LCC Projects IPO – Irrigation and Water Supply Specialist Submits Papers for INR 320 Cr Offer

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LCC Projects is an EPC construction company. The company submitted its issue papers to the Securities and Exchange Board of India (SEBI). LCC Projects IPO is a mix of fresh shares (~INR 320 crore) and an offer-for-sale (OFS) of 2,29,40,000 equity shares. Motilal Oswal Investment Advisors is the book-running lead manager and KFin Technologies is the registrar of the issue.

LCC Projects IPO

LCC Projects IPO – Company Overview

LCC Projects is known for its irrigation and water supply infrastructure. The company has a presence in 11 states, including Gujarat, Madhya Pradesh, Odisha, Rajasthan, Maharashtra, Uttar Pradesh, Karnataka, Jharkhand, Chhattisgarh, Himachal Pradesh, and Haryana. The company has completed several major projects such as the construction of Dams, barrages, canals, and lift irrigation.

LCC Projects also completed metro rail projects which include four elevated stations and a 1.3 km viaduct. The company also built a utility tunnel in GIFT City for seamless infrastructure maintenance.

Promoters and Shareholding Structure

Key promoters include:

  • Arjan Suja Rabari – 41% (11,15,20,000 shares)
  • Laljibhai Arjanbhai Ahir – 41% (11,15,20,000 shares)
  • Maya Arjan Rabari – Negligible (8 shares)
  • Promoter Group – 18% (4,89,59,992 shares)

The post-offer shareholding will be determined upon finalizing the issue.

Selling Shareholders in the OFS

  • Arjan Suja Rabari – Up to 11,470,000 shares (acquisition cost: INR 0.67 per share)
  • Laljibhai Arjanbhai Ahir – Up to 11,470,000 shares (acquisition cost: INR 0.70 per share)

Financial Performance

LCC Projects has demonstrated strong financial growth:

ParticularsFY 2024FY 2023FY 2022
Revenue from Operations2,438.911,225.27780.90
Total Income2,449.791,234.64796.22
EBITDA241.37127.7886.28
Profit After Tax (PAT)121.9968.2235.33
EBITDA Margin (%)9.90%10.43%11.05%
PAT Margin (%)5.00%5.57%4.52%

Revenue grew at a CAGR of 76.73% from FY 2022 to FY 2024, with PAT expanding at an 85.81% CAGR.

Use of Net Proceeds

  1. Purchase of Equipment – INR 14.91 crore
  2. Prepayment/Repayment of Borrowings – INR 220.00 crore
  3. General Corporate Purposes – Remaining funds

Ongoing and Completed Projects

As of 30 September 2024, LCC holds an order book worth INR 7,347.42 crore.

Top 3 Ongoing Projects

Project NameCustomerStateContract Value (INR Crore)Completion Year
Sondwa Lift Micro Irrigation ProjectNarmada Valley Development AuthorityMadhya Pradesh1,395.412030
Sidhi Bansagar Multi-Village SchemeMadhya Pradesh Jal Nigam MaryaditMadhya Pradesh1,386.492025
Gandhi Sagar 1 Multi-Village SchemeMadhya Pradesh Jal Nigam MaryaditMadhya Pradesh1,049.002025

Key Completed Projects

Project NameCustomerStateProject Value (INR Crore)Completion Year
Dudhai Sub Branch Canal ProjectSardar Sarovar Narmada Nigam LimitedGujarat320.162021
Sitanagar ProjectWater Resource Division, DamohMadhya Pradesh266.852023
Parbati Dam ProjectCustomer 3#Madhya Pradesh146.262023

Competitive Strengths

  • Sector expertise – Extensive experience in EPC, particularly in water supply and irrigation.
  • Financial strength – Solid balance sheet and growing order book.
  • Geographic diversification – Presence across 11 states minimizes risk.
  • Technology integration – Adoption of SCADA and GIS-based analytics.
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Conclusion

LCC Projects IPO is positioned to expand in India’s EPC sector. The company has a strong order book, improving revenue, and a clear utilization plan, the company presents an opportunity for investors. However, market conditions and regulatory approvals will determine final investment viability.

For more details related to IPO GMPSEBI IPO Approval, and Live Subscription stay tuned to IPO Central.

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