LCC PROJECTS LTD IPO: Company Review, Subscription and Allotment Updates
2026-09-08 — Company overview and issue details LCC PROJECTS LTD IPO (ABOUT THE COMPANY) LCC PROJECTS LTD – COMPANY BACKGROUND LCC Projects Ltd was incorporated in the year 2017 and offers engineering, procurement, and construction…
2026-09-08 — Company overview and issue details
LCC PROJECTS LTD IPO (ABOUT THE COMPANY)
LCC PROJECTS LTD – COMPANY BACKGROUND
LCC Projects Ltd was incorporated in the year 2017 and offers engineering, procurement, and construction (EPC) services to irrigation and water supply projects. Its project execution portfolio includes construction of dams, barrages, weirs, canals, pipes, hydraulic structures, lift irrigation works etc. Its order book comprises of 103 projects under various stages of execution. It operates across 12 Indian states; principally in the states of Gujarat, Odisha, Madhya Pradesh, Rajasthan, Maharashtra, Uttar Pradesh, Karnataka, and others.
The promoters of LCC Projects Ltd are Arjan Suja Rabari, Laljibhai Arjanbhai Ahir, and Maya Arjan Rabari. The IPO will be a combination of a fresh issue of shares and an offer for sale (OFS) component. The fresh issue funds will be used for purchase of equipment, repayment of loans, and for general corporate purposes. The OFS shares are being offered by the promoter shareholders of the company. The issue is being lead-managed by Motilal Oswal Investment Advisors; while KFIN Technologies Ltd (KFINTECH) is the IPO registrar.
HIGHLIGHTS OF THE IPO ISSUE OF LCC PROJECTS LTD
Here are the key highlights of the public issue of LCC Projects Ltd.
The IPO is open from September 09th, 2026 to September 11th, 2026. It has a face value of ₹5 per share and the IPO price band has been fixed in the range of ₹139 to ₹146 per share.
The IPO of LCC Projects Ltd will be a combination of a fresh issue of shares and an offer for sale of shares by the investor shareholders.
The Fresh Issue portion of the IPO comprises the issue of 1,76,71,232 shares (176.71 lakh shares), which at the upper price band of ₹146 per share, translates into a fresh issue size of ₹258.00 crore.
The offer for sale (OFS) portion of the IPO comprises the sale of 1,15,85,000 shares (115.85 lakh shares), which at the upper price band of ₹146 per share, translates into an OFS size of ₹169.14 crore.
Therefore, the overall IPO will comprise of the fresh issue portion and offer for sale (OFS) portion comprising of 2,92,56,232 shares (292.56 lakh shares), which at the upper price band of ₹146 per share translates into overall issue size of ₹427.14 crore.
Due to dilutive impact of the fresh issue and the offer for sale (OFS) by promoters, the promoter stake in the company will reduce from 100.00% pre-IPO to 89.90% post-IPO.
The IPO of LCC Projects Ltd will be listed on the NSE and the BSE on the IPO mainboard. The anchor allocation happened on September 08, 2026.
KEY DATES, INVESTOR ALLOCATION, AND LOT SIZES
Here are the key dates pertaining to the IPO of LCC Projects Ltd
| Event | Tentative Date |
|---|---|
| IPO Open Date | Wednesday, 9 September, 2026 |
| IPO Close Date | Friday, 11 September, 2026 |
| Basis of Allotment | Tuesday, 15 September, 2026 |
| Initiation of Refunds to non-allottees | Wednesday, 16 September, 2026 |
| Credit of Shares to Demat | Wednesday, 16 September, 2026 |
| Listing Date on NSE and BSE | Thursday, 17 September, 2026 |
Data Source: Company RHP
Investors can apply either through their existing trading account or the ASBA application can be directly logged through the internet banking account. This can only be done through the authorized list of self-certified syndicate banks (SCSB).
