Annu Projects IPO Day 4: Subscription status, GMP at 7%. Should you subscribe?

The Rs 175.06 crore Annu Projects IPO entered its final day of bidding on August 28, with investors closely watching subscription trends and the grey market premium (GMP). The IPO’s GMP has edged up to around 7%, compared with an earlier premium of 4%. The uptick signals a potentially positive listing sentiment, although current grey-market trends suggest the gains could remain relatively modest.

On Day 3, the issue was subscribed 88% overall, against the 1.76 crore shares on offer. The retail investor portion saw 81% subscription, with 88.41 lakh shares reserved for retail investors. With bidding closing today, investors will watch whether subscription momentum picks up and if the improving GMP can translate into a stronger listing.

The IPO 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. With a minimum bid of 151 shares, retail investors will need to invest Rs 14,949 at the upper end of the price band to apply for one lot.


The issue opened on August 25 and will remain open until August 28, 2026. Share allotment is expected to be finalized on August 31, while the company is tentatively scheduled to make its stock-market debut on September 2 on both the NSE and BSE.

At the upper end of the price band, Rs 99 per share, one lot of 151 shares will cost Rs 14,949. Investors will therefore closely watch subscription trends on the final day, along with the GMP, before deciding whether the issue fits their risk-return profile.

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 3, the Annu Projects IPO was 88% subscribed overall, with investors bidding for shares against the total issue size of 1.76 crore shares.

• Retail Individual Investors (RIIs): The retail portion was subscribed 81%, with 88.41 lakh shares reserved for retail investors.
• Non-Institutional Investors (NIIs): The NII category was subscribed 90%, against 70.73 lakh shares on offer.
• Qualified Institutional Buyers (QIBs): The QIB portion was subscribed 1.16 times, with 17.68 lakh shares allocated to the category.

Annu Projects IPO GMP today

The Annu Projects IPO GMP currently stands at Rs 7, indicating a 7% premium over the upper price band of Rs 99 per share.

Based on the prevailing grey-market trend, the estimated listing price is around Rs 106 per share, suggesting a potential gain for investors if the GMP trend holds until listing.

GMP Note: The Grey Market Premium (GMP) is an unofficial indicator of market sentiment and does not guarantee the actual listing price. GMP can fluctuate significantly before a stock makes its market debut and should not be used as the sole basis for an investment decision.

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

Should you subscribe?

According to brokerage firm AnandRathi research report, "Annu Projects Limited, 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 price band and 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.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)