LCC Projects IPO: Issue Date, Lot Size, Price, Everything You Need to Know
LCC Projects Limited, an infrastructure and EPC company focused on road, bridge, and irrigation projects, is preparing for its public market debut with a main-board IPO on the Indian stock exchanges. The company executes construction contracts for government and semi-government agencies, riding on India’s sustained infrastructure push under national highway, rural connectivity and irrigation programmes. Over the last few years, LCC Projects has scaled its order book and revenue base meaningfully, supported by an expanding project portfolio across multiple states.
The LCC Projects IPO is expected to comprise a mix of fresh issue and offer for sale (OFS), with exact amount, price band and valuation to be announced closer to launch. Proceeds from the fresh issue are likely to be used toward working capital, project funding, and general corporate purposes, which is typical for EPC and construction players looking to support execution on a growing order book. The equity shares are proposed to be listed on NSE and BSE, giving investors a way to participate in India’s infrastructure growth story via a relatively smaller but fast-growing developer.
This article explains the LCC Projects IPO for Indian investors, covering the LCC Projects IPO schedule (once notified), business model, financials, sector backdrop, and how to track LCC Projects IPO subscription, LCC Projects IPO subscription status, and LCC Projects allotment status.
LCC Projects IPO Dates & Launch Details
Official dates for the LCC Projects IPO have not been announced as of now; the company has filed draft documents and is awaiting final approvals and market conditions for timing.
- IPO opening date: To be announced
- IPO closing date: To be announced (Typically three days after opening)
- Basis of allotment: To be announced (Within 3 working days post closure)
- Refund initiation: To be announced (Shortly after basis of allotment)
- Expected listing date: To be announced (Usually within a week following allotment finalisation)
Lead Book Running Managers: To be announced
Registrar: Kfin Technologies
LCC Projects Price Band & Investment Details
Price band and valuation multiples will be confirmed closer to the launch date based on updated market conditions and regulatory approvals.
- Price band: To be announced (Face value: ₹5 per share)
- Minimum lot size: To be announced
- Minimum investment: To be announced
- Maximum retail investment: To be announced
LCC Projects IPO Structure
Detail | Information |
|---|---|
Issue Type | Book-built IPO (Fresh Issue + Offer for Sale) |
Total Issue Size | To be announced |
Fresh Issue Value | To fund working capital, project requirements, and corporate purposes |
OFS Shares | By existing shareholders, quantum to be detailed in RHP |
Reservations | QIB: up to 50%, NII: 35%, Retail: 10% |
Listing Exchanges | |
Registrar | |
Lead Manager | Motilal Oswal Investment Advisors Ltd |
About LCC Projects
LCC Projects operates as an engineering, procurement and construction (EPC) and contract-based infrastructure company. Its key activities include construction of roads, bridges, and related civil works for public sector entities through competitive bidding processes. The company’s execution model is centred on project management, subcontracting where required, and maintaining a fleet of construction equipment for timely project delivery.
Key Highlights:
- Focus on road and bridge EPC work, benefiting from government spending on national highways and regional connectivity projects.
- Diversified project execution across multiple locations, reducing dependence on any single contract or geography.
- Revenue scale-up over the last few financial years, indicating increased order book conversion and better utilisation of construction assets.
- Operates in a segment that is closely aligned with infrastructure and capex cycles in India, giving cyclical but meaningful upside during high-spend periods.
This combination of public-sector client base and project experience positions LCC Projects to participate in ongoing infrastructure build-out, albeit with execution and working-capital challenges typical of the sector.
LCC Projects Financials
LCC Projects’ financials show strong revenue growth with improving scale, but cash flows remain volatile because of heavy project-related spending.
Revenue and Profit Table
Period | Revenue from Operations (₹ Crore) | Net Profit (₹ Crore) |
|---|---|---|
H1 FY ‘25 | 1,468.11 | 117.95 |
FY ‘24 | 2,438.91 | 122.00 |
FY ‘23 | 1,225.27 | 68.22 |
FY ‘22 | 780.90 | 35.33 |
Cash Flow Table
Period | Cash Flow from Operations (₹ Crore) | Free Cash Flow (₹ Crore) |
|---|---|---|
H1 FY ‘25 | -177.27 | -182.18 |
FY ‘24 | 29.35 | -38.25 |
FY ‘23 | -48.82 | -87.00 |
FY ‘22 | 16.71 | -10.49 |
Key Highlights:
- Revenue from operations has expanded sharply, rising from ₹780.90 crore in FY22 to ₹1,225.27 crore in FY23 and further to ₹2,438.91 crore in FY24; H1FY25 revenue already stands at ₹1,468.11 crore, indicating strong execution momentum if the run-rate sustains.
- Net profit has also improved over time, from ₹35.33 crore in FY22 to ₹68.22 crore in FY23 and ₹122.00 crore in FY24, with H1FY25 profit at ₹117.95 crore; margins in the 9.90%–13.90% range signal reasonably healthy profitability for a projects-driven business.
- Cash flows are more volatile: FY22 and FY24 saw positive operating cash flow (₹16.71 crore and ₹29.35 crore respectively), but FY23 and H1FY25 reported negative operating cash flows of ₹-48.82 crore and ₹-177.27 crore , while free cash flow is negative across all periods due to high capex/working-capital needs, pointing to a capital-intensive growth phase.
