LCC Projects Limited IPO — the disclosed details
Closed
LCC Projects Limited, an EPC company based in Ahmedabad, Gujarat, is taking a Fresh Issue of up to ₹258.00 crore plus an Offer for Sale of 11,585,000 Equity Shares to NSE and BSE, open for bidding September 9-11, 2026. The Price Band, Lot Size and combined Issue size are still blank in the RHP itself and are marked as reported below.
This issue's bidding window has closed. What follows is the record of what was disclosed while the offer was open. It is not updated after the close, and it is not a view on the company or on how the shares have traded since.
LCC Projects Limited is running a mainboard IPO on BSE and NSE, open for bidding from Wednesday, September 9 to Friday, September 11, 2026. This page restates what the Company has disclosed in its Red Herring Prospectus dated September 3, 2026, and nothing more. The Price Band, the Minimum Bid Lot and the combined Issue size are still shown as “[●]” in the RHP itself; the figures used for those below are as reported by business-news sources and are marked accordingly. If the vocabulary is new — DRHP, price band, buckets, allotment — read how an Indian IPO actually works first.
What the company does
LCC Projects Limited (CIN U45500GJ2017PLC100301) is a multidisciplinary EPC company headquartered in Ahmedabad, Gujarat. It traces its roots to a partnership firm, M/s. Laxmi Construction Co., registered in 2004, which was converted into a private limited company in 2017 — giving the Company, in its own words, “two decades” of execution history. That history is concentrated in irrigation and water-supply infrastructure: dams, barrages, weirs, hydraulic structures, canals, pipe distribution networks, lift-irrigation works and water-supply schemes.
The Company has also executed a metro-rail station and viaduct construction contract and is executing a mining-development-and-operations (MDO) project. It has set up a precast-concrete manufacturing unit at Jaspur, Gujarat, which commenced production in December, per the RHP; the RHP’s own risk factors flag this as a new line of business in which the Company has no prior operating experience.
As of March 31, 2026, the Company’s Order Book comprised 103 projects. Its three largest by value are the Sondwa Lift Micro Irrigation Project (₹15,349.52 million), the Sidhi Bansagar Multi-Village Scheme (₹15,251.44 million) and the Gandhi Sagar 1 Multi-Village Scheme (₹11,539.00 million). The Company’s three Promoters are Arjan Suja Rabari, Laljibhai Arjanbhai Ahir and Maya Arjan Rabari.
What the money is for
The Offer combines a Fresh Issue of new Equity Shares aggregating up to ₹258.00 crore, whose proceeds go to the Company, with an Offer for Sale of a fixed 11,585,000 Equity Shares, whose proceeds go entirely to the two selling Promoters, not to the Company. The RHP does not state a Fresh Issue share count, because that depends on the Offer Price, which is not yet fixed in this document.
| Object of the fresh issue | Amount, as filed |
|---|---|
| Purchase of equipment | ₹146.91 million |
| Prepayment and/or repayment of certain outstanding borrowings | ₹1,800.00 million |
| General corporate purposes | To be finalised on Offer Price determination; capped at 25% of Gross Proceeds under Regulation 7(2), SEBI ICDR Regulations |
The equipment object funds specific SANY dump-truck and hydraulic-excavator purchases, per vendor quotations cited in the RHP. Of the ₹1,800.00 million earmarked for debt repayment, the RHP itself splits this: 36.36% (₹654.49 million) is CAPEX-linked debt and 63.64% (₹1,145.51 million) is non-CAPEX working-capital debt.
Two of the three Promoters are the Selling Shareholders in the Offer for Sale: Arjan Suja Rabari (up to 5,792,500 Equity Shares) and Laljibhai Arjanbhai Ahir (up to 5,792,500 Equity Shares). The third Promoter, Maya Arjan Rabari, holds only 8 pre-Offer shares and is not a Selling Shareholder.
