Annu Projects IPO
Annu Projects IPO was a Mainboard book-built issue of ₹175.06 crore comprising an entirely Fresh Issue of 1,76,83,000 equity shares. The price band was ₹94 to ₹99 per share, with a lot size of 151 shares.
Annu Projects IPO Details
Annu Projects IPO opened for subscription on 25 August 2026 and closed on 28 August 2026. The basis of allotment is scheduled for 31 August 2026, refunds are scheduled for 31 August 2026, shares are expected to be credited to Demat accounts on 1 September 2026, and listing is scheduled for 2 September 2026.
Annu Projects IPO GMP
Annu Projects IPO GMP was an unofficial grey-market indicator before listing. The latest reported GMP on 28 August 2026 was ₹1 against the ₹99 upper price band, implying an indicative price of ₹100. GMP is unofficial, unregulated and does not guarantee the actual listing price.
Annu Projects IPO Timeline (Tentative)
Annu Projects IPO opened for public subscription on 25 August 2026 and closed on 28 August 2026. The basis of allotment is scheduled for 31 August, refunds are scheduled for 31 August, shares are expected to be credited on 1 September, followed by listing on BSE and NSE on 2 September 2026.
| Event | Tentative Date |
|---|---|
| IPO Open Date | Tue, Aug 25, 2026 |
| IPO Close Date | Fri, Aug 28, 2026 |
| Basis of Allotment | Mon, Aug 31, 2026 |
| Initiation of Refunds | Mon, Aug 31, 2026 |
| Credit of Shares to Demat | Tue, Sep 1, 2026 |
| Listing Date | Wed, Sep 2, 2026 |
| IPO Opens | 25 August 2026 |
| IPO Closes | 28 August 2026 |
| Basis of Allotment | 31 August 2026 |
| Refund Initiation | 31 August 2026 |
| Credit of Shares to Demat | 1 September 2026 |
| Listing Date | 2 September 2026 |
Annu Projects IPO Lot Size
The Annu Projects IPO lot size was 151 shares. At the upper price band of ₹99 per share, one lot required a minimum investment of ₹14,949. Retail investors could apply for up to 13 lots, or 1,963 shares, amounting to ₹1,94,337.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 1 | 151 | 14,949 |
| Retail (Max) | 13 | 1,963 | 1,94,337 |
| S-HNI (Min) | 14 | 2,114 | 2,09,286 |
| S-HNI (Max) | 66 | 9,966 | 9,86,634 |
| B-HNI (Min) | 67 | 10,117 | 10,01,583 |
Annu Projects IPO Reservation
The Annu Projects IPO reserved not more than 10% of the issue for Qualified Institutional Buyers, not less than 40% for Non-Institutional Investors and not less than 50% for Retail Individual Investors.
Annu Projects IPO Subscription
Annu Projects IPO was subscribed 2.93x overall by the close of bidding on 28 August 2026. QIBs subscribed 1.72x, NIIs 3.55x and Retail Individual Investors 2.68x.
| Category | Subscription (times) |
|---|---|
| QIB | 1.72x |
| NII | 3.55x |
| RII | 2.68x |
| Total | 2.93x |
About Annu Projects
Annu Projects Limited is an Engineering, Procurement and Construction (EPC) company engaged in the design, development, implementation, operation and maintenance of overhead and underground utility infrastructure. Its major business verticals include telecom infrastructure, sewerage infrastructure, gas pipelines and railway signalling.
The company was originally incorporated as Annu Infra Construct (India) Private Limited on 19 June 2003. It subsequently changed its name to Annu Projects Private Limited in 2020 and was converted into a public limited company in 2024.
In the telecom infrastructure vertical, Annu Projects undertakes surveying, designing and installation of cabling and tower infrastructure, along with laying overhead and underground optical fibre cable networks. Its customers include public sector undertakings and private parties.
Its sewerage infrastructure activities include pipe laying, construction of manholes, sewage treatment plants, pumping stations, stormwater drainage systems and related infrastructure. The company also undertakes gas pipeline and railway signalling projects.
The company had 23 ongoing projects with an order book of approximately ₹1,959.35 crore as of 30 June 2026, according to offer-document-based information.
Strengths
- Established EPC experience in utility infrastructure.
- Presence across telecom, sewerage, gas pipeline and railway signalling projects.
- Strong growth in revenue and profitability in FY2026.
- Order book provides revenue visibility.
- Experienced promoters and management team.
- Healthy FY2026 ROE and ROCE.
- Entire IPO is a Fresh Issue, with no OFS component.
- Proceeds are intended to strengthen working capital and execution capacity.
