LCC Projects, a Gujarat-based engineering, procurement, and construction (EPC) company specializing in irrigation and water supply, is set to launch its maiden public issue of Rs 427.1 crore. The initial public offering (IPO) will open for subscription on September 9, 2026, and close on September 11, 2026.
IPO Details and Price Band
The company has fixed the IPO price band at Rs 139 to Rs 146 per equity share. At the upper end of this band, LCC Projects will be valued at Rs 4,229.2 crore. The issue comprises a fresh issue of equity shares worth up to Rs 258 crore and an offer-for-sale (OFS) of 1.15 crore shares by its promoters, Arjan Suja Rabari and Laljibhai Arjanbhai Ahir. The OFS component is valued at Rs 169.1 crore at the upper price limit.
Institutional investors will have the opportunity to participate in the anchor book, which opens for one day on September 8, 2026.
Fund Utilization and Financial Outlook
LCC Projects intends to utilize the net proceeds from the fresh issue for several key purposes. Approximately Rs 14.6 crore is earmarked for the purchase of new equipment, while a significant Rs 180 crore will be used to repay certain existing borrowings. The remaining funds will be allocated towards general corporate purposes. As of July 2026, the company's total consolidated borrowings stood at Rs 1,817.7 crore.
The EPC player has demonstrated robust financial performance. For the fiscal year ended March 2026, LCC Projects reported a profit increase of 28.1 percent, reaching Rs 286.4 crore. Revenue also saw a substantial rise of 23.4 percent, totaling Rs 3,600.3 crore compared to the previous year.
Order Book and Market Position
As of March 2026, LCC Projects boasted a strong order book worth Rs 7,953.1 crore. Irrigation and water supply projects constitute a dominant portion of this backlog, accounting for 83 percent of the total. The company executes a diverse range of projects, including the construction of dams, barrages, weirs, hydraulic structures, canals, pipe distribution networks, lift irrigation works, and various water supply schemes.
LCC Projects operates in a competitive landscape, with listed peers such as Vishnu Prakash R Punglia and Enviro Infra Engineers. Motilal Oswal Investment Advisors is serving as the sole merchant banker for this public issue.
Key Dates for Investors
- IPO Opening Date: September 9, 2026
- IPO Closing Date: September 11, 2026
- Anchor Book Opening: September 8, 2026
- Share Allotment Finalization: Expected by September 15, 2026
- Listing on Stock Exchanges: Likely September 17, 2026