LCC Projects shares make strong debut, list at over 31% premium

LCC Projects shares made a strong debut on the exchanges on Thursday as they listed above the IPO price, higher than the grey market expectations.

LCC Projects shares listed 31.4 per cent higher at ₹191 on BSE and 29.45 per cent higher at ₹189 on NSE.

Ahead of the debut, LCC Projects IPO’s grey market premium (GMP) was trading at a premium of 24.66 per cent at ₹36, indicating a listing price of ₹182 per share. 

Shivani Nyati, head of wealth at Swastika Investmart noted that LCC Projects' strong listing reflects strong market confidence in the ₹7,953 crore order book, healthy return ratios, and a reasonable 14 times FY26 P/E versus peers. "This is the most fundamentally supported listing among the six IPOs that listed today, and long-term investors can consider holding through execution-driven order-book conversion, while short-term investors may book partial profits into strength," she said.

 

The initial public offer of LCC Projects received bids for 1,01,52,31,908 shares as against 54,43,229 shares on offer. The issue was subscribed 48.51 times.

LCC Projects IPO Details

The initial public offering (IPO) of LCC Projects opened for bidding on Wednesday, September 9, and the offer was available till September 11.

LCC Projects’s IPO has a price band of ₹139–146 per share. The issue is a combination of fresh issue of 1.77 crore shares aggregating to ₹258.00 crores and offer for sale of 1.16 crore shares aggregating to ₹169.14 crores. The lot size is 102 shares.

Of the net proceeds from the fresh issue, the company intends to use ₹180 crore towards prepayment or re-payment, in full or in part, of certain outstanding borrowings availed by the company; ₹14.691 crore towards purchase of equipment; and balance towards general corporate purposes.

LCC Projects, promoted by Arjan Suja Rabari and Laljibhai Arjanbhai Ahir, is a multidisciplinary engineering, procurement and construction (EPC) company primarily engaged in irrigation and water supply projects

Irrigation and water supply projects contributed 87.44 per cent of revenue in FY26, while government departments accounted for 89.34 per cent of revenue. As of 31 March 2026, its order book stood at Rs 7,953.18 crore across 103 projects, with irrigation and water supply projects accounting for 83.26 per cent and government customers for 79.07 per cent of the order book.

Motilal Oswal Investment Advisors Ltd. is the book running lead manager and Kfin Technologies Ltd. is the registrar of the issue..