The table below captures the gist of the allocation to various categories.
| Investor Category | Share Allocation | % Share |
|---|---|---|
| Reservation for Employees | No Shares | Not Applicable |
| Anchor Allocation | 87,76,869 shares | 29.55% of total IPO size |
| QIB Shares Offered | 58,54,205 shares | 19.71% of total IPO size |
| NII (HNI) Shares Offered | 45,21,923 shares | 15.22% of total IPO size |
| Retail Shares Offered | 1,05,51,153 shares | 35.52% of total IPO size |
| Total Shares Offered | 2,97,04,150 shares | 100.00% of Total IPO size |
Data Source: Security Parameters Filing (NSE)
The anchor portion, is carved out of the QIB portion and the QIB portion available in the IPO offer has been reduced proportionately. Please note that the above shares are final and may differ marginally from the original announcement.
Here is a quick look at the lot sizes applicable for the IPO of LCC Projects Ltd for various categories of investors.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 102 | ₹ 14,892 |
| Retail (Max) | 13 | 1,326 | ₹ 1,93,596 |
| S-HNI (Min) | 14 | 1,428 | ₹ 2,08,488 |
| S-HNI (Max) | 67 | 6,834 | ₹ 9,97,764 |
| B-HNI (Min) | 68 | 6,936 | ₹ 10,12,656 |
It may be noted here that for the B-HNI category and for the QIB (qualified institutional buyer) category, there are no upper limits applicable. (1 Lot = 102 shares)
FINANCIAL HIGHLIGHTS OF LCC PROJECTS LTD
The table captures the key financials of LCC Projects Ltd for last 3 financial years.
| Particulars | FY26 | FY25 | FY24 |
|---|---|---|---|
| Net Revenues (₹ in crore) | 3,600.25 | 2,918.29 | 2,438.91 |
| Sales Growth (%) | 23.37% | 19.66% | |
| Profit after Tax (₹ in crore) | 286.44 | 223.38 | 121.81 |
| PAT Margins (%) | 7.96% | 7.65% | 4.99% |
| Total Equity (₹ in crore) | 888.41 | 604.99 | 382.83 |
| Total Assets (₹ in crore) | 2,447.54 | 1,727.46 | 1,129.99 |
| Return on Equity (%) | 32.24% | 36.92% | 31.82% |
| Return on Assets (%) | 11.70% | 12.93% | 10.78% |
| Asset Turnover Ratio (X) | 1.47 | 1.69 | 2.16 |
| Earnings per share (₹) | 10.42 | 8.18 | 4.48 |
| EBITDA (₹ in Crore) | 519.90 | 401.04 | 241.37 |
| EBITDA Margins (%) | 14.44% | 13.74% | 9.90% |
Data Source: Company RHP filed with SEBI (FY refers to Apr-Mar period)
Between FY24 and FY26, the net margins have gradually grown to 7.96%, while the EBITDA margins has also improved to 14.44%. At the same, the ROE has been broadly flat at 32.24% in the latest year. The company has shown a consistent track record of profitability but PAT margins in this business tend to be single-digits, as is common in EPC business.
VALUATION METRICS OF LCC PROJECTS LTD IPO
At the IPO price of ₹146 (upper band), the stock gets discounted at a P/E ratio of 14.0X, based on the latest FY26 EPS of ₹10.42. If one were to look at other similar companies in the peer group, the P/E ratio for the IPO looks to be reasonable. Also, the RONW of the company is relatively higher than competition, which should help in sustaining valuations.
Apart from the financial numbers, there are also some other areas where LCC Projects Ltd has an edge. Like in any EPC business, current assets dominate the assets side and short-term borrowings are quite high. However, the market is a niche market and hence the overflowing order book position. It is end-to-end service provider, offering greater control over cost and quality. Investors can look at the IPO as a proxy for infrastructure sector, but as a high-risk bet on the space.
