Annu Projects IPO Gets 54% Subscription So Far; Here’s What Investors Should Know

The initial public offering (IPO) of engineering, procurement and construction (EPC) firm Annu Projects continued to see a subdued response on the third day of bidding, with the issue subscribed 54% as of 12:20 pm on Thursday, according to data from the National Stock Exchange (NSE).

The ₹175.06-crore IPO received bids for 95,22,513 shares against 1,76,83,000 shares on offer. Retail investors led the subscription, with their reserved portion subscribed 63%, while the non-institutional investor (NII) category was subscribed 41%.

The IPO opened for subscription on August 26 and will close on August 28. Annu Projects has fixed the price band at ₹94-99 per equity share.

IPO GMP

In the grey market, Annu Projects shares were commanding a grey market premium (GMP) of ₹4, according to InvestorGain. At the upper end of the IPO price band of ₹99, the GMP translates into a potential listing gain of around 4%.

GMP is an unofficial and unregulated market indicator. It can change before the shares are listed and does not guarantee the actual listing price or returns.

IPO details

Annu Projects is seeking to raise ₹175.06 crore through an entirely fresh issue of 1,76,83,000 equity shares, with no offer-for-sale (OFS) component. At the upper end of the price band, the company will have a market capitalisation of about ₹648.38 crore.

The company has reserved not more than 10% of the issue for qualified institutional buyers (QIBs), at least 50% for retail investors and at least 40% for non-institutional investors.

Of the net IPO proceeds, around ₹15.41 crore will be used to purchase machinery and equipment, while ₹115 crore has been earmarked for working capital requirements. The remaining proceeds will be used for general corporate purposes.

Investors can bid for a minimum of 151 shares and in multiples thereafter. At the upper end of the price band, one lot requires an investment of ₹14,949. Retail investors can apply for up to 13 lots, or 1,963 shares, requiring ₹1,94,337 at the upper price band.

Financial performance, listing details

For FY26, Annu Projects reported a standalone net profit of ₹33 crore and revenue of ₹241.2 crore.

The company faces competition from listed peers including Likhitha Infrastructure, Bondada Engineering, EMS and Suyog Telematics.

Mefcom Capital Markets is the sole book-running lead manager to the issue, while Kfin Technologies is the registrar. The equity shares are proposed to be listed on both the NSE and BSE, with the tentative listing date set for September 2.