LCC Projects IPO fully subscribed on Day 1: Check price band, lot size and key dates

Engineering, procurement and construction (EPC) company LCC Projects Ltd's ₹427.14 crore initial public offering was fully subscribed on Wednesday, September 9, the first day of bidding. With a price band of ₹139 to ₹146 per share, the issue will conclude on September 11.

The IPO is a combination of a fresh issuance of equity shares aggregating up to ₹258 crore and an offer-for-sale (OFS) component of 1.16 crore shares worth ₹169.14 crore by promoters Arjan Suja Rabari and Laljibhai Arjanbhai Ahir.

The net proceeds from the fresh issue will be used for the purchase of equipment, repayment of certain outstanding borrowings and general corporate purposes.

"Our company will receive the benefits of listing of its equity shares on the Stock Exchanges, including enhancement of our company's brand name and creating a public market for our equity shares in India," the company said in its red herring prospectus.

Retail investors can apply for a minimum of 102 shares. Half of the net offer will be reserved for qualified institutional buyers, 35% for retail investors and 15% for non-institutional investors.

LCC Projects IPO Day 1: Subscription status

The issue has been subscribed 1.07 times so far on Day 1, with bids for 2,24,60,910 shares compared to 2,09,27,281 shares on offer, according to the NSE data until 2:38 pm.

Prior to the IPO, the company collected ₹128.14 crore from anchor investors, including Astorne Capital, Craft Emerging Market Fund, Sunrise Investment Trust, ASAS Global Fund, Edelweiss Life Insurance Company, Necta Bloom VCC, Rajasthan Global Securities, LRSD Securities and RGSL Investment Fund, among others.

The company has allotted 87.77 lakh shares to 11 anchor investors at ₹146 per share, according to a circular uploaded on exchanges.

LCC Projects Ltd is a multi-disciplinary engineering, procurement and construction (EPC) player. Over two decades, the company has executed an array of projects in the irrigation and water supply segment, like constructing dams, weirs, barrages, hydraulic structures, canals, lift irrigation works, pipe distribution networks, water supply schemes and other EPC projects.