LCC Projects IPO Day 1: Subscribed 0.41x; Retail surges 66.7% to 0.45x
- LCC Projects IPO subscribed 0.41x on Day 1
- Retail demand surged 66.7% to 0.45x
- NII (bHNI) rose 61.1% to 0.29x
- QIB demand steady at 0.55x
*this image is generated using AI for illustrative purposes only.
LCC Projects IPO subscription ticked up to 0.41x on Day 1, driven by a sharp rise in Retail and Non-Institutional Buyer demand. Qualified Institutional Buyers (QIB) remained the strongest category at 0.55x.
Subscription Status
The issue opened for subscription on September 9, 2026. By the end of the day, total demand stood at 0.41x. The following table shows the end-of-day snapshot for Day 1.
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 09-09-2026 | 0.55x | 0.29x | 0.06x | 0.45x | 0.41x |
Category-wise Breakdown
- QIB: 0.55x
- Retail: 0.45x
- NII (bHNI): 0.29x
- NII (sHNI): 0.06x
- Employees: 0 x
Intra-day Timeline
Demand picked up pace during the day, with significant moves in the Retail and NII categories between 11:15 AM and 12:15 PM IST.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.55x | 0.18x | 0.27x | 0.30x |
| 12:15 | 0.55x | 0.29x | 0.45x | 0.41x |
Offer Details
- Price Band: ₹139.00000 - ₹146.00000
- Issue Size: ₹14178 - ₹500000 crore
- Min Bid Qty: 102
- Open Date: 2026-09-09
- Close Date: 2026-09-11
About the Company
LCC Projects Limited is a multidisciplinary engineering, procurement and construction (EPC) company specializing in irrigation and water supply projects from Gujarat. The company has executed a wide range of projects over two decades including construction of dams, barrages, weirs, hydraulic structures, canals, pipe distribution networks, lift irrigation works, and water supply schemes across 12 states in India. The company has also established a manufacturing unit in Jaspur, Gujarat for production of precast concrete solutions and has expanded operations to include metro rail projects and mining development operations.
Financial Highlights
| Particulars | FY 2026 (₹ crores) | FY 2025 (₹ crores) | FY 2024 (₹ crores) |
|---|---|---|---|
| Revenue from Operations | 3600.25 | 2918.29 | 2438.91 |
| Total Profit | 286.44 | 223.62 | 122.00 |
| Total Assets | 2447.54 | 1727.46 | 1129.99 |
Objects of the Issue
- Purchase of equipment: ₹14.69 crores
- Prepayment and/or repayment of outstanding borrowings: ₹180.00 crores
- General corporate purposes
Risk Factors
- Inability to collect receivables outstanding from customers
- Contingent liabilities exposure
- Significantly higher debt-to-equity ratio compared to industry peers
- Heavy dependence on top ten customers
- Dependence on government projects and policy changes
Will the significant rise in Retail and NII demand on Day 1 be sufficient to push the overall subscription above 1.0x by the closing date on September 11?
How might LCC Projects' high debt-to-equity ratio and reliance on government projects influence institutional investor sentiment in the remaining days of the IPO?
Given the company's expansion into metro rail and mining, will investors view these new verticals as a growth catalyst or a distraction from its core EPC water infrastructure business?
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