Archive · 25 Aug 2026
Annu Projects IPO Opens Amid Flat GMP, Mixed Ratings
Annu Projects is selling new shares to the public through an IPO.
It wants to raise about ₹175 crore for the company.
Each share costs between ₹94 and ₹99, and the smallest retail application is for 151 shares.
On the first morning, investors had bought only a small portion of the available shares.
In the unofficial grey market, the shares were trading at the same price as the IPO’s upper price.
This suggests the shares might open without a big gain or loss, but the grey market is not a guarantee.
The company builds infrastructure such as fibre-optic networks, sewerage systems and gas pipelines.
One brokerage sees long-term potential, while another is concerned about government dependence, customer concentration and cash flow.
The articles give different dates for the IPO closing, allotment and listing, so investors would need to verify the official schedule.
Annu Projects’ ₹175.06 crore IPO opened on August 25, 2026, with a ₹94–₹99 price band.
The fresh issue comprises about 1.77 crore shares, with no offer-for-sale component.
By 10:39 AM on day one, overall subscription stood at 0.02 times; retail subscription was 0.03 times and NII subscription 0.01 times.
The grey-market premium was ₹0, indicating market expectations of a flat listing, though GMP is unofficial and can change.
Anand Rathi Research recommended subscribing for the long term, while SBI Securities assigned a neutral rating because of execution, cash-flow and concentration risks.
- Who
- Annu Projects Ltd; the IPO has been assessed by Anand Rathi Research and SBI Securities.
- What
- Annu Projects launched a fresh-share IPO of about ₹175.06 crore at ₹94–₹99 per share.
- When
- The IPO opened on August 25, 2026. Articles variously report closing on August 26, August 27 or August 28, with differing allotment and listing dates.
- Where
- The proposed listing is on the Bombay Stock Exchange and National Stock Exchange of India; the company operates in infrastructure projects.
- Why
- The company is raising capital through the issue of new shares.
Long-Term Case
Cautious Case
Business opportunity
Long-Term Case
Anand Rathi Research said the company’s infrastructure exposure offers long-term potential and recommended subscribing despite considering the valuation fully priced at the upper band.
Cautious Case
SBI Securities highlighted dependence on government contracts and concentration among customers, which could affect the quality and durability of