2026-09-08 — Anchor allocation
LCC PROJECTS LTD IPO (ANCHOR ALLOCATION 29.55%)
BRIEF ON ANCHOR ALLOCATION OF LCC PROJECTS LTD
The anchor issue of LCC Projects Ltd saw a strong response on 08th September 2026 with 29.55% of the IPO size absorbed by anchors. Out of 2,97,04,150 shares (297.04 lakh shares) on offer in the IPO; anchors picked up 87,76,869 shares (87.77 lakh shares) accounting for 29.5% of the total IPO size. The entire anchor allocation was made at the upper end of the price band of ₹146 per share. This includes the face value of ₹5 per share plus a share premium of ₹141 per share. The anchor bidding opened and closed on 08th September 2026.
KEY POINTS TO NOTE IN THE ANCHOR ALLOCATION PROCESS
Here are the key details pertaining to the anchor bidding of LCC Projects Ltd
| Bid Date | September 08, 2026 |
|---|---|
| Shares Offered | 87,76,869 shares |
| Anchor Portion Size (₹ in crore) | ₹128.14 crore |
| Anchor lock-in period end date for 50% shares (30 Days) | Oct 13, 2026 |
| Anchor lock-in period end date for remaining shares (90 Days) | Dec 12, 2026 |
An anchor investor in an IPO is a qualified institutional buyer (QIB) like a foreign portfolio investor or mutual fund or insurance company or a sovereign fund which invests before the IPO is made available to the public as per SEBI regulations. It helps in price discovery.
MAJOR ANCHOR ALLOCATION INVESTORS IN LCC PROJECTS LTD
On 08th September 2026, LCC Projects Ltd allotted 87,76,869 shares to a total of 11 anchor investors. The allocation was done at the upper IPO price band of ₹146 per share which resulted in overall anchor allocation of ₹128.14 crore. The anchors have already absorbed 29.55% of the total issue size of ₹433.68 crore, after factoring in the employee discount offered in the IPO, if any.
Listed below are the Top 10 IPO anchor investors who accounted for anchor collection of ₹123.13 crores, or, 96.09% of the overall anchor allocation of shares, one trading day ahead of the IPO of LCC Projects Ltd. The individual anchor allocation of top-10 investors is indexed descending on the number of shares allotted.
| Anchor Investors | No. of Shares | % of Anchor Portion | Value Allocated | |
|---|---|---|---|---|
| 01 | Astorne Capital VCC - Arven | 20,54,790 | 23.41% | ₹ 30.00 |
| 02 | Edelweiss Life Insurance Company | 10,27,344 | 11.71% | ₹ 15.00 |
| 03 | RGSL Investment LVF - I | 8,21,916 | 9.36% | ₹ 12.00 |
| 04 | Citadel Capital Fund | 6,85,032 | 7.80% | ₹ 10.00 |
| 05 | Sunrise Investment Opportunities Fund | 6,85,032 | 7.80% | ₹ 10.00 |
| 06 | Necta Bloom VCC - Regal Fund | 6,85,032 | 7.80% | ₹ 10.00 |
| 07 | Necta Bloom VCC - Necta Bloom One | 6,85,032 | 7.80% | ₹ 10.00 |
| 08 | Elite Capital Markets | 6,85,032 | 7.80% | ₹ 10.00 |
| 09 | LSRD Securities Private Ltd | 6,84,930 | 7.80% | ₹ 10.00 |
| 10 | Rajasthan Global Securities | 4,19,406 | 4.78% | ₹ 6.12 |
| Grand Total | 84,33,546 | 96.09% | ₹ 123.13 |
Data Source: BSE Filings (Value Allocated is ₹ in Crore)
The detailed and comprehensive report on the anchor allocation, with the mutual fund portion segregated, can be accessed on BSE by clicking on the link below.
Out of the 87,76,869 shares allocated to the anchors in the IPO, there was no allocation of shares made to mutual funds regulated by SEBI.
Out of the 87,76,869 shares allocated to the anchors in the IPO, there was an allocation of 10,27,344 shares made to 1 life insurance company regulated by IRDAI, representing 11.71% of the total anchor allocation. The remaining anchor allocation was spread across NBFCs, SIFs, and alternate investment funds (AIFs).
