The wait is almost over for investors in the Annu Projects IPO, with the company’s shares set to make their stock market debut on the BSE and NSE today, September 2. However, the grey market is signalling caution ahead of the listing, with the IPO currently trading at a discounted GMP of Rs 7 against its issue price of Rs 99.
The IPO opened for subscription on August 25 and closed on August 28, attracting an overall subscription of 2.93 times. Retail investors bid for 2.68 times the shares reserved for them, while the Qualified Institutional Buyers (QIB) category was subscribed 1.72 times. The Non-Institutional Investors (NII) segment recorded stronger demand, with subscription reaching 3.55 times.
The company’s equity shares are scheduled to be listed on both the BSE and NSE on September 2, putting the spotlight on how the stock performs when trading begins.
The Rs 175.06 crore public issue comprised entirely of fresh equity shares, with no Offer for Sale (OFS) component. A total of 1.77 crore equity shares were offered in the price band of Rs 94 to Rs 99 per share.
Mefcom Capital Markets Ltd. acted as the book-running lead manager for the issue, while Kfin Technologies Ltd. served as the registrar.
With the grey market sentiment turning cautious, investors will be watching closely to see whether Annu Projects can buck the pre-listing trend and deliver a strong debut on the bourses.
IPO Objects of the Issue
The company plans to use the net proceeds from the IPO primarily to strengthen its operational and financial requirements. Of the estimated total proceeds of Rs 130.41 crore, Rs 15.41 crore has been earmarked for capital expenditure, including the purchase of machinery and equipment. Another Rs 115 crore is proposed to be utilised towards meeting the company’s working capital requirements.
The remaining proceeds will be used for general corporate purposes. Overall, the proposed utilisation of funds is intended to support the company’s capital expenditure plans, improve working capital availability and meet its broader corporate needs.
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 infrastructures for communication, automation, and electronic security system. Its customers include Bharat Sanchar Nigam Limited, A2Z Infra Engineering Limited, Bharat Broadband Network Limited, G R Infraprojects Limited.
Sewerage Infrastrucutre: 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, including Indraprastha Gas Limited, Gujarat Gas Limited and GAIL India Limited.
As on June 30, 2026, it has 23 ongoing projects worth Rs 19,593.48 million, including 4 telecom infra projects, 14 sewerage, 4 gas pipeline projects and 1 (one) comprised of railway signalling vertical.
