LCC Projects IPO

As per the DRHP filed on February 21, 2025, the LCC Projects IPO is structured as a 100% book-built offer. The issue comprises a fresh issue of equity shares worth up to ₹320 crore and an offer for sale (OFS) of up to 22,940,000 equity shares.

While the price band and specific open/close dates are yet to be finalized, the face value of each share is set at ₹5. The shares are supposed to be listed on the BSE and the NSE platforms of Indian stock exchanges. 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.

Company Background

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. The headquarters of the company is in Ahmedabad, Gujarat, and it has evolved from its regional origins into a specialized infrastructure player.

Operations & Product Range

LCC Projects Ltd. has expertise in providing comprehensive integrated engineering, procurement, and construction 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. With a loyal customer base, it has a glued 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.

Management & Shareholding

The promoters of the company are Arjan Suja Rabari, Laljibhai Arjanbhai Ahir, and Maya Arjan Rabari. Before the LCC Projects IPO, the promoter group held a dominant stake in the company. This includes a significant transaction in September 2024, where Arjan Suja Rabari received a gift of 10,880,000 shares from a family member. The upcoming IPO will see a dilution of the current shareholding through the fresh issue and the shares offered by the promoters in the OFS.

Board & Key Management

The key management member of LCC Projects Ltd. is Arjan Suja Rabari, who serves as the chairman and managing director. Supported by Managing Director Laljibhai Arjanbhai Ahir and a professional management team, including Gayatri Desai as the CS and Compliance Officer. The board members also include independent members who oversee corporate governance through committees such as the Audit, CSR, and Risk Management committees.