LCC Projects makes strong D-Street debut, listing at 31% premium over IPO price
LCC Projects made a strong stock-market debut after its Rs 427.14 crore IPO. The shares listed at Rs 191.90 on the NSE, a 31.44% premium, and at Rs 189 on the BSE, a 29.45% premium over the issue price of Rs 146.
By Kumar Gaurav, ETMarkets.com | Updated:
ETMarkets.com
Shares of LCC Projects Ltd made a strong Dalal Street debut on September 17 following the company’s Rs 427.14-crore initial public offering (IPO).
On the BSE, LCC Projects shares opened at Rs 189, reflecting a premium of Rs 29.45% over the IPO issue price of Rs 146 per share.
On the NSE, the shares started trading at Rs 191.90, reflecting a premium of Rs 31.44% over the issue price.
Read more: NSE IPO Tracker: Catch all the highlights here
The IPO opened for subscription on September 9 and closed on September 11. The company fixed the price band at Rs 139-146 per share, with a lot size of 102 shares.
The issue received strong demand from investors and was subscribed 48.51 times overall, according to NSE data.
The Retail Individual Investors (RII) category was subscribed 25.56 times, while the Non-Institutional Investors (NII) portion saw subscription of 62.99 times. The Qualified Institutional Buyers (QIB) category was subscribed 78.69 times.
The basis of allotment was finalised on September 15, with the company fixing the final issue price at Rs 146 per share, the upper end of the IPO price band.
The proceeds from the fresh issue, the company said, will be utilised by LCC Projects towards the purchase of equipment, prepayment and/or repayment, in full or in part, of certain outstanding borrowings availed by the company, and general corporate purposes.
KFin Technologies served as the registrar to the issue, while Motilal Oswal Investment Advisors acted as the sole book-running lead manager.
This article has been written by Kumar Gaurav, who is not a SEBI-registered Research Analyst or an Investment Adviser. Gaurav and his/her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment.
On the BSE, LCC Projects shares opened at Rs 189, reflecting a premium of Rs 29.45% over the IPO issue price of Rs 146 per share.
On the NSE, the shares started trading at Rs 191.90, reflecting a premium of Rs 31.44% over the issue price.
Read more: NSE IPO Tracker: Catch all the highlights here
LCC Projects IPO details
The LCC Projects IPO was a book-built issue worth Rs 427.14 crore. The offering comprised a fresh issue of 1.77 crore shares aggregating to Rs 258 crore and an offer for sale (OFS) of 1.16 crore shares worth Rs 169.14 crore.The IPO opened for subscription on September 9 and closed on September 11. The company fixed the price band at Rs 139-146 per share, with a lot size of 102 shares.
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The issue received strong demand from investors and was subscribed 48.51 times overall, according to NSE data.
The Retail Individual Investors (RII) category was subscribed 25.56 times, while the Non-Institutional Investors (NII) portion saw subscription of 62.99 times. The Qualified Institutional Buyers (QIB) category was subscribed 78.69 times.
The basis of allotment was finalised on September 15, with the company fixing the final issue price at Rs 146 per share, the upper end of the IPO price band.
The proceeds from the fresh issue, the company said, will be utilised by LCC Projects towards the purchase of equipment, prepayment and/or repayment, in full or in part, of certain outstanding borrowings availed by the company, and general corporate purposes.
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KFin Technologies served as the registrar to the issue, while Motilal Oswal Investment Advisors acted as the sole book-running lead manager.
About LCC Projects
LCC Projects Ltd is a multidisciplinary engineering, procurement and construction (EPC) company primarily focused on irrigation and water-supply infrastructure projects. With more than two decades of experience, the company has executed projects spanning dams, barrages, canals, hydraulic structures, lift irrigation systems, pipeline networks, and urban and rural water-supply schemes. Its project portfolio also includes sewage treatment and desalination projects.ADVERTISEMENT
This article has been written by Kumar Gaurav, who is not a SEBI-registered Research Analyst or an Investment Adviser. Gaurav and his/her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment.
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