentative listing date set for September 17, 2026.

The price band for the IPO has been fixed at ₹139 to ₹146 per share. The lot size is 102 shares, meaning retail investors need to apply for at least 102 shares. At the upper price band of ₹146, the minimum investment required is ₹14,892.

Motilal Oswal Investment Advisors Ltd. is the book-running lead manager for the IPO, while Kfin Technologies Ltd. is the registrar.

About LCC Projects

LCC Projects Ltd. is a leading EPC (Engineering, Procurement, and Construction) company in India, primarily focusing on irrigation and water supply projects. Over the past two decades, it has executed a wide range of projects, including dams, canals, hydraulic structures, pipe networks, and lift irrigation works. The company also undertakes metro rail and mining development projects. As of September 2024, it has 68 ongoing projects, with its top three valued at ₹13,954 million, ₹13,865 million, and ₹10,490 million.

The company is one of the fastest-growing large EPC firms from Gujarat, expanding its operations across 11 Indian states, and has a strong track record of completing notable projects like the Tawa Left Bank Canal, Parbati Dam, Dudhai Sub Branch Canal, and AKOT Lift Irrigation Scheme. 

Industry Outlook

This company operates in the Construction industry. 

1. The Indian construction sector contributes around 8% of GDP and is expected to grow at 7–8% CAGR over the next five years, driven by infrastructure, urban development, and government projects.
2. Programs like PM Gati Shakti, Smart Cities Mission, and Housing for All boost public and private investment in roads, railways, irrigation, and urban infrastructure.
3. EPC projects, irrigation & water supply, metro rail, and renewable energy infrastructure are seeing strong demand, with increasing participation from private and multinational construction firms.

LCC Projects IPO Objectives

1. Existing shareholders will sell 22,940,000 equity shares through the Offer for Sale. The company will not receive any money from this portion; proceeds will go to the selling shareholders.
2. The company will raise up to ₹3,200 million through a fresh issue. This money will be used for buying new equipment (₹149.12 million), repaying or prepaying borrowings and for general corporate purposes.
3. A major part of the funds (around ₹2,200 million) will go towards reducing debt, helping lower interest costs and strengthen the balance sheet. Another ₹149.12 million will be used to buy equipment like dump trucks and excavators to support future project needs.

Financial Performance of LCC Projects

Note: The information belongs to FY24. 

LCC Projects Peer Comparison

Strengths and Opportunities for LCC Projects IPO

1. It is India’s leading EPC for irrigation and water supply projects.
2. It has a strong track record of successful project management and timely execution.
3. Over 93% of its revenue comes from irrigation and water supply projects.
4. Its order book is growing consistently, and amounted to ₹73,474.24 million by Sept 2024.
5. Over 87% of orders are backed by government contracts.
6. It has robust in-house design capabilities with 496 personnel.
7. It has an efficient business model, as is reflected by its RoCE and RoE.
8. It has an experienced team of promoters with deep industry expertise.

Risks and Threats for LCC Projects IPO

1. LCC Projects is heavily dependedent on government projects, which creates operational uncertainty.
2. Project costs may exceed estimates at times, thereby reducing profitability and impacting cash flows.
3. Top 10 customers contribute over 90% revenue, which increases concentration risk.
4. Company’s failure to secure bank guarantees can disrupt operations and cash availability.
5. Project delays may cause penalties, cost overruns, or contract termination risks.
6. The company needs steady financing to meet its working-capital needs and avoid liquidity strain.
7. Large order book may not fully convert into actual future revenues.
8. Seasonal and climatic disruptions can slow execution and weaken financial performance.

LCC Projects IPO Reservation

LCC Projects IPO Promoter Holding

The promoters of the company are Laljibhai Arjanbhai Ahir, Maya Arjan Rabari, and Arjan Suja Rabari.

Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.

LCC Projects IPO Registrar and Lead Managers

LCC Projects IPO Lead Managers

1. Motilal Oswal Investment Advisors Ltd.

Registrar for LCC Projects IPO

Name: Kfin Technologies Ltd. 

Phone: 04067162222, 04079611000

Email: lccpl.ipo@kfintech.com

How To Check the Allotment Status of the LCC Projects IPO?

Steps to check IPO allotment status on Angel One’s app:

1. Log in to the Angel One app.
2. Go to the IPO Section and then to IPO Orders.
3. Select the individual IPO that you had applied for and check the allotment status.
4. Angel One will notify you of your IPO allotment status via push notification and email.

How To Apply for LCC Projects IPO Online?

1. Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
2. Locate the IPO Section: Navigate to the 'IPO' section on the platform.
3. Select IPO: Find and select the LCC Projects IPO from the list of open IPOs.
4. Enter the Lot Size: Specify the number of lots you want to bid for.
5. Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
6. Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.

Contact Details of LCC Projects IPO

Address: ‘B’ Wing,15th Floor, Privilon Building, Vikram Nagar AmbliBopal Road, Behind ISKCON Temple, Ahmedabad, Gujarat, 380058

Phone: +91 79 4848 4453

Email: cs@lccprojects.com