Risks to Consider
- The company operates in a competitive EPC and infrastructure industry.
- A significant portion of revenue is derived from telecom and sewerage infrastructure.
- EPC projects require substantial working capital and timely customer payments.
- Higher borrowings in FY2026 compared with previous years increase financial leverage.
- Project execution may be affected by delays, cost overruns and regulatory or approval-related issues.
- Business performance depends on securing and successfully executing infrastructure contracts.
- Operating cash flows and receivables require monitoring because of the working-capital-intensive nature of the business.
Annu Projects Financials (₹ Cr)
Annu Projects reported revenue of ₹155.42 crore in FY2024, ₹182.35 crore in FY2025 and ₹244.59 crore in FY2026. PAT increased from ₹17.39 crore to ₹21.10 crore and ₹33.03 crore over the same period. Net worth increased from ₹68.93 crore in FY2024 to ₹155.26 crore in FY2026.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| FY2024 | 155.42 | 17.39 | 161.34 | 68.93 |
| FY2025 | 182.35 | 21.10 | 233.37 | 122.06 |
| FY2026 | 244.59 | 33.03 | 341.82 | 155.26 |
KPIs & Valuation
At the upper IPO price band of ₹99, Annu Projects had a pre-issue P/E of 14.33x based on FY2026 EPS of ₹6.91. The post-issue EPS was ₹5.04, resulting in a post-issue P/E of 19.64x. FY2026 RoNW was 21.27%, ROCE was 22.66% and NAV was approximately ₹32.48 per share.
Objects of the Issue
The ₹175.06 crore Fresh Issue is proposed to be used primarily for funding working capital requirements and capital expenditure for purchasing machinery and equipment. The remaining proceeds are proposed to be used for general corporate purposes.
- The company proposed to utilise the IPO proceeds for:
- Funding working capital requirements of the Company – ₹115.00 crore.
- Funding capital expenditure requirements for purchase of machinery and equipment – ₹15.41 crore.
- General Corporate Purposes – Balance Amount.
Promoters, Lead Managers & Registrar
Annu Projects Limited is promoted by Sanjay Kumar Sarraf and Krishna Ranjan. Mefcom Capital Markets Limited acted as the Book Running Lead Manager, while KFin Technologies Limited acted as the Registrar to the Issue.
Promoters
Lead Managers (BRLM)
Registrar
| Name | KFin Technologies Limited |
|---|---|
| Phone | +91 40 6716 2222 |
| annuprojects.ipo@kfintech.com | |
| Website | https://www.kfintech.com/ |
Annu Projects IPO Review
Annu Projects reported revenue of ₹155.42 crore in FY2024, ₹182.35 crore in FY2025 and ₹244.59 crore in FY2026. PAT increased from ₹17.39 crore in FY2024 to ₹21.10 crore in FY2025 and ₹33.03 crore in FY2026.
The company's business is spread across utility infrastructure segments including telecom, sewerage, gas pipelines and railway signalling. This gives it exposure to infrastructure spending and public-sector-led projects.
The company maintained a healthy profitability profile in FY2026, with EBITDA of ₹50.19 crore and PAT of ₹33.03 crore. EBITDA margin stood at 20.81%, while PAT margin was 13.69%.
At the upper IPO price of ₹99, the reported pre-issue P/E is 14.33x based on FY2026 EPS of ₹6.91, while the post-issue P/E is approximately 19.64x based on post-issue EPS of ₹5.04.
The IPO was subscribed 2.93x overall, with NII demand at 3.55x, retail demand at 2.68x and QIB demand at 1.72x.
Investors should consider the company's order book, infrastructure exposure, financial growth and profitability alongside its working-capital requirements, project execution risks, customer concentration and valuation before making an investment decision.
How to Apply
Annu Projects IPO applications could be made through the ASBA process and UPI-supported IPO applications. The minimum application consisted of one lot of 151 shares, requiring ₹14,949 at the upper price band of ₹99.
Through UPI
- Log in to your stockbroker app or website.
- Go to the IPO section.
- Select Annu Projects IPO.
- Enter the number of lots you want to apply for.
- Select the bid price. Retail investors can generally choose Cut-off when available.
- Enter your valid UPI ID.
- Submit the IPO application.
- Open your UPI app when the mandate request arrives.
- Approve the mandate using your UPI PIN.
- The application amount will be blocked in your bank account. If shares are allotted, the required amount will be debited; otherwise, the blocked amount will be released.
Prospectus & Documents
The company has published its DRHP, RHP, Prospectus, annual reports and other issue-related documents on its official website. SEBI records the Annu Projects Limited RHP filed in August 2026.
Last updated Aug 29, 2026.