LCC Projects IPO GMP rises to 34% as subscription crosses 9x on Day 3

Reports coming in for today mention that LCC Projects IPO grey market premium (GMP) rose to 34 percent on Friday as the offering witnessed firm subscription in the primary market.

The Gujarat-based engineering, procurement and construction (EPC) firm received bids for 19.14 crore shares against 2.09 crore shares on offer, translating into a subscription of 9.15 times till 11:50 am.

The firm has set a price range of Rs 139-146 per share for its Rs 427-crore initial public offering (IPO).

The portion reserved for retail individual market participants (RIIs) was subscribed 10.71 times, while the non-institutional market participants' portion was subscribed 15.83 times. The qualified institutional buyers (QIBs) category received bids for 1.17 times the shares on offer.

Earlier, the firm boosted Rs 128.14 crore from anchor market participants.

The Rs 427-crore IPO opened for subscription on September 9 and closes on September 11.

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

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