LCC Projects IPO subscription status: Issue booked nearly 2x on Day 2; here’s what GMP indicates

Reports coming in for today mention that Investor interest in Gujarat-based LCC Projects Ltd's initial public offering (IPO) remained firm on the second day of subscription, with the Rs 427-crore offering receiving bids for nearly twice the shares on offer.

The LCC Projects IPO received bids for 3.7 crore shares against 2.09 crore shares on offer, translating into a subscription of 1.72 times till 11 am on Thursday.

The engineering, procurement and construction (EPC) firm has set a price range of Rs 139-146 per share for the IPO.

Earlier, LCC Projects had boosted Rs 128.14 crore from anchor market participants on Tuesday.

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

LCC Projects is a multidisciplinary EPC firm. Over two decades, it has executed a range of projects in the irrigation and water supply segments, including dams, barrages, weirs, hydraulic structures, canals, pipe distribution networks, lift irrigation works, water supply schemes and other EPC projects.

LCC Projects IPO allotment is anticipated by September 15, while the firm's shares are proposed to be listed on both the BSE and NSE on September 17.