What the RHP flags as risks
These are risk factors the RHP itself discloses, restated here — not this page’s own assessment:
- Rising trade receivables, slower turnover. Trade receivables grew from ₹1,566.15 million in FY24 to ₹2,501.66 million in FY25 to ₹4,558.21 million in FY26, while the trade receivables turnover ratio slowed from 14.46x (FY24) to 14.35x (FY25) to 10.20x (FY26); delayed or uncollected customer payments could hurt cash flow and results.
- Contingent liabilities. ₹1,299.86 million as of March 31, 2026 — 14.63% of net worth — made up of claims not acknowledged as debt, bank guarantees and tax matters, which could adversely affect results if they materialise.
- Leased premises. Operations are conducted from premises leased from third parties; inability to continue these leases could disrupt the business.
- Higher leverage than listed peers. The Company’s indebtedness and leverage are significantly higher than its listed industry peers.
- Geographic concentration. Operations are concentrated in Gujarat and Madhya Pradesh; any localised social, political, economic or climatic disruption in these states could disproportionately affect the business.
- Dependence on the Jal Jeevan Mission. 19.54% of the Order Book in FY26 — ₹15,550.07 million — is derived from Jal Jeevan Mission projects; any change in that government scheme’s continuation, funding or terms could affect the Company.
- Reliance on sub-contractors. The Company relies on sub-contractors to execute parts of its projects; failures by them could affect project delivery.
- Dependence on the Promoters. The RHP states the business is heavily dependent on the Promoters for its operations and prospective growth.
The numbers as filed
| Item | As filed |
|---|---|
| Issue size | Fresh Issue up to ₹258.00 crore + Offer for Sale of 11,585,000 Equity Shares; the RHP leaves the combined total as “[●]” pending the Offer Price — approximately ₹427.14 crore (as reported) |
| Fresh issue | Up to ₹258.00 crore (share count depends on the Offer Price) |
| Offer for Sale | 11,585,000 Equity Shares |
| Face value | ₹5 per Equity Share |
| Price band | ₹139 to ₹146 per Equity Share (as reported) |
| Lot size | 102 Equity Shares (as reported) |
| Minimum investment (retail) | ₹14,892 for one lot (102 shares) at the as-reported ₹146 cap price |
The RHP itself leaves Price Band, Lot Size and the combined Issue Size as “[●]”, to be fixed and advertised at least two Working Days before the Offer opens. The figures marked “(as reported)” above come from business-news coverage — Business Today, Free Press Journal and Groww — not from a primary RHP or exchange filing; a primary-hosted price-band advertisement could not be fetched this session.
Restated Consolidated Statement of Profit and Loss, from the RHP (₹ million):
| Financials (₹ million, restated consolidated) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | 24,389.12 | 29,182.94 | 36,002.52 |
| Total income | 24,497.91 | 29,410.13 | 36,394.54 |
| Profit for the year (PAT) | 1,219.97 | 2,236.25 | 2,864.41 |
Net worth stood at ₹8,884.11 million as of March 31, 2026. The RHP states FY26 revenue grew 23.37% year-on-year; this record recomputes FY26 PAT growth at 28.09%. FY26 revenue was 99.84% EPC (₹35,945.69 million) and 0.16% Operations & Maintenance (₹56.84 million).
Who can actually sell on listing day
On listing day, most of LCC Projects Limited’s share register is not allowed to trade — and because the Anchor Investor Bidding Date has not yet occurred, the anchor’s share of that register is not yet known either.
The RHP’s Capital Structure chapter states four locked buckets, all running from the date of Allotment:
| Who | Locked for, per this RHP |
|---|---|
| Minimum Promoters’ Contribution — 20% of the fully diluted post-Offer Equity Share capital (contribution basis under Regulation 14, lock-in under Regulation 16). The RHP marks the exact share count “[●]”, to be updated at the Prospectus stage | 18 months |
| Promoters’ shareholding in excess of that 20% minimum | 6 months |
| All other pre-Offer Equity Shares, under Regulations 17 and 16(1)(b) | 6 months |
| Anchor Investors — 50% of the shares allotted to them | 90 days |
| Anchor Investors — the remaining 50% | 30 days |
This RHP applies the 18-month minimum-contribution lock, not a capex-linked 3-year version, because it states directly that “a majority of the proceeds are not intended to be utilised for capital expenditure.”
