Annu Projects IPO Day 2: GMP, subscription status and key details. Should you subscribe?

The Rs 175.06 crore Annu Projects IPO entered its second day of bidding on August 26. The IPO’s grey market premium (GMP) is currently zero, suggesting a potentially flat listing based on prevailing grey-market trends.

On Day 1, the issue was subscribed 34% overall against 1.76 crore shares on offer. The retail portion was subscribed 28%, with 88.41 lakh shares reserved for retail investors.

The issue comprises entirely of fresh shares, with no offer-for-sale (OFS) component. The company is offering 1.77 crore shares in a price band of Rs 94–99 per share. The minimum bid is for 151 shares, meaning a retail investor would need Rs 14,949 at the upper end of the price band to apply for one lot.


The IPO will remain open from August 25 to August 28, 2026. Share allotment is expected to be finalised on August 31, while the company is tentatively scheduled to list on September 2 on both the NSE and BSE.

The IPO price band has been fixed at Rs 94–99 per share, with a lot size of 151 shares. At the upper price of Rs 99, one lot will cost retail investors Rs 14,949.

Mefcom Capital Markets Ltd. is the book-running lead manager for the issue, while Kfin Technologies Ltd. is the registrar.

Annu Projects IPO Subscription Status

On Day 1, the Annu Projects IPO received an overall subscription of 34%, with investors bidding for shares against the 1.76 crore shares on offer.

• Retail Individual Investors (RIIs): The retail portion was subscribed 28%, compared with 88.41 lakh shares reserved for the category.
• Non-Institutional Investors (NIIs): The NII portion was subscribed 36%, against 70.73 lakh shares on offer.
• Qualified Institutional Buyers (QIBs): The QIB portion received a subscription of 57%, against 17.68 lakh shares reserved for the category.

IPO Objects of the Issue

The company proposes to utilise the net proceeds from the IPO primarily towards strengthening its operational and financial requirements. Of the total estimated proceeds of Rs 130.41 crore, Rs 15.41 crore is proposed to be allocated towards capital expenditure for the purchase of machinery and equipment, while Rs 115.00 crore is earmarked for meeting the company’s working capital requirements.

The remaining portion of the net proceeds will be utilised for general corporate purposes. Overall, the proposed deployment of funds is aimed at supporting the company’s capital expenditure needs, enhancing working capital availability and meeting its broader corporate requirements.

Financial Performance

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.

About Annu Projects

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 of June 30, 2026, it has 23 ongoing projects worth Rs 19,593.48 million, including 4 telecom infra projects, 14 sewerage projects, 4 gas pipeline projects and 1 (one) comprising the railway signalling vertical.

Should you subscribe?

According to brokerage firm AnandRathi's research report, "Annu Projects Limited is at an implied P/E of 19.6x on FY2026 earnings at the upper price band. However, the IPO valuation appears fully priced at the upper band; hence, we recommend a "Subscribe – Long Term" rating to the IPO."

A key strength of the company lies in its end-to-end expertise in engineering, procurement and commissioning (EPC), with a strong focus on underground and overhead utility infrastructure. Its integrated project management and execution capabilities enable it to undertake complex projects efficiently while maintaining greater control over timelines and delivery.

The company further benefits from selective equipment ownership and technology adoption, which support operational efficiency and enhance project execution. Alongside this, its robust and growing order book provides healthy revenue visibility and strengthens its ability to scale operations while catering to evolving customer requirements.

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