Annu Projects Limited launched its initial public offering on August 25, 2026, with shares priced between ₹94 to ₹99 per share. According to reports from The Hindu BusinessLine, The Economic Times, Business Standard, CNBC TV18, and The Financial Express, the IPO consists entirely of a fresh issue of 17,683,000 equity shares, totaling ₹175.06 crore. The issue is structured with a market lot of 151 shares and will remain open for subscription until August 28, 2026. At the upper price band of ₹99 per share, the minimum investment for one lot works out to ₹14,949, while the maximum investment would be ₹1,94,337. At the upper end of the price band, the company will command a market capitalisation of around ₹648 crore. The grey market premium (GMP) currently shows ₹7, indicating a potentially modest listing gain based on prevailing grey-market trends. Share allotment is expected to be finalised on August 31, while the company is tentatively scheduled to make its stock-market debut on September 2 on both the NSE and BSE.
The IPO received 2.93 times subscription on the final day of bidding, with bids received for 5,18,26,673 shares against 1,76,83,000 shares on offer as per Business Standard data. This represents a dramatic improvement from the 10% subscription on day 1, indicating exceptional investor demand. Retail investors led the subscription at 2.09 times, while Non-Institutional Investors (NIIs) showed exceptional demand with 2.55 times subscription. Qualified Institutional Buyers (QIBs) received 1.64 times subscription, against 17.68 lakh shares allocated to the category. The allocation structure follows standard market norms with up to 10% reserved for QIBs, 50% for retail investors, and 40% for NIIs. Mefcom Capital Markets Ltd. is the book-running lead manager for the issue, while Kfin Technologies Ltd. is the registrar. As of June 30, 2026, Anu Projects' aggregate order book stands at ₹1,005.05 crore, demonstrating strong future revenue visibility.
The company has demonstrated strong financial growth with revenue from operations reaching ₹241.25 crore in FY26, up from ₹180.06 crore in FY25. EBITDA increased to ₹50.19 crore in FY26 from ₹32.19 crore in FY25, while consolidated profit after tax rose to ₹33.03 crore from ₹21.10 crore. EBITDA margin improved to 20.8% from 17.9%, and PAT margin increased to 13.7% from 11.7%. The company's Revenue/EBITDA/PAT registered a CAGR of 25%/33%/38% respectively over FY24-26. For FY26, the company reported a standalone net profit of ₹33.03 crore and revenue of ₹241.25 crore. Profitability also strengthened considerably, with profit after tax (PAT) increasing by 56% from ₹21.10 crore in FY25 to ₹33.03 crore in FY26, indicating improved earnings performance during FY26. As of March 31, 2026, the company's net worth stands at ₹155.26 crore compared to ₹122.06 crore in the previous year, while total borrowings increased to ₹52.54 crore from ₹22.27 crore.
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 vertical include pipe laying, construction of manholes, construction of sewerage treatment plants, construction of pumping stations, and construction of structural facilities essential for supporting sewerage operations, construction of storm water drainage systems and screening chambers for combined or sanitary sewers. As of June 30, 2026, Annu Projects has 23 ongoing projects worth ₹19,593.48 million and owns a fleet of more than 558 machines and equipment including horizontal directional drilling machines, excavators, splicing machines, and HDPE pipe welding machines. The company's revenue mix in FY26 shows 41.50% from telecom infrastructure, 52.67% from sewerage infrastructure, 4.03% from gas pipeline and 1.80% from others including trading of machines. Its customers include Bharat Sanchar Nigam Limited, A2Z Infra Engineering Limited, Bharat Broadband Network Limited, and G R Infraprojects Limited for telecom projects, while served customers include Indraprastha Gas Limited, Gujarat Gas Limited and GAIL India Limited for gas pipeline projects.
The IPO proceeds will be utilized for general corporate purposes, with ₹115 crore earmarked for working capital requirements, ₹15.408 crore for machinery and equipment purchases, and the remainder for general corporate purposes. As per The Economic Times, 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. The company's 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. The grey market premium (GMP) currently stands at around ₹7, indicating a potential listing gain of about 7% based on prevailing grey-market trends. At ₹99, Annu Projects is valued at around 19.6 times FY26 earnings, with analysts noting that the IPO's success will depend more on the company's execution capabilities and cash flow generation rather than listing-day premiums. The company faces competition from listed peers including Likhitha Infrastructure, Bondada Engineering, EMS and Suyog Telematics.
