Annu Projects' ₹175.06 crore IPO enters its final bidding stages with a 4% GMP. Retail investors show strong interest as the company aims to boost working capital.

  • Overall subscription has reached 47% as of Day 2.
  • The Grey Market Premium (GMP) is holding steady at approximately 4%.
  • The issue consists entirely of fresh shares to fund CAPEX and working capital.
  • Listing is expected on September 2 on NSE and BSE.

The Annu Projects Limited IPO, a ₹175.06 crore issue, has entered its crucial third day of bidding on August 27. As the deadline approaches, investor sentiment appears cautiously optimistic. The current Grey Market Premium (GMP) stands at roughly ₹4, representing a 4% premium over the upper price band of ₹99. This suggests a potentially stable, albeit modest, listing for the stock.

Subscription Breakdown

As of the close of Day 2, the IPO saw an overall subscription of 47%. Detailed category-wise data reveals a surge in retail participation. Retail Individual Investors (RIIs) have subscribed 51% of their allotted portion, demonstrating significant confidence among small-scale investors. Meanwhile, Qualified Institutional Buyers (QIBs) have subscribed 58%, and Non-Institutional Investors (NIIs) have subscribed 39% of their respective quotas.

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Why This Matters

BozokMedia analysis shows that the strategic allocation of funds is a primary driver for this IPO. Unlike many issues that include an Offer for Sale (OFS), this is a 100% fresh issue. The company intends to utilize ₹115 crore for working capital and ₹15.41 crore for capital expenditure (machinery and equipment). This direct infusion of capital into operations is designed to support their massive ongoing project pipeline.

AnandRathi research suggests that while the valuation is priced at the upper band, the company's fundamentals warrant a "Subscribe – Long Term" rating.

Financial Health and Business Moat

Annu Projects operates as a specialized Engineering, Procurement, and Construction (EPC) firm, managing critical infrastructure in telecom, sewerage, and gas pipelines. Their financial trajectory is notably upward; total income rose from ₹182.35 crore in FY25 to ₹244.59 crore in FY26—a 34% year-on-year increase. More impressively, Profit After Tax (PAT) surged by 56%, reaching ₹33.03 crore in FY26.

MetricFY 2025FY 2026
Total Income (Cr)₹182.35₹244.59
PAT (Cr)₹21.10₹33.03

With an order book valued at approximately ₹19,593.48 million as of June 2026, the company possesses high revenue visibility across diverse sectors like telecom (serving BSNL) and gas (serving GAIL and Indraprastha Gas).

Did You Know?: Annu Projects manages diverse utility verticals, including complex underground sewerage systems and high-diameter gas pipelines.

Frequently Asked Questions

1. What is the expected listing date for Annu Projects?
The stock is tentatively scheduled to debut on the NSE and BSE on September 2.

2. How much is the minimum investment for one lot?
At the upper price band of ₹99, one lot consisting of 151 shares requires an investment of ₹14,949.