Annu Projects IPO Opens for Subscription, Price Band Set at Rs 94-99

Annu Projects Limited opened its initial public offering for subscription on Tuesday, becoming the latest engineering, procurement and construction company to tap India's buoyant primary market. The book-built issue is entirely a fresh issue of up to 1.77 crore equity shares, with no offer-for-sale component, and will raise up to Rs 175.06 crore at the top end of its price band, which has been set at Rs 94 to Rs 99 per share.

Issue Details And Timeline

The IPO will remain open for bidding through Thursday, August 28. Investors can apply in lots of 151 shares, meaning a retail investor needs a minimum of about Rs 14,949 to participate at the upper end of the price band, while the maximum retail application of 13 lots would require roughly Rs 1.94 lakh. As is standard for mainboard issues, at least 50 per cent of the net offer has been reserved for retail individual investors, with qualified institutional buyers eligible for up to 10 per cent and non-institutional investors accounting for the remaining allocation. Mefcom Capital Markets is running the issue as book-running lead manager, with KFin Technologies serving as registrar.

Assuming the tentative schedule holds, the basis of allotment is expected to be finalised on August 31, refunds and share credits are due by September 1, and the stock is slated to make its debut on the BSE and NSE on September 2. In early grey market activity on Tuesday, shares were commanding a premium of roughly Rs 4, or about 4 per cent over the upper price band, indicating a modest but positive listing expectation at this early stage, though grey market premiums are unofficial and can move significantly as the issue progresses.

About The Company

Founded in 2003, Annu Projects is an EPC player focused on building and maintaining overhead and underground utility infrastructure across four verticals: telecom networks, sewerage systems, gas pipelines and, more recently, railway signalling. Over its history the company says it has laid more than 26,200 kilometres of optical fibre cable alongside nearly 300 kilometres of sewerage pipelines and over 500 kilometres of gas pipelines across multiple Indian states. Its client base leans heavily on government agencies and public sector undertakings, including BSNL, GAIL India, Indraprastha Gas and Gujarat Gas, alongside various state urban infrastructure bodies.

Financial Trajectory

The company has shown steady growth through its recent financial years. Revenue from operations climbed from Rs 153.98 crore in FY24 to Rs 180.06 crore in FY25 and further to Rs 241.25 crore in FY26. Profitability has scaled alongside that growth, with EBITDA rising from Rs 28.50 crore to Rs 50.19 crore and profit after tax nearly doubling from Rs 17.39 crore to Rs 33.03 crore over the same period. The company intends to use the fresh issue proceeds primarily to fund capital expenditure on machinery and equipment, meet working capital needs, and for general corporate purposes, positioning it to scale further into segments like railway signalling where it has only recently won its first project.

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