NEXT STEPS IN LCC PROJECTS LTD IPO
Post the closure of the IPO subscription on 11th September 2026, the basis of allotment will be finalized on 15th September 2026 and the refunds will be initiated on 16th September 2026. In addition, the demat credits are expected to also happen on 16th September 2026 and the stock will list on 17th September 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 16th September 2026 under ISIN (INE1FPN01026).
2026-09-12 — Day-3 subscription update
LCC Projects Ltd (Day-3 Final Subscription at 48.51 times)
LCC PROJECTS LTD - IPO SUBSCRIPTION STATUS ON DAY-3
As of 7.15 pm on 11th September 2026, out of the 209.27 lakh shares on offer in the IPO (excluding anchor portion), LCC Projects Ltd saw bids for 10,152.33 lakh shares. This implies an overall subscription of 48.51X at a macro level. The granular break-up of subscriptions at close of Day-3 of the IPO of LCC Projects Ltd was as under:
| Employees (N.A.) | QIBs (78.69X) | HNI / NII (62.99X) | Retail (25.56X) |
|---|
The subscriptions were led by the QIB Investors followed by the HNI /NII investors and the Retail investors in that order. QIB bids and NII bids typically gather most of the momentum only on the last day. That was the case in this IPO too. Both, the QIB portion and the HNI / NII portion saw bulk of the institutional, corporate and funded subscriptions come in on the last day of the IPO. The company saw steady anchor participation a day ahead of the IPO opening with 29.55% of the IPO size absorbed by anchor investors. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion.
| Investor Category | Subscription (times) | Shares Offered | Shares bid for | Total Amount (₹ in Crore) |
|---|---|---|---|---|
| Anchor Investors | 1.00 | 87,76,869 | 87,76,869 | 128.14 |
| Employee Quota | N.A. | 0 | 0 | 0.00 |
| QIB Investors | 78.69 | 58,54,205 | 46,06,57,806 | 6,725.60 |
| HNIs / NIIs | 62.99 | 45,21,923 | 28,48,56,624 | 4,158.91 |
| Retail Investors | 25.56 | 1,05,51,153 | 26,97,18,192 | 3,937.89 |
| Total | 48.51 | 2,09,27,281 | 1,01,52,32,622 | 14,822.40 |
Data Source: NSE / BSE (as of close of Day-3 of the IPO)
The IPO of LCC Projects Ltd was open up to September 11, 2026, and has closed for subscription as of the close of trading hours on September 11, 2026. The subscription ratios presented in the table above represent the final subscription numbers for each category and also for the IPO overall. Generally, the listing price of the IPO and the post-listing performance tend to get influenced by the extent of oversubscription of the IPO. However, it must also be noted that a higher subscription is not an automatic guarantee of a strong listing performance for the IPO stock. The final subscription ratio excludes anchor portion. Total bids as of the close (including anchor allocation) stood at ₹14,950.54 crore.
NEXT STEPS IN THE LCC PROJECTS LTD IPO
Post the closure of the IPO subscription on 11th September 2026, the basis of allotment will be finalized on 15th September 2026 and the refunds will be initiated on 16th September 2026. In addition, the demat credits are expected to also happen on 16th September 2026 and the stock will list on 17th September 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 16th September 2026 under ISIN (INE1FPN01026).
2026-09-12 — Allotment guidance and next steps
LCC Projects Ltd (How to check allotment status online)
ABOUT THE LCC PROJECTS LTD IPO
The IPO of LCC Projects Ltd opened on September 09th, 2026 and closed on September 11th, 2026. The IPO comprised of a fresh issue and an offer for sale (OFS) of 2,97,04,150 shares (297.04 lakh shares) worth ₹433.68 crore at the upper band price of ₹146 per share. The allotment status will be finalized by EOD of September 15, 2026. Here is how to check allotment status for the IPO of LCC Projects Ltd. You can check IPO status on BSE or NSE or IPO Registrar website of KFIN Technologies Ltd (KFINTECH).
