Annu Projects Ltd. made a weak debut on the stock market on Wednesday, listing at a discount of to its IPO price. The stock opened at Rs 72 on the NSE which is a 27.27% fall from the IPO price of Rs 99. On the BSE, it began trading at Rs 75 per share which marks a 24.24% discount.
The initial public offering of engineering procurement and construction firm Annu Projects Ltd. was subscribed 2.93 times on the final day of bidding on Friday. The company's Rs 175-crore IPO received bids for 5,18,44,491 shares against 1,76,83,000 shares on offer, as per NSE data.
The quota for non-institutional investors garnered 3.55 times subscription, while the retail portion was booked 2.68 times. The Qualified Institutional Buyers (QIBs) category was subscribed 1.72 times.
The IPO comprises only a fresh issue of 1,76,83,000 equity shares.
Mefcom Capital Markets Ltd is the book-running lead manager to the issue, while Kfin Technologies Ltd is the registrar.
About The Company
Annu Projects Ltd plans to utilise Rs 115 crore of the IPO proceeds for funding working capital requirements, Rs 15 crore for capital expenditure requirements for purchase of machinery or equipment and the remainder for general corporate purposes.
Established in 2003, Annu Projects is engaged in the design, development, implementation, operation and maintenance of essential overhead and underground utilities infrastructure across the telecom, sewerage, gas pipeline, and railway signalling verticals.
The company reported steady growth over the last three years. Revenue from operations rose to Rs 241.2 crore in FY26, up from Rs 180.1 crore in FY25 and Rs 154 crore in FY24.Profitability also improved. Ebitda increased to Rs 50.2 crore in FY26 from Rs 32.2 crore in FY25, while consolidated profit after tax rose to Rs 33 crore from Rs 21.1 crore.
Margins expanded as well, with Ebitda margin improving to 20.8% from 17.9% and PAT margin rising to 13.7% from 11.7%.
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