LCC Projects vs Karamtara Engineering vs Steamhouse India IPO GMP Today: Day 3 Subscription and Listing Gain

The Indian primary market enters a busy final day on Friday, September 11, with LCC Projects, Karamtara Engineering and Steamhouse India IPOs closing for subscription. All three mainboard issues opened on September 9 and are scheduled to list on September 17, making their latest subscription numbers and grey market premiums closely watched by IPO investors.

Based on the latest available Day 2 data, LCC Projects had the strongest overall subscription at around 3.93 times, followed by Karamtara Engineering at 3.80 times and Steamhouse India at about 2.32 times. Grey-market indicators were also positive for all three, although GMP is unofficial and can change before listing.

For investors deciding between the three IPOs, however, subscription and GMP tell only part of the story. The businesses, financial performance, valuations and use of IPO proceeds are materially different.

LCC Projects IPO: GMP, Subscription and Listing Gain

LCC Projects has a price band of ₹139–₹146 per share, with a lot size of 102 shares. The minimum investment at the upper price band is therefore ₹14,892. The company is raising approximately ₹427.14 crore, consisting of a fresh issue and an offer for sale.

By the end of Day 2, LCC Projects had attracted strong demand. One consolidated market tracker showed total subscription at approximately 3.93 times, with QIB demand at 1.16 times, NII demand at 5.49 times and retail demand at 4.84 times.

The latest available GMP readings before Day 3 were around ₹50, although different grey-market trackers reported somewhat different figures. At a ₹146 upper issue price, a ₹50 GMP implies an unofficial indicative listing price of about ₹196, or roughly 34% above the issue price.

LCC Projects operates in the engineering, procurement and construction sector, with a focus on irrigation and water-supply projects. Its FY2026 revenue was about ₹3,639 crore and profit after tax was ₹286.44 crore.

At the upper price band, the issue's post-issue valuation works out to roughly 14.8 times FY2026 earnings, according to offer-document-based calculations.

That valuation is one of the more important positives investors may examine alongside the strong subscription.

Karamtara Engineering IPO: GMP and Day 3 Demand

Karamtara Engineering has set its IPO price band at ₹241–₹254, with a lot size of 59 shares. A retail investor bidding at the upper band needs approximately ₹14,986 for one lot.

The total issue size is ₹875 crore, including ₹675 crore of fresh shares and ₹200 crore through an offer for sale.

By the end of Day 2, Karamtara's IPO had been subscribed around 3.80 times in one consolidated update. QIB subscription stood at about 2.40 times, NII at 6.49 times and retail at 3.46 times.

The latest GMP indications were around ₹67–₹69. Using ₹69 against the ₹254 upper band gives an indicative price of about ₹323, implying a potential listing premium of roughly 27% if that grey-market premium were to hold until listing.

Karamtara manufactures components used in renewable energy and transmission infrastructure, including solar mounting structures, tracker components and transmission-line products.

Its financial performance has also improved significantly. FY2026 revenue was approximately ₹4,316 crore, while net profit reached around ₹229 crore.

The key consideration is valuation. At the upper price band, post-issue P/E is estimated at roughly 35.7 times FY2026 earnings. The company also intends to use a substantial portion of fresh IPO proceeds to repay or prepay borrowings.

So while the business is benefiting from renewable-energy and transmission-related demand, investors are paying a considerably higher earnings multiple than for LCC Projects.

Steamhouse India IPO: GMP and Subscription Status

Steamhouse India has the lowest issue price among the three, with a price band of ₹77–₹81 per share and a lot size of 185 shares. The minimum application at the upper band is ₹14,985.

The company is raising approximately ₹414 crore, including ₹353 crore through a fresh issue and ₹61 crore through an offer for sale.

By the end of Day 2, Steamhouse India's IPO had been subscribed around 2.32 times, according to a consolidated subscription update. QIB participation was about 1.70 times, NII around 2.11 times and retail demand about 2.77 times.

The latest GMP indications were around ₹20–₹22. At the upper issue price of ₹81, a ₹22 GMP implies an unofficial indicative listing price of approximately ₹103, representing a potential premium of around 27%.

Steamhouse India operates in the steam utility business. Its revenue increased from about ₹291.7 crore in FY2024 to ₹491.5 crore in FY2026, while profit rose from ₹27.2 crore to ₹38.6 crore over the same period.

The business has therefore delivered growth, although its FY2026 profit margin remains relatively modest.

LCC Projects vs Karamtara vs Steamhouse: Key Comparison

*Subscription and GMP figures are unofficial/market-tracker data and can change during Day 3. GMP does not guarantee the actual listing price.

The comparison highlights an important difference. LCC Projects combines strong subscription demand with a lower earnings multiple, while Karamtara has strong demand and exposure to renewable-energy infrastructure but carries a higher valuation. Steamhouse has a positive growth profile and GMP, but its subscription demand was comparatively lower by Day 2.

Which IPO Has the Strongest Listing-Gain Signal?

If the question is strictly about the GMP-based listing signal, LCC Projects currently stands out because a GMP around ₹50 against the ₹146 upper band represents a premium of roughly 34%.

Karamtara and Steamhouse are both around the high-20% range based on the latest available GMP indications.

However, these figures should not be treated as predicted listing prices. GMP is an unofficial grey-market indicator rather than an exchange-traded price. It can rise or fall before listing, and the actual opening price is ultimately determined by demand and supply on the stock exchanges.

That distinction is especially important during a crowded IPO cycle, when investor sentiment can change quickly.

What Investors Should Watch on Day 3

The final day could materially change the subscription ranking.

For LCC Projects, investors should watch whether QIB participation catches up with the strong retail and NII response.

For Karamtara Engineering, continued institutional demand will be important because the issue is the largest of these three and carries a relatively higher valuation.

For Steamhouse India, the key question is whether the final-day bidding can significantly narrow the demand gap with the other two IPOs.

Investors should also watch GMP movement, but should avoid making a decision based on GMP alone.

Risks Investors Should Consider

Each IPO comes with different risks.

LCC Projects has exposure to government-linked infrastructure and water projects, while its borrowings have also increased alongside business expansion. The company's FY2026 borrowings were around ₹861 crore.

Karamtara's growth is linked partly to renewable-energy and transmission infrastructure. Steel and other raw-material costs, project cycles and the company's relatively high IPO valuation are important factors to monitor.

Steamhouse India operates in a more specialised industrial segment, and its profit growth has been slower than its revenue expansion. Investors should therefore focus on margins, debt, cash generation and future capacity expansion rather than relying on the GMP.

LCC Projects vs Karamtara Engineering vs Steamhouse India IPO: Outlook

The three IPOs enter Day 3 with positive grey-market signals and strong investor participation, but the investment cases are not identical.

LCC Projects currently has the strongest combination of subscription momentum and GMP-based listing signal, while its valuation is comparatively moderate. Karamtara Engineering offers exposure to renewable-energy and transmission infrastructure but is priced at a much higher earnings multiple. Steamhouse India has delivered steady growth but has attracted comparatively lower subscription demand so far.

The final subscription numbers, GMP movement before listing and, more importantly, the companies' ability to convert IPO capital into sustainable earnings will determine how these issues perform after their expected September 17 listings.

For investors, GMP may provide a snapshot of short-term sentiment, but valuation, financial strength, business quality and risk should remain the foundation of an IPO decision.

This article is for informational and educational purposes only and should not be considered investment advice.

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