LCC Projects IPO Day 2: Subscribed 2.42x; NII bHNI surges 60%; Retail up 42%
- LCC Projects IPO subscription reached 2.42x on Day 2.
- NII (bHNI) demand surged 60.4% to 3.56x.
- Retail subscription rose 42.5% to 2.85x.
- QIB subscription remained flat at 1.14x.
*this image is generated using AI for illustrative purposes only.
LCC Projects IPO subscription accelerated to 2.42x on Day 2, with Non-Institutional Buyers (bHNI) driving the momentum by jumping 60.4% intraday to 3.56x. Retail investors also increased participation, pushing their segment to 2.85x.
Subscription Status
The issue saw a significant uptick in demand on the second day of bidding. Total subscription moved from 1.28x on Day 1 to 2.42x on Day 2. The most notable activity came from the Non-Institutional Buyer category, particularly the below-high net-worth individual (bHNI) segment, which saw a sharp rise in bids during the trading hours.
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 09-09-2026 | 1.13x | 1.09x | 1.97x | 1.20x | 1.28x |
| Day 2 | 10-09-2026 | 1.14x | 3.56x | 2.78x | 2.85x | 2.42x |
Category-wise Breakdown
Non-Institutional Buyers emerged as the strongest category on Day 2. The bHNI segment reached 3.56x, while sHNI stood at 2.78x. Retail subscription grew to 2.85x, more than doubling from the previous day’s close. Qualified Institutional Buyers (QIB) showed marginal growth, ending at 1.14x. Employee quota remained unsubscribed at 0x.
Intra-day Timeline
Demand picked up pace after market open, with both NII and Retail segments ticking up significantly between 11:15 AM and 1:15 PM IST.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 1.14x | 2.22x | 2.00x | 1.82x |
| 12:15 | 1.14x | 2.91x | 2.47x | 2.14x |
| 13:15 | 1.14x | 3.56x | 2.85x | 2.42x |
Key intraday moves included a 60.4% jump in NII (bHNI) demand from 2.22x to 3.56x and a 42.5% rise in Retail demand from 2.00x to 2.85x. Total subscription increased by 33.0% during this window.
Offer Details
LCC Projects has priced its IPO with a band of ₹139.00000 - ₹146.00000 per share. The minimum bid quantity is 102 shares. The issue size ranges from 14178 to 500000. The IPO opened for subscription on 2026-09-09 and will close on 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. Over two decades, it has executed dams, barrages, canals, and water supply schemes across 12 states. The company has also expanded into metro rail projects and mining development operations, establishing a manufacturing unit in Jaspur, Gujarat for precast concrete solutions.
Financial Highlights
The company reported consolidated revenue from operations of ₹3,600.25 crores for the fiscal year ended March 31, 2026, up from ₹2,918.29 crores in FY2025. Profit before tax stood at ₹378.37 crores for FY2026, compared to ₹293.53 crores in FY2025.
| Particulars | FY2026 (₹ crores) | FY2025 (₹ crores) | FY2024 (₹ crores) |
|---|---|---|---|
| Revenue from Operations | 3600.25 | 2918.29 | 2438.91 |
| Profit Before Tax | 378.37 | 293.53 | 172.42 |
| Total Profit | 286.44 | 223.62 | 122.00 |
Objects of the Issue
The proceeds from the IPO will be utilized for:
- Purchase of equipment including SANY Model SKT105S Wide Body Dump Truck and SANY Model SY870LC-10HD HYDRAULIC EXCAVATOR (₹14.69 crores).
- Prepayment and/or repayment of outstanding borrowings to reduce debt servicing costs (₹180.00 crores).
- General corporate purposes including strategic initiatives and funding growth opportunities.
Risk Factors
Investors should note several material risks:
- Heavy dependence on top ten customers, contributing 72.30% of revenue in FY2026.
- Dependence on government projects, which accounted for 89.34% of revenue in FY2026.
- Significantly higher debt-to-equity ratio of 0.97 compared to industry peers.
- High employee attrition rate of 23.94% in FY2026.
- Geographic concentration in Gujarat (39.64% of revenue) and Madhya Pradesh (36.58% of revenue).
Will the strong retail and bHNI demand on Day 2 translate into a final oversubscription that justifies the upper end of the price band, or might institutional hesitation cap the listing gains?
How will the repayment of ₹180 crores in outstanding borrowings impact LCC Projects' debt-to-equity ratio and interest coverage in the immediate post-IPO quarters?
Given the 72.30% revenue dependence on top ten customers, what contingency plans does management have to mitigate risks if key government contracts are delayed or renegotiated?
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