Shares of Gujarat‑based LCC Projects are set to list today, trading at a grey market premium of ₹36 per share, translating into a 25% potential listing upside.
The IPO drew a 48.51‑times subscription, with 101.52 crore shares bid against 2.09 crore offered. Qualified institutional buyers bought 78.69 times the allotment, while retail investors bid 25.56 times. The non‑institutional segment reached 62.99‑times.
The price band of ₹139‑₹146 per share yielded a fresh issue of 1.77 crore shares for ₹258 crore and an OFS of 1.16 crore shares for ₹169.14 crore. BSE filing indicates the company will use ₹180 crore of the fresh‑issue proceeds to settle borrowings, ₹14.6 crore to purchase equipment, and the remainder for general corporate purposes. As of July 2026, total consolidated borrowings stood at ₹1,817.7 crore.
FY26 profit climbed 28.1% YoY to ₹286.4 crore, while revenue grew 23.4% to ₹3,600.3 crore. The order book, at ₹7,953.1 crore, is dominated by irrigation and water‑supply projects, which account for 83% of the total.
Kantilal Chhaganlal Securities’ Mahesh M Ojha notes that a 25% listing gain is realistic, but cautions that the company’s reliance on government contracts and leverage could temper future performance. He also recommends that investors consider partial book‑in gains and hold the rest for long‑term upside.
Peers such as Vishnu Prakash and Enviro Infra Engineers are also eyeing the sector, but LCC Projects’ strong pipeline and valuation give it a competitive edge. Investors will watch how the greymarket premium translates into the opening price and the company’s post‑listing performance.