Annu Projects shares made their stock market debut on September 2, 2026, at a significant discount to the issue price before recovering to trade at ₹76.60 on BSE. On the **National Stock Exchange (NSE), the stock opened at ₹72 per share, reflecting a discount of 27.27% to the IPO issue price of ₹99. The Bombay Stock Exchange (BSE) listing was even more challenging, with shares opening at ₹75 per share, down 24.24% from the issue price. According to Business Standard, the stock has hit a high of ₹78.74 and a low of ₹71.25 during the trading session. Over 5.89 lakh shares of the company were traded on BSE so far, indicating active investor interest despite the discounted debut. This performance comes despite the ₹175.60 crore IPO being subscribed 2.93 times during the bidding period, with the company receiving bids for 5.18 crore shares against the 1.77 crore shares offered.
The IPO subscription showed varied response across investor categories, as reported by multiple sources. Qualified Institutional Buyers (QIBs) subscribed 1.72 times, while Non-Institutional Investors (NIIs) showed stronger demand at 3.55 times subscription. Retail Individual Investors (RIIs) subscribed 2.68 times during the bidding period. The ₹175.60 crore IPO comprised only a fresh issue of 1,76,83,000 equity shares with no offer for sale (OFS) component. As per the latest reports, on the IPO closing day, the company received bids for 5.18 crore shares against the 1.77 crore shares offered, resulting in an overall subscription of nearly 3 times. The ₹175.60 crore IPO comprised only a fresh issue of 1,76,83,000 equity shares with no offer for sale (OFS) component, with 8,841,500 shares offered to retail investors (50% of total), 17,68,300 shares to QIBs (10%), and 70,73,200 shares to NIIs (40%).
The IPO is structured as a book build issue of ₹175.60 crore, comprising entirely a fresh issue of 1.77 crore shares with a face value of ₹10 per share. According to Business Standard, the issue was priced in the band of ₹94 to ₹99 per share and opened for bidding on August 25, 2026 and closed on August 28, 2026. The lot size for retail applications is set at 151 shares, requiring a minimum investment of ₹14,949 based on the upper price band. The fresh issue proceeds of ₹175.60 crore will be used for working capital needs, ₹15.408 crore for capital expenditure requirements to buy machinery or equipment, and the rest for general corporate purposes. As per the latest reports, Mefcom Capital Markets Ltd. is the book-running lead manager for the IPO, while KFin Technologies Ltd. is acting as the registrar.
Annu Projects, established in 2003, is engaged in the design, development, implementation, operations and maintenance of essential overhead and underground utilities infrastructure across telecom, sewerage, gas pipeline and railway signaling verticals. In the telecom infrastructure vertical, it is primarily engaged in surveying, designing, and installing cabling and tower infrastructures for communication, automation, and electronic security systems. The company's core activities in sewerage infrastructure include pipe laying, construction of manholes, construction of sewerage treatment plants, construction of pumping stations, construction of storm water drainage systems and screening chambers for combined or sanitary sewers. As of June 30, 2026, it owned a fleet of more than 558 machines and equipment including horizontal directional drilling machines, excavators, splicing machines, digitrak machines, OTDR machines, and HDPE pipe welding machines. In FY26, revenue from operations comprised 41.50% from telecom infrastructure, 52.67% from sewerage infrastructure, 4.03% from gas pipeline, and 1.80% from others including trading of machines. The firm reported a consolidated net profit of ₹33.03 crore and sales of ₹241.25 crore for the twelve months ended March 31, 2026, with profit after tax (PAT) increasing by 56% from ₹21.10 crore in FY25 to ₹33.03 crore in FY26.
As of June 30, 2026, Annu Projects has 23 ongoing projects worth ₹19,593.48 million, including 4 telecom infrastructure projects, 14 sewerage projects, 4 gas pipeline projects, and 1 railway signaling project. The company serves major clients including Bharat Sanchar Nigam Limited, A2Z Infra Engineering Limited, Bharat Broadband Network Limited, G R Infraprojects Limited, Indraprastha Gas Limited, Gujarat Gas Limited, and GAIL India Limited. With the current trading performance showing the stock at ₹76.60 on BSE, representing a discount of 22.63% compared to the issue price, investors will be watching closely to see whether Annu Projects can buck the pre-listing trend and deliver a strong performance in subsequent trading sessions. The company's aggregate order book stands at ₹1,005.05 crore as of June 30, 2026, providing a strong foundation for future growth despite the challenging market debut. The company competes with listed players such as Likhitha Infrastructure, Bondada Engineering, EMS and Suyog Telematics in the engineering, procurement and construction (EPC) space.
