LCC Projects IPO

About LCC Projects IPO

The public issue of the LCC Projects IPO, a Mainboard IPO, opens on Wednesday, September 9, 2026 and closes on Friday, September 11, 2026. The allotment of shares will take place on Tuesday, September 15, 2026. The credit of shares to the demat account will take place on Wednesday, September 16, 2026. The initiation of refunds will take place on Wednesday, September 16, 2026. The listing of shares will take place on Thursday, September 17, 2026.

The equity shares offered through the IPO are proposed to be listed on the BSE and the NSE.

The offer consists of both a fresh issue and an offer for sale component. The fresh issue will include 1.77 crore shares aggregating to ₹258.00 crore. The offer for sale portion includes 1,15,85,000 shares of ₹5 aggregating up to ₹169 crore. The total number of shares and aggregate amount are 2,92,56,232 shares aggregating up to ₹427 crore.

LCC Projects IPO’s price band is set at ₹139 to ₹146 per share. The lot size for an application is 102 shares. The minimum amount of investment required by a retail individual investor is ₹14,892 (102 shares) based on the upper price band.

LCC Projects is a multidisciplinary engineering, procurement and construction (EPC) company in the irrigation and water supply projects segment from Gujarat. They are a multidisciplinary large corporate EPC company from Gujarat, poised to undertake infrastructure projects across 12 states in India

Objectives of LCC Projects IPO

• Purchase of equipment.
  
• Prepayment and/or repayment, in full or in part, of all or a portion of certain outstanding borrowings availed by the company.
  
• General corporate purposes.
  

Industry Outlook

In India both traditional and modern irrigation techniques are used in tandem. Traditional methods include moats, chain pump, dhelki, and Rahat which are primarily dependent on surface and well waters. These are simpler and less costly, but lack precision, as compared to modern methods. Sprinkler system, drip irrigation systems are modern irrigation methods, which provide extreme precision and reduce wastage of water, but can often be costlier to install and maintain. In FY2025, the government has invested in various irrigation projects (both major and medium), which are at various stages of construction. Many projects are also approved by the Advisory Committee of DoWR, RD&GR in the year.

About LCC Projects

LCC Projects is a multidisciplinary engineering, procurement and construction (EPC) company in the irrigation and water supply projects segment from Gujarat. They are a multidisciplinary large corporate EPC company from Gujarat, poised to undertake infrastructure projects across 12 states in India. Over a period of two decades (including projects undertaken through the partnership firm prior to conversion to the company), they have executed a wide range of projects in the irrigation and water supply segment such as construction of dams, barrages, weirs, hydraulic structures, canals, pipe distribution networks, lift irrigation works, water supply schemes, and other EPC projects.

Strengths of LCC Projects

• Multidisciplinary EPC company in India for irrigation and water supply projects.
• Strong order book and diversified project portfolio.
• In-house project designing capabilities with robust technical knowledge.
• Strong risk management, project selection and dispute resolution processes.
• Efficient business model.
• Experienced management team and qualified personnel with significant industry experience.

Risks of LCC Projects

• Their inability to collect receivables outstanding and due to be paid by their customers, in a timely manner, or at all, may adversely affect their business, financial condition, etc.
• They have certain contingent liabilities which have been disclosed in their Restated Consolidated Financial Information.
• Their business operations are being conducted on premises leased from third parties.
• The company has a significantly higher level of indebtedness and leverage compared to their listed industry peers.
• Revenue from their top ten customers comprise a significant portion of their revenue from operations.
• There are outstanding legal proceedings involving their company, subsidiaries, promoters and directors.
• They are an infrastructure company operating primarily in the irrigation and water supply projects segment and their business significantly depends on projects awarded by state and central government departments.
• Their operations are geographically concentrated in the states of Gujarat and Madhya Pradesh.

Risks of LCC Projects Ltd IPO

• Dependence on state and central government: LCC Projects Ltd is an infrastructure company operating primarily in the irrigation and water supply projects segment and its business significantly (88.81% for the six months period ended September 30, 2024, 87.72% for the Fiscal 2024, 96.14% for the Fiscal 2023 and 89.53% for the Fiscal 2022) depends on projects awarded by state and central government departments, which may impact its results of operations and financial conditions.

• Reliance on project acquisition in irrigation and water supply department: The company’s business significantly depends on its ability to successfully bid for and acquire projects in the irrigation and water supply projects segment. Its inability to successfully bid for and acquire new projects in the irrigation and water supply projects segment could have an adverse effect on the growth of its business.

• Customer concentration risk: Revenue from its top ten customers comprise a significant portion of its revenue from operations (90.82% for the six months period ended September 30, 2024, 82.76% for the Fiscal 2024, 77.73% for the Fiscal 2023 and 74.82% for the Fiscal 2022).

Any failure to maintain its relationship with these customers, any adverse changes affecting their financial condition or the loss of any of its customers will have an adverse effect on its business, results of operations, financial condition and cash flows.

Anchor Investor Bidding Date TBA

IPO Registrar and Book Running Lead Managers

• Registrar: KFin Technologies Ltd
• Book Running Lead Manager: Motilal Oswal Investment Advisors Ltd

Business Model

The company has executed a wide range of projects in the irrigation and water supply segment and is poised to undertake infrastructure projects across 11 states in India. As of September 30, 2024, its order book comprises 68 projects, of which Sondwa Lift Micro Irrigation Project, Sidhi Bansagar Multi – Village Scheme and Gandhi Sagar 1 Multi-Village Scheme are its top three projects, in terms of project value, having a project value of ₹1395.411 crores, ₹1386.494 crores, and ₹1049.0 crores , respectively

How to Check Allotment Status of LCC Projects Ltd?

1. Visit the Registrar’s Website

Visit the official website of KFin Technologies Ltd and click on any one of the links under ‘IPO Allotment Status’. Select the IPO. Put in your application number, Demat or PAN. Enter captcha and click on ‘Submit’.

2. Check on Bombay Stock Exchange Website

The Bombay Stock Exchange (BSE) also has an IPO allotment status page. Go to www.bseindia.com and find the 'Investors' tab. Under 'Investors', click on 'IPO'. This will take you to the IPO allotment status page. On the BSE IPO page, follow these steps:

• Select 'Equity' from the dropdown menu
• Choose 'LCC Projects Ltd' in the next dropdown
• Enter your application number
• Enter your PAN · Click 'Search’ to know allotment status.

3. Verify on the National Stock Exchange Website

The National Stock Exchange (NSE) has an IPO Bid Verification module. You can use it to check the status of LCC Projects Ltd IPO. Go to www.nseindia.com and find the 'Invest' tab. Click on 'Verify IPO Bids' under 'Resources & Tools'.

On the NSE IPO Bid Verification page, enter:

• Application number
• PAN

Then click 'Submit' to know the allotment status.

How to Apply for LCC Projects Ltd IPO?

• Log in to your Kotak Neo Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
  
• Specify IPO details - Enter the number of lots and the price you wish to apply for.
  
• Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
  
• Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.
  
• Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.