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In the unlisted market, LCC Projects shares are commanding a grey market premium (GMP) of ₹36 per share. At the upper end of the IPO price band of ₹146, this implies a potential listing premium of around 25%. By CNBCTV18.com September 17, 2026, 10:33:38 AM IST (Updated) 3 Min Read Shares of Gujarat-based LCC Projects, an engineering, procurement and construction (EPC) company focused on irrigation and water supply infrastructure, made their stock market debut on Thursday, September 17.
The stock opened at ₹191.90 on the BSE, a premium of 31.44% over the IPO price of ₹146. On the NSE, it opened at ₹189, translating into a premium of 29.45%. In the unlisted market, LCC Projects shares were commanding a grey market premium (GMP) of ₹36 per share.
At the upper end of the IPO price band of ₹146, this implied a potential listing premium of around 25%. The IPO was subscribed 48.51 times overall by the close of bidding on September 11. Investors placed bids for 101.52 crore shares against 2.09 crore shares on offer.
Qualified institutional buyers (QIBs) subscribed 78.69 times, while the non-institutional investor (NII) category was subscribed 62.99 times. The retail portion received 25.56 times subscription. LCC Projects IPO: Issue size, price band and use of proceeds The ₹427.1 crore IPO of LCC Projects was open for subscription from September 9 to September 11.
The company had fixed a price band of ₹139-₹146 per share. The IPO comprised a fresh issue of 1.77 crore shares worth ₹258 crore and an Offer For Sale (OFS) of 1.16 crore shares worth ₹169.14 crore. LCC Projects plans to use ₹180 crore of the net proceeds from the fresh issue to repay certain borrowings, while ₹14.6 crore will be used to purchase equipment.
The remaining funds will be utilised for general corporate purposes. As of July 2026, the company had total consolidated borrowings of ₹1,817.7 crore. What analysts say about LCC Projects Mahesh M Ojha, Vice President, Research & Business Development at Kantilal Chhaganlal Securities, highlighted LCC Projects' strong order book, improving profitability and execution capabilities.
He also flagged risks arising from the company's dependence on government projects, customer and geographical concentration, execution challenges and leverage. Ojha expects a potential listing gain of up to 25% and said investors who receive allotment could consider booking partial gains and holding the remaining shares for the long term. What does LCC Projects do?
LCC Projects executes EPC projects across the irrigation and water supply segments. Its projects include dams, barrages, weirs, hydraulic structures, canals, pipe distribution networks, lift irrigation works and water supply schemes. As of March 2026, the company had an order book of ₹7,953.1 crore, with irrigation and water supply projects accounting for 83% of the total.
The company competes with listed players such as Vishnu Prakash R Punglia and Enviro Infra Engineers. How have LCC Projects' financials fared? For FY26, LCC Projects' profit rose 28.1% to ₹286.4 crore, while revenue increased 23.4% year-on-year to ₹3,600.3 crore.
The strong order book provides visibility on the company's project pipeline, although execution, government-project dependence and leverage remain key factors to track. ALSO READ | Manipal Payment IPO listing today: Shares trade at ₹6 discount in grey market First Published: Sept 17, 2026 8:12 AM IST Note To Readers Disclaimer: The views and investment tips expressed by investment experts on CNBCTV18.com are their own and not that of the website or its management. CNBCTV18.com advises users to check with certified experts before taking any investment decisions.
Source: CNBC TV18