CHECKING ALLOTMENT STATUS OF LCC PROJECTS LTD ON BSE WEBSITE
This is a common link for all mainboard IPOs. Click on BSE link for IPO allotment as below.
https://www.bseindia.com/investors/appli_check.aspx
Once you reach the page, here are the steps to follow.
Under Issue Type – Select Equity Option
Under Issue Name – Select LCC Projects Ltd from the drop-down box
Enter the Application Number / CAF exactly as in the acknowledgement slip
Alternatively, Enter your PAN (10-digit alphanumeric) number
Once this is done, you need to click on the Captcha to verify you are not a robot
Finally click on the Search Button
You can use either of the parameters to query; Application / CAF number or Investor PAN.
The allotment status will be displayed on the screen in front of you informing about the number of shares of LCC Projects Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits.
CHECKING ALLOTMENT STATUS OF LCC PROJECTS LTD ON NSE WEBSITE
This is a common link for all IPOs. Click on NSE link for IPO allotment as below.
https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids
Once you reach the page, here are the steps to follow.
Under Issue Type – Select Equity & SME IPO Details Option
Under SELECT SYMBOL – Select LCCPROJECT from the drop-down box
Enter the Application Number / CAF exactly as in the acknowledgement slip
Enter your PAN (10-digit alphanumeric) number
Once both are entered, click on the Submit Button
You must input the Application / CAF number and the Investor PAN.
The allotment status will be displayed on the screen in front of you informing about the number of shares of LCC Projects Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits.
CHECKING ALLOTMENT STATUS OF LCC PROJECTS LTD ON KFIN TECHNOLOGIES LTD (REGISTRAR TO THE IPO)
Visit the website of KFIN Technologies Ltd, which has been appointed as the registrar for the issue. You can access their website for IPO status by clicking on the link below:
https://kosmic.kfintech.com/ipostatus/
KFIN Technologies Ltd provides details of IPOs managed by them and where allotment status is finalized. Radio buttons allow you to opt to see all IPOs or just recent IPOs. The latter option reduces the list of IPOs to search. Once you click on Recent IPOs, dropdown shows recent active IPOs, where allotment status is finalized. Select LCC Projects Ltd.
THERE ARE 3 WAYS TO QUERY ALLOTMENT STATUS ON KFIN TECHNOLOGIES LTD
To Query by Application Number, check the appropriate box and follow these steps.
Enter the Application Number as it is
Enter the 6-digit Captcha Code
Click on Submit button
Allotment Status gets displayed on screen
Unlike in the past, now you do not have to select ASBA versus Non-ASBA option.
To Query by Demat Account, check the appropriate box and follow these steps.
First select the depository (NSDL / CDSL)
Enter the DP-ID (Alphanumeric for NSDL and Numeric for CDSL)
Enter the Client-ID in the second box
For NSDL, the Demat account is 2 strings; for CDSL it is just 1 string
Enter the 6-digit Captcha Code
Click on Submit button
Allotment Status gets displayed on screen
To Query by PAN, check the appropriate box and follow these steps.
Enter the 10-Character PAN number, available on your PAN card
After you enter the PAN number, Enter the 6-digit numeric Captcha Code
Click on Submit button
Allotment status gets displayed on screen
If captcha code is not clear; toggle for more options. Retain a screenshot of the allotment status output for future reference. This can be tallied with demat credit post allotment.
NEXT STEPS IN THE LCC PROJECTS LTD IPO
Post the closure of the IPO subscription on 11th September 2026, the basis of allotment will be finalized on 15th September 2026 and the refunds will be initiated on 16th September 2026. In addition, the demat credits are expected to also happen on 16th September 2026 and the stock will list on 17th September 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 16th September 2026 under ISIN (INE1FPN01026).
Interested in applying for this IPO?
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