LCC Projects IPO GMP, Date, Price Band & Review

LCC Projects IPO Overview

LCC Projects IPO is a 100% book-built issue of ₹427 crore, comprising a fresh issue of ₹258 crore and an offer for sale (OFS) of ₹169 crore, with a face value of ₹5 per share. The company filed its DRHP with SEBI on Feb 21, 2025.

The price band of the issue is set between ₹139 and ₹146 per share and the lot size for an application is 102 shares. The minimum amount of investment required by an individual investor is ₹14,892 (102 shares). The IPO will be open for subscription from Sep 9 to 11, 2026, on the BSE and the NSE platform, with a tentative listing date fixed as Sep 17, 2026.

The Book Running Lead Manager (BRLM) for this issue is Motilal Oswal Investment Advisors Ltd., while KFin Technologies Ltd. will serve as the Registrar to the issue.

LCC Projects IPO Date & Timeline

The LCC Projects IPO is officially set to open for subscription on Sep 9, 2026 and will close on Sep 11, 2026. The company initially filed its Draft Red Herring Prospectus (DRHP) on Feb 21, 2025 and has now finalized its schedule following SEBI approval. Once the subscription window closes, allotment is expected on Sep 15, 2026. Following this, the firm will initiate refunds and credit shares to successful investors' demat accounts on Sep 16, 2026. Finally, shares of LCC Projects Ltd. are tentatively scheduled to list on the stock exchanges on Sep 17, 2026.

LCC Projects IPO GMP

“Grey Market Premium” or GMP is defined as the rate at which the IPO's shares are traded in the market before they are officially listed on the stock exchange.

The LCC Projects IPO GMP is currently trading at ₹45, reflecting the sentiment of unofficial investors before the official listing. This premium suggests a potential listing price of ₹191, which is 30.82% above the issue price. While the Grey Market Premium is a key indicator of demand and investor appetite, it is important to remember that GMP is highly volatile and should not be the sole factor in your investment decisions.

Company Background

LCC Projects was first incorporated as a partnership firm, named M/s. Laxmi Construction Co. was converted into LCC Projects Private Ltd. on December 28, 2017. Following the growth and operational evolution, LCC Projects transitioned into a public company on December 5, 2024, to proceed with its public listing procedures. The headquarters of the company is in Ahmedabad, Gujarat and it has evolved from its regional origins into a specialized infrastructure player.

The company mainly operates as a multidisciplinary EPC firm in the irrigation and water supply projects segment from Gujarat, poised to undertake infrastructure projects across 12 states in India. With 2 years of operations in the market, they have executed a wide range of projects in the irrigation and water supply segment.

Operations & Product Range

LCC Projects Ltd. has expertise in providing comprehensive integrated engineering, procurement and construction (EPC) services to various segments of infrastructure development. The core business of the company is to design, execute and deliver projects related to water supply, irrigation schemes and civil construction undertakings. The major client base of the company includes government departments, undertaking PSU projects primarily by participating through tendering and joint ventures.

Facilities & Capacity

LCC Projects Ltd. is headquartered at the registered and corporate office location of Ahmedabad, acting as the operational hub of its project management and designs team. As an EPC firm, the "capacity" essentially translates to managing multiple project locations of large-scale operations across geographies. Although the capacity of the manufacturing plant is not relevant, as it is a service-based firm, the firm has its fleet of machinery and equipment to aid the execution needs on the ground at the project/location sites.

Brands & Market Presence

LCC Projects Ltd. has established its market reputation under the "LCC" brand, tapping into the legacy of the long-standing partnering firm of lawyers in the construction industry it operates in. The company has created a strong customer base, which glued its market presence in the domestic infrastructure sector, where the firm has delivered public utility projects of significant importance. It has sought industry accreditations and qualifications that enable it to bid for government contracts of great value.

Revenue Streams & Business Model

The primary revenue source for LCC Projects Ltd. is the execution of EPC contracts for infrastructure projects. Revenue is recognized based on the progress of project completion, often involving milestone-based payments from government clients. A significant portion of its business model involves participating in joint ventures to handle complex, large-scale assignments that require shared technical expertise and capital.

Financial Performance

In Fiscal 2026, LCC Projects Ltd. has shown strong and profitable financial growth, with revenue rising to ₹3,600.25 crore from ₹2,918.29 crore in FY25. Net profit after tax expanded to ₹286.44 crore, supported by an EBITDA of ₹519.90 crore and a PAT margin of 7.96%. Maintaining solid profitability metrics, the firm achieved a return on equity of 32.24% alongside an order book reaching ₹7,953.18 crore.

Management & Shareholding

The promoters of LCC Projects Ltd. are Arjan Suja Rabari, Laljibhai Arjanbhai Ahir and Maya Arjan Rabari. Before the LCC Projects IPO, the promoters held a 100% stake in the company, but after the IPO, the promoters’ shareholding will be slightly diluted and will be down to 89.9%.

Board & Key Management

The leadership of LCC Projects Ltd. is led by a team of experts with many years of experience. Arjan Suja Rabari serves as the Chairman & Managing Director and gives strategic direction to the firm, as well as manages the daily operations, along with Whole-Time Directors. To ensure good governance, the board includes Independent Directors Rajnikant Chimanlal Diwan, Vijayalakshmi Suvarna and Mirtunjay Singh for honest oversight. Together, this team uses its knowledge to help the company grow and stay successful.