LCC Projects Sets Dalal Street Ablaze On Listing Day, Shares Jump Over 31% In Debut Trade
· Free Press Journal
Mumbai: LCC Projects shares made an impressive market debut on Thursday, surging sharply more than 31% over the IPO issue price of ₹146.
The company listed at ₹191.90 on the BSE, up 31.43%. On the NSE, LCC Projects shares opened at ₹189, up 29.45%.
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Following the listing, the company’s market capitalisation stood at ₹5,004.07 crore.
IPO draws strong demand
LCC Projects’ ₹427-crore initial public offering received a robust response and was subscribed 48.51 times.
LCC Projects IPO Set To Open September 9, Price Band Fixed At ₹139-146 Per ShareThe company had fixed a price band of ₹139–₹146 per equity share. The IPO included a fresh issue of shares worth up to ₹258 crore and an offer for sale of 1.16 crore shares by existing shareholders.
Before the public issue opened, LCC Projects raised ₹128.14 crore from anchor investors, indicating healthy institutional participation.
How funds will be used
LCC Projects plans to use proceeds from the fresh issue to purchase equipment required for project execution. A portion will also be used to repay debt and meet general corporate requirements.
The proposed spending could strengthen the company’s equipment base, reduce finance costs and support its ability to undertake larger infrastructure contracts.
Focus on water infrastructure
LCC Projects is a multidisciplinary EPC company with more than two decades of experience in irrigation and water-supply infrastructure.
Its portfolio covers the construction of dams, barrages, weirs, canals and other hydraulic structures. The company also executes pipe-distribution networks, lift-irrigation projects, water-supply schemes and related EPC works.
Strong Buying Lifts Rentomojo On Listing Day, Shares Jump More Than 19% In Opening TradeThe strong LCC Projects listing reflected investor confidence after the heavily subscribed IPO. Market participants will now monitor its order book, project execution, working-capital needs, debt reduction and revenue growth.
Future performance will also depend on government infrastructure spending, timely payments, raw-material costs and the company’s ability to complete complex water projects without delays.