Subscription & GMP
Subscription is live from NSE + BSE bid data. GMP is an unofficial market indicator.
Snapshot & Timeline
Verified against RHP, cross-checked on NSE & BSE.
| Issue Structure | |
|---|---|
| Type | Mainboard · Book Built |
| Face Value | ₹5 |
| Fresh Issue | ₹258 Cr |
| Offer for Sale | ₹169.14 Cr |
| Market Cap | ≈ ₹4,229.20 Cr |
| Reservation & Parties | |
|---|---|
| QIB (incl. anchor) | 50% (incl. 30% anchor) |
| NII / HNI | 15% |
| Retail | 35% |
| Lead Managers | Motilal Oswal Investment Advisors |
| Registrar | KFin Technologies |
FY24–FY26 Trend (₹ Cr)
Restated consolidated figures from the RHP.
| Metric | FY24 | FY25 | FY26 | YoY |
|---|---|---|---|---|
| Total Income | 2,449.79 | 2,941.01 | 3,639.45 | +24% |
| EBITDA | 241.37 | 401.04 | 519.90 | +30% |
| PAT | 122.00 | 223.63 | 286.44 | +28% |
| Net Worth | 382.83 | 604.99 | 888.41 | +47% |
| Total Borrowing | 422.30 | 649.55 | 860.65 | +32% |
Is the price fair?
From the RHP "Basis for Issue Price". Price (P/E) beside quality (ROE).
| Company | P/E | ROE | Net Margin |
|---|---|---|---|
| LCC Projects | 14.8x | 32.24% | 8.0% |
| Enviro Infra | 19.1x | 15.28% | — |
Who runs it & where the money goes
| Promoters | |
|---|---|
| Promoters | Arjan Suja Rabari, Laljibhai Arjanbhai Ahir, Maya Arjan Rabari |
| Pre-issue | 100% |
| Post-issue | 89.90% |
| Objects of Issue | |
|---|---|
| Repayment / pre-payment of borrowings | ₹180.00 Cr |
| Purchase of equipment | ₹14.69 Cr |
| General corporate purposes | Balance |
Strengths & Risks
The part most sites skip — both sides, from the RHP.
- Genuinely cheap — ~14.8x post-issue P/E for a business growing profit ~28% a year.
- High returns — RoNW ~32% and ROCE ~27%, well above listed water/irrigation-EPC peers.
- Fast, consistent growth — income +24% and PAT +28% in FY26 (PAT ₹122 → ₹286 Cr in two years); healthy ~8% net margin for EPC.
- Strong anchor demand — ₹128.14 Cr from 11 institutions (incl. Edelweiss Life) at the ₹146 top price.
- Diversified order book — ~68 irrigation/water-supply projects across 11–12 states; firm grey market (~27–34%) and strong demand (~9.65x by the final day).
- Rising debt — borrowings doubled in two years (₹422 → ₹861 Cr); debt/equity ~0.97, and ₹180 Cr of the fresh money repays loans, not growth.
- Government-order dependence — nearly all revenue is state irrigation/water-supply contracts, so orders and payments ride state budgets and can be lumpy.
- Working-capital-heavy EPC — long project cycles, retention money and receivables tie up cash.
- Large offer-for-sale — ~40% of the issue (₹169 Cr) is two promoters selling; promoter group still holds ~89.9% post-issue (low public float).
- Short operating history (incorporated 2017) and execution/geographic-concentration risk; demand is strong (~9.65x by the final day, QIB ~1.2x).
Did the signal hold up? Updates after Sep 17
We close the loop — issue vs listing price, listing-day gain, and whether the call was right.
LCC Projects IPO FAQs
Common questions about the LCC Projects IPO — GMP, price, dates, allotment and more.
What is LCC Projects IPO GMP today?
As of the latest update (Subscription: Sep 11, 5:57 PM IST (Final, IPOJI) · GMP: Sep 11 (₹43 IPOJI ~29% @3:40PM / ₹57 InvestorGain ~39% @5:30PM — trackers diverge, range shown)), the grey market premium (GMP) for LCC Projects IPO is around ₹43–57, implying an estimated listing price of about ≈ ₹189–203. GMP is unofficial & indicative
What is LCC Projects IPO price band?
The price band is ₹139 – ₹146 per share (face value ₹5).
What is LCC Projects IPO lot size?
The lot size is 102 · min ₹14,892 per application.
When is LCC Projects IPO allotment?
The tentative basis-of-allotment date is Sep 15.
When will LCC Projects IPO be listed?
The tentative listing date is Sep 17, 2026 on BSE · NSE.
What is the expected listing price of LCC Projects IPO?
Based on the current grey market premium of ₹43–57, the estimated listing price is around ≈ ₹189–203 — this is unofficial and not a guarantee of the actual listing price.
Should I apply for LCC Projects IPO?
Our view: Apply · Subscribe
In simple terms, LCC Projects builds big water and irrigation works — dams, canals and village water-supply schemes — mostly for state governments, and it has grown fast: profit is up about 28% and it earns an unusually high return on the money it uses (~32%). The stand-out here is the price — at roughly 15 times earnings it is genuinely cheap for that growth and those returns; big institutions put in ₹128 crore of anchor money, the grey market is firm at a gain of about 29–39% (₹43–57; trackers diverge), and the final book closed at about 49.57 times overall (the big institutions ~79 times, wealthy investors ~65 times, retail ~26 times). The things to weigh: its borrowings have been rising (it owes about as much as its own net worth), most of the fresh money raised will repay loans rather than fund growth, and nearly all its work comes from government water projects — so payments and new orders depend on state budgets. On balance the low price, strong returns and strong demand make it look worth applying for. This is IPOSignal's research view, not investment advice.
What is LCC Projects IPO subscription status?
As of Final · Sep 11, 5:57 PM IST (IPOJI), the issue was subscribed 49.6× overall — QIB 78.7×, NII / HNI 64.9×, Retail 26.3×.
Who is the registrar of LCC Projects IPO?
The registrar is KFin Technologies; the lead manager(s): Motilal Oswal Investment Advisors.