The Rs 175.06 crore Annu Projects IPO entered its third day of bidding on August 27, with investor interest building ahead of the issue’s closing date. The IPO’s grey market premium (GMP) is currently around 4%, pointing to a potentially positive, though relatively flat, listing based on prevailing grey-market trends.
On Day 2, the issue was subscribed 47% overall against 1.76 crore shares on offer. The retail portion saw stronger interest, with subscription reaching 51%.
The IPO comprises entirely of fresh shares, with no offer-for-sale (OFS) component. The company is offering 1.77 crore shares in a price band of Rs 94–99 per share. With a minimum bid of 151 shares, retail investors will need to invest Rs 14,949 at the upper end of the price band to apply for one lot.
The issue opened on August 25 and will remain open until August 28, 2026. Share allotment is expected to be finalised on August 31, while the company is tentatively scheduled to make its stock-market debut on September 2 on both the NSE and BSE.
At the upper end of the price band, Rs 99 per share, one lot of 151 shares will cost Rs 14,949. Investors will therefore be closely watching subscription trends on the final day, along with the GMP, before deciding whether the issue fits their risk-return profile.
Mefcom Capital Markets Ltd. is the book-running lead manager for the issue, while Kfin Technologies Ltd. is the registrar.
Annu Projects IPO subscription status
The Annu Projects IPO saw a 47% overall subscription on Day 2, with investors bidding for shares against the total issue size of 1.76 crore shares.
Retail Individual Investors (RIIs): The retail portion was subscribed 51%, with 88.41 lakh shares reserved for the category.
Non-Institutional Investors (NIIs): The NII segment received 39% subscription, against 70.73 lakh shares on offer.
Qualified Institutional Buyers (QIBs): The QIB portion was subscribed 58%, with 17.68 lakh shares allocated to the category.
Annu Projects IPO GMP today
The Annu Projects IPO GMP currently stands at Rs 4, indicating a 4% premium over the upper price band of Rs 99 per share. Based on the latest grey-market trend, the estimated listing price is around Rs 103 per share.
GMP Note: The Grey Market Premium (GMP) is an unofficial indicator of investor sentiment and should not be considered a guarantee of the actual listing price. The GMP can fluctuate significantly before the stock makes its market debut.
IPO objects of the issue
The company proposes to utilise the net proceeds from the IPO primarily towards strengthening its operational and financial requirements. Of the total estimated proceeds of Rs 130.41 crore, Rs 15.41 crore is proposed to be allocated towards capital expenditure for the purchase of machinery and equipment, while Rs 115.00 crore is earmarked for meeting the company’s working capital requirements.
The remaining portion of the net proceeds will be utilised for general corporate purposes. Overall, the proposed deployment of funds is aimed at supporting the company’s capital expenditure needs, enhancing working capital availability and meeting its broader corporate requirements.
Annu Projects recorded a 34% year-on-year increase in total income, rising from Rs 182.35 crore in FY25 to Rs 244.59 crore in FY26. The growth reflects a significant improvement in the company’s overall revenue performance during the year ended March 31, 2026.
Profitability also strengthened considerably, with profit after tax (PAT) increasing by 56% from Rs 21.10 crore in FY25 to Rs 33.03 crore in FY26. The higher PAT growth, compared with the increase in income, indicates improved earnings performance during FY26.
Annu Projects Limited is an engineering, procurement, and construction (EPC) company. It is engaged in the design, development, implementation, operations and maintenance of essential overhead and underground utilities infrastructure across telecom infrastructure, sewerage infrastructure vertical and gas pipeline vertical.
Telecom Infrastructure: Surveying, designing, and installing cabling and tower infrastructure for communication, automation, and electronic security systems. Its customers include Bharat Sanchar Nigam Limited, A2Z Infra Engineering Limited, Bharat Broadband Network Limited, and G R Infraprojects Limited.
Sewerage Infrastructure: Pipe laying, construction of manholes, construction of sewerage treatment plants, construction of pumping stations, and construction of structural facilities, etc.
Gas Pipeline: Laying MDPE ranging from 20 mm to 125 mm in diameter, along with 38,300 GI house connections for domestic and commercial gas supply. Served customers include Indraprastha Gas Limited, Gujarat Gas Limited and GAIL India Limited.
As of June 30, 2026, it has 23 ongoing projects worth Rs 19,593.48 million, including 4 telecom infra projects, 14 sewerage projects, 4 gas pipeline projects and 1 comprising the railway signalling vertical.
Should you subscribe?
According to brokerage firm AnandRathi research report, "Annu Projects Limited, at an implied P/E of 19.6x on FY2026 earnings at the upper price band. However, the IPO valuation appears fully priced at the upper band, and hence, we recommend a "Subscribe – Long Term" rating to the IPO."
A key strength of the company lies in its end-to-end expertise in engineering, procurement and commissioning (EPC), with a strong focus on underground and overhead utility infrastructure. Its integrated project management and execution capabilities help it handle complex projects efficiently and keep timelines and delivery on track.
The company further benefits from selective equipment ownership and technology adoption, which support operational efficiency and enhance project execution. Alongside this, its strong, growing order book provides clear revenue visibility and strengthens its ability to scale operations while meeting evolving customer needs.
