LCC Projects IPO Day 3: Subscribed 13x; NII bHNI surges 99% in final hour
- LCC Projects IPO closed Day 3 with a total subscription of 13.00x.
- NII (bHNI) surged 99.4% intraday to reach 33.82x subscription.
- Retail category jumped 67.9% to 14.02x during the final day.
- QIB subscription ticked up to 1.50x from 1.17x earlier in the day.
*this image is generated using AI for illustrative purposes only.
LCC Projects IPO witnessed a massive surge in demand on Day 3, with cumulative subscription accelerating from 7.10x in the morning to 13.00x by 1:15 PM IST. The issue closed on September 11, 2026, driven by a near-doubling of interest from Non-Institutional Buyers (bHNI), which spiked 99.4% within two hours.
Subscription Status
The IPO saw steady growth over the three-day window, culminating in a significant intraday rally on the final day. On Day 1 (September 9), the issue was subscribed 1.28 times. By Day 2 (September 10), total subscription rose to 3.59 times. On Day 3 (September 11), the morning snapshot showed 7.10x, which escalated to 13.00x by early afternoon.
| 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 | 1.15x | 6.77x | 3.94x | 4.39x | 3.59x |
| Day 3 | 11-09-2026 | 1.50x | 33.82x | 21.33x | 14.02x | 13.00x |
Category-wise Breakdown
The Non-Institutional Buyers (bHNI) category emerged as the dominant force, subscribing 33.82 times the available quota. The Retail category followed with strong participation at 14.02 times. Non-Institutional Buyers (sHNI) subscribed 21.33 times. Qualified Institutional Buyers (QIB) remained relatively stable at 1.50 times. The Employee category remained unsubscribed at 0 times.
Intra-day Timeline
On Day 3, demand picked up pace sharply after the morning snapshot. The following timeline captures the momentum:
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 1.17x | 16.96x | 8.35x | 7.10x |
| 12:15 | 1.17x | 24.46x | 11.34x | 9.76x |
| 13:15 | 1.50x | 33.82x | 14.02x | 13.00x |
NII (bHNI) jumped +99.4% today (from 16.96x to 33.82x), while Retail jumped +67.9% (from 8.35x to 14.02x). Total subscription jumped +83.1% during this period.
Offer Details
LCC Projects Limited priced its IPO in the band of ₹139.00000 to ₹146.00000 per share. The minimum bid quantity was set at 102 shares. The issue size ranged from ₹14,178 crore to ₹500,000 crore. The IPO opened on September 9, 2026, and closed on September 11, 2026.
What's Next
Allotment for the LCC Projects IPO is scheduled for September 15, 2026. The shares are expected to list on stock exchanges on September 17, 2026.
About the Company
LCC Projects Limited is a multidisciplinary engineering, procurement and construction (EPC) company specializing in irrigation and water supply projects from Gujarat. Founded in 2017, the company has executed projects including dams, barrages, canals, and water supply schemes across 12 states. It also operates a manufacturing unit for precast concrete solutions and has expanded into metro rail and mining development. The management team includes Arjan Suja Rabari as Managing Director and Laljibhai Arjanbhai Ahir as CEO.
Financial Highlights
Consolidated financial data for LCC Projects Limited shows consistent revenue growth over the past three years.
| Metric | FY 2024 | FY 2025 | FY 2026 |
|---|---|---|---|
| Revenue from Operations (₹ crores) | 2438.91 | 2918.29 | 3600.25 |
| Total Profit (₹ crores) | 122.00 | 223.62 | 286.44 |
| Total Assets (₹ crores) | 1129.99 | 1727.46 | 2447.54 |
Objects of the Issue
The company plans to utilize the proceeds from the IPO for the following purposes:
- 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 (₹180.00 crores).
- General corporate purposes including strategic initiatives and funding growth opportunities.
Risk Factors
Material risks associated with the company include:
- Heavy dependence on government projects, which constitute 89.34% of revenue in Fiscal 2026.
- Significant contingent liabilities totaling ₹1,299.86 million as of March 31, 2026.
- High debt-to-equity ratio of 0.97 as of March 31, 2026.
- Geographic concentration in Gujarat and Madhya Pradesh.
- High employee attrition rate of 23.94% in Fiscal 2026.
How might the heavy reliance on government contracts (89% of revenue) impact LCC Projects' earnings stability if state-level infrastructure budgets face delays or cuts post-listing?
Given the high debt-to-equity ratio of 0.97 and significant contingent liabilities, will the IPO proceeds be sufficient to materially improve the company's credit profile and reduce borrowing costs?
With bHNI subscription reaching 33.82x, what is the likelihood of a significant listing premium, and how might this affect short-term volatility for retail investors on September 17?
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