LCC Projects IPO subscribed 31% on Day 1 so far; should you subscribe? Check GMP

Fresh updates from the financial markets indicate that LCC Projects saw robust subscription in the primary market on Day 1 of the offering opening, with the offering being subscribed 31 percent, so far.

The IPO received bids for 64.91 lakh equity shares against 5.89 crore shares on offer. The qualified institutional buyers (QIBs) portion was subscribed 55 percent, while the retail individual market participants (RIIs) category was subscribed 28 percent.

Earlier, the engineering, procurement and construction (EPC) firm boosted Rs 128.14 crore from anchor market participants.

The Rs 427-crore IPO opened for subscription on September 9 and will close on September 11. The firm has set the IPO price range at Rs 139-146 per equity share.

LCC Projects IPO GMP Today Price

According to Investorgain, the shares of LCC Projects are commanding a GMP more than 27 percent.

Proceeds of the fresh offering will be used for the purchase of equipment, payment of debt and for general corporate purposes.

LCC Projects is a multidisciplinary engineering, procurement and construction (EPC) firm. Over two decades, the firm has executed a wide range of projects in the irrigation and water supply segment such as constructing dams, barrages, weirs, hydraulic structures, canals, pipe distribution networks, lift irrigation works, water supply schemes and other EPC projects.

The firm’s shares are proposed to be listed on both the BSE and NSE on September 17.