Sector & Market Context
India’s infrastructure and EPC sector is driven by government programmes in highways, rural roads, urban infrastructure, and irrigation, along with some private capex in industrial corridors and logistics. Policy focus on improving connectivity, reducing logistics costs and boosting regional development has translated into steady tendering activity for mid-sized EPC contractors.
In this environment, companies like LCC Projects strive to benefit from a healthy project pipeline, but they also face intense competition, execution risk, and tight working-capital cycles as payments often trail execution. Interest rate movements, commodity prices and regulatory clearances further influence profitability and cash flows in this sector.
Key Considerations for Investors
Strengths
- Strong revenue growth over FY22–FY24, indicating effective order book conversion and rising project scale.
- Improving profitability with net profit more than tripling between FY22 and FY24, and solid double-digit margins for a contractor.
- Direct exposure to India’s infrastructure build-out, which is a long-term policy priority, especially in roads and related civil works.
Risks
- Negative free cash flow across reported periods highlights dependence on external funding and the cash-hungry nature of EPC execution.
- Project delays, cost overruns, or slower-than-expected payments from clients can impact both profitability and liquidity.
- Competitive bidding and dependence on government contracts may cap pricing power and expose the company to policy or regulatory shifts.
Opportunities
- Continued government focus on road expansion, state-level connectivity and infrastructure offers a significant tender pipeline for contractors.
- Scope to diversify across more segments (e.g., urban infra, structures) and geographies, spreading risk across multiple projects.
- Efficient working-capital management and disciplined bidding could strengthen return ratios and support a more sustainable growth profile.
IPO Structure
- The LCC Projects IPO is expected to include a fresh issue component aimed at funding working capital and other corporate requirements, potentially alongside an OFS by existing shareholders.
- Fresh capital can help support execution of larger projects, reduce financing strain, and improve balance sheet flexibility, although exact numbers and dilution will be known only once the RHP is filed.
- Equity shares will be listed on NSE and BSE under the standard book-building mechanism with allocations to QIB, NII, and retail segments as per SEBI norms.
About the Company
LCC Projects Limited operates in the infrastructure construction domain, primarily executing road and bridge projects awarded through tenders by public authorities. Through its experience in project planning, resource mobilisation and on-site execution, the company aims to deliver timely, quality infrastructure that supports connectivity and economic activity across its operating regions.
LCC Projects Final Review
The LCC Projects IPO provides an opportunity to invest in a growing EPC player that has scaled revenue and profits in line with India’s capex cycle. It also shows the typical working-capital and cash-flow challenges of EPC players. Investors should track the final LCC Projects valuation, project pipeline, and updated financials in the RHP before deciding, keeping risk appetite and investment horizon in mind.
Always consider personal investment objectives and consult trusted sources before making any decisions.
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FAQ
What is the size and structure of the LCC Projects IPO?
The LCC Projects IPO is expected to be a book-built issue comprising a fresh issue of equity shares to fund working capital and general corporate purposes, with a possible offer for sale by existing shareholders. The exact size in will be disclosed in the RHP.
When is the LCC Projects IPO date and when will it list?
As of now, the LCC Projects IPO date has not been announced; once approvals and market conditions are aligned, the company will declare the opening and closing dates, and shares are proposed to list on NSE and BSE shortly after allotment.
What does LCC Projects do and how does it earn revenue?
LCC Projects operates as an EPC and contract-based infrastructure company, mainly building roads and bridges for government and related agencies, and earns revenue by executing projects awarded through competitive bidding, with payments linked to project milestones.
How has LCC Projects performed financially in recent years?
Between FY22 and FY24, revenue from operations has risen from about ₹780.90 crore to ₹2,438.91 crore, while net profit increased from ₹35.33 crore to ₹122.00 crore. However, free cash flow has remained negative due to heavy working-capital and capex requirements.
What factors will drive LCC Projects valuation at IPO?
LCC Projects valuation is likely to be influenced by its revenue growth, profit margins, order book visibility, balance sheet strength, and peer multiples for listed EPC players, along with broader sentiment towards infrastructure and small-cap construction stocks.
How can retail investors apply for the LCC Projects IPO?
Retail investors can typically apply via UPI or ASBA through their demat and trading account; on a platform like m.Stock, you would log in, go to the IPO section, select the LCC Projects IPO, choose the number of lots, enter your UPI ID, and authorise the mandate in your UPI app during the bidding window.
How can investors track LCC Projects IPO subscription and subscription status?
During the issue period, category-wise LCC Projects IPO subscription data (QIB, NII, retail) will be updated daily on NSE and BSE websites; many online platforms, including m.Stock’s IPO dashboard, summarise this subscription status in an easy-to-read format.
What are the main risks of investing in the LCC Projects IPO?
Key risks include volatile cash flows, dependence on government contracts, possible project delays or cost overruns, and a capital-intensive model that may require ongoing borrowing or equity to support growth, all of which can affect returns.
What should investors watch for in the LCC Projects IPO documents?
Investors should carefully review the RHP for details on order book, client concentration, project execution track record, contingent liabilities, working-capital cycle, and promoter background before making any investment decision.
How can investors check LCC Projects IPO allotment status?
After the basis of allotment is finalised, investors can check LCC Projects allotment status on the registrar’s website (link given in the RHP and exchange notices) by entering PAN, application number or DP/Client ID, and the allotted shares, if any, will be credited to their demat account before listing.