So every share that can trade on listing day is a share sold in this Offer. The Offer, at the reported ₹146 cap price:
| Step | Shares | % of post-issue capital |
|---|---|---|
| Fresh issue | 17,671,232 | 6.10% |
| Offer for Sale | 11,585,000 | 4.00% |
| Total offer | 29,256,232 | 10.10% |
| Post-issue capital | 289,671,232 | 100.00% |
The anchor book is not yet allotted, so the rest of the count is a range:
| Scenario | Anchor allotment, locked 30/90 days | Sellable on listing day | % of post-issue capital | Locked or not offered — the rest of the register |
|---|---|---|---|---|
| Anchor takes its filed maximum — up to 60% of the QIB Portion | 8,776,869 | 20,479,363 | 7.07% | 269,191,869 (92.93%) |
| Zero anchor book — the theoretical maximum | 0 | 29,256,232 | 10.10% | 260,415,000 (89.90%) |
The Anchor Investor Bidding Date — Tuesday, September 8, 2026, one Working Day before the Offer opens — had not occurred as of this writing, and no anchor list, allocation or allottee exists. The final number lands with the exchange’s anchor-allocation list once that book is filed.
One non-arithmetic qualification: the table above assumes the Offer is fully subscribed at the reported ₹146 cap price; a different Offer Price or an under-subscribed book would change every count.
A lock-in is not a forecast of anything — it is a restriction on selling; it says who may trade, not what the price will do.
These figures come from the RHP’s Capital Structure and Offer Structure chapters, RHP dated September 3, 2026, as of this fact-check on 5 September 2026; the share counts above assume the ₹146 cap price reported by business-news sources, not a primary-confirmed Offer Price.
Dates and mechanics
| Event | Date |
|---|---|
| Anchor Investor Bidding Date | Tuesday, September 8, 2026 |
| Bid/Offer Opens | Wednesday, September 9, 2026 |
| Bid/Offer Closes | Friday, September 11, 2026 |
| Finalisation of Basis of Allotment with the Designated Stock Exchange (indicative) | On or about September 15, 2026 |
| Credit of Equity Shares to depository accounts of Allottees (indicative) | On or about September 16, 2026 |
| Listing Date (indicative) | On or about September 17, 2026 |
The Offer is a mainboard Book Built Issue under Regulation 6(1) of the SEBI ICDR Regulations, 2018, read with Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957; BSE is the Designated Stock Exchange.
| Investor category | Share of the Offer |
|---|---|
| Qualified Institutional Buyers (QIB) | Not more than 50% |
| Non-Institutional Investors (NII) | Not less than 15% |
| Retail Individual Investors (RII) | Not less than 35% |
Up to 60% of the QIB Portion may be allocated to Anchor Investors at the Company’s discretion; of that Anchor Investor Portion, the RHP reserves 33.33% for domestic Mutual Funds and 6.67% for Life Insurance Companies and Pension Funds, with any unsubscribed insurance/pension allocation reallocated to Mutual Funds, and any unsubscribed Anchor Investor Portion rolling into the Net QIB Portion, of which a further 5% is reserved for Mutual Funds only. Within the Non-Institutional Portion, one-third is reserved for application sizes above ₹0.20 million up to ₹1.00 million and two-thirds for application sizes above ₹1.00 million, with cross-category spillover on under-subscription — all subject to valid bids at or above the Offer Price.
Book Running Lead Manager: Motilal Oswal Investment Advisors Limited (sole BRLM). Registrar to the Offer: KFin Technologies Limited.
