LCC Projects IPO Day 3: Subscribed 45.5x; QIB surges 6027%; NII bHNI leads
- LCC Projects IPO subscribed 45.50x on Day 3, closing on September 11, 2026.
- Qualified Institutional Buyers (QIB) surged 6027.4% to 71.69x.
- Non-Institutional Buyers (bHNI) reached 68.76x, up 305.4%.
- Retail category saw 23.59x subscription, up 182.5%.
- Allotment scheduled for September 15, 2026; listing on September 17, 2026.
*this image is generated using AI for illustrative purposes only.
LCC Projects IPO witnessed a dramatic surge in demand on Day 3, with cumulative subscription accelerating from 7.10x in the morning to 45.50x by close. The issue closed on September 11, 2026, driven by a massive spike in Qualified Institutional Buyer (QIB) interest, which jumped 6027.4% to 71.69x.
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 45.50x by market close.
| 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 | 71.69x | 68.76x | 59.69x | 23.59x | 45.50x |
Category-wise Breakdown
Non-Institutional Buyers (sHNI) emerged as a dominant force, subscribing 59.69 times the available quota. Non-Institutional Buyers (bHNI) followed with strong participation at 68.76 times. The Retail category saw robust participation at 23.59 times. Qualified Institutional Buyers (QIB) saw a sharp increase to 71.69 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 |
| 14:15 | 5.98x | 44.96x | 16.93x | 18.13x |
| 15:15 | 21.59x | 59.05x | 20.34x | 27.58x |
| 16:15 | 71.69x | 68.76x | 23.59x | 45.50x |
QIB jumped +6027.4% today (from 1.17x to 71.69x), while NII (bHNI) jumped +305.4% (from 16.96x to 68.76x). Retail jumped +182.5% (from 8.35x to 23.59x). Total subscription jumped +540.8% 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 extreme oversubscription by QIBs and HNIs impact the listing gains and initial trading volatility on September 17?
Given that 89.34% of revenue comes from government projects, how will potential shifts in state-level infrastructure budgets affect LCC Projects' future order book?
Will the allocation of ₹180 crore for debt repayment significantly improve the company's high debt-to-equity ratio of 0.97 in the near term?
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