LCC Projects, an EPC firm focused on water infrastructure, launched its ₹427.14 crore IPO on September 9, 2026, achieving 31% subscription on the first day. The issue, priced between ₹139 and ₹146 per share, aims to fund debt repayment and equipment purchases.
LCC Projects, a company specializing in engineering, procurement, and construction (EPC) for the irrigation and water supply sector, opened its initial public offering (IPO) for subscription on September 9, 2026. By the end of the first day, the offering reached a 31% subscription level. The company is looking to raise a total of ₹427.14 crore, which includes a fresh issue of ₹258 crore and an offer for sale (OFS) of ₹169.14 crore.
The price band for the IPO has been set at ₹139 to ₹146 per equity share. Before the public launch, the company secured ₹128.14 crore from anchor investors, signaling institutional participation. According to the company's filings, the fresh funds are primarily intended to pay down existing debt, purchase advanced machinery, and meet general corporate requirements.
Financially, the company reported a revenue of ₹3,639.45 crore and a profit after tax of ₹286.44 crore for the financial year 2026. Its business model is deeply rooted in large-scale infrastructure projects like dams, barrages, and pipe distribution networks. Because the EPC sector is often intensive in its use of working capital, timely payments from clients and efficient management of trade receivables remain important areas for the company’s cash flow.
While the company has a two-decade history of project execution, investors often monitor risks inherent to the infrastructure sector. These include the potential for project delays, cost overruns, and the burden of debt. Although the company plans to use a portion of the IPO proceeds to lower its debt levels, the debt-to-equity ratio remains a point of focus for those analyzing the company’s balance sheet. Investors should also be aware that the business depends on the flow of government-led infrastructure projects.
The subscription window is open until September 11, 2026. Following the close of bidding and the allotment process, the company’s shares are scheduled to debut on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) on September 17, 2026. The final listing performance will depend on the overall response to the issue and prevailing market conditions at that time.