Information as of 5 Sep 2026, taken from the offer documents and pages linked below. This is not an IPO review and no subscribe/avoid rating is given. Figures move through the issue lifecycle — check the filed documents before acting on any of them. Grey-market premium is an unofficial, unregulated price with no exchange record, and is not referenced here as information. Where the standing notice below refers to hypothetical figures, that covers the illustrative worked examples used in the options posts on this site — every number on this page is reproduced from the filed documents cited above.
This post is for educational purposes only and does not constitute investment advice or a recommendation to buy or sell any security or derivative contract. The author is not a SEBI-registered Research Analyst or Investment Adviser. Futures and options trading carries a high risk of loss and is not suitable for every investor — you can lose your entire premium, and more when selling naked. All figures and examples in this post, including the rupee premiums and price levels, are hypothetical and used only to illustrate the framework; they are not predictions, return promises, performance claims, or a recommendation to trade any specific instrument. Lot sizes and premiums change over time — always check current exchange data before trading. Please consult a SEBI-registered investment adviser before making any investment decisions.
Sources
- LCC Projects Limited — Red Herring Prospectus, dated September 3, 2026 (company-hosted, primary; re-fetched and re-extracted in full this session, 486 pages via pypdf) →
- LCC Projects Limited — Draft Red Herring Prospectus, dated February 21, 2025 (company-hosted, primary; fetched and extracted this session for verification only) →
- SEBI filings — LCC Projects Limited (DRHP), Feb 2025 →
- SEBI filings — LCC Projects Limited, Addendum to DRHP, May 2025 →
- Business Today, Sep 4, 2026 — 'LCC Projects IPO: EPC player to launch issue on September 09' (secondary, non-GMP business news; re-fetched this session) →
- Free Press Journal — 'LCC Projects IPO Set To Open September 9, Price Band Fixed At Rs.139-146 Per Share' (secondary, non-GMP business news; re-fetched this session) →
- Groww blog — 'LCC Projects IPO to Open on September 9, 2026' (secondary; re-fetched this session) →
Common questions
How does IPO allotment work?
Applications are matched against the minimum lot size within each investor category (retail, HNI, QIB). In the retail category every applicant is first considered for one minimum lot: when the retail portion has enough shares to give every retail applicant one lot, everyone gets at least one and the surplus goes proportionately to those who bid more. Only when there aren't enough shares for one lot each is a computerised draw of lots used to pick who gets that single lot — and then each successful applicant gets exactly one lot, however many they bid for. It is never first-come-first-served, so applying early doesn't improve the odds.
What does the anchor investor lock-in mean?
Anchor investors (institutions allotted shares a day before the issue opens) are locked in and can't sell for a fixed period — and the clock runs from the date of Allotment, not from listing. Under the SEBI ICDR Regulations, 50% of the anchor shares are locked for 90 days from Allotment and the remaining 50% for 30 days from Allotment. It restricts anchors only; it says nothing about how retail-held shares will trade.
When do I get my money back if I'm not allotted?
Under ASBA, your bank only blocks the funds in your account — it's never debited until allotment. If you get no shares (or only a partial allotment), the block is released without any separate refund step: SEBI requires your bank (the SCSB) to complete the unblock by the close of banking hours on the working day after the basis of allotment is finalised — under the T+3 timeline, the day before the shares list. If it takes longer than that, SEBI's compensation policy provides ₹100 per day or 15% per annum of the application amount, whichever is higher — but it is complaint-triggered, so you have to raise it with your bank or the issue's lead manager to claim it.
What is ASBA / the UPI mandate?
ASBA (Application Supported by Blocked Amount) blocks the bid amount in your bank account instead of debiting it upfront. Retail investors bidding through UPI approve a mandate request in their UPI app, which blocks the funds — the money leaves your account only if shares are actually allotted.
The rest of the site
This page is a record of what was filed and published, and it stops there. The rest of the site is about the part that comes after you own something — how much of it to own, how to write the decision down, and how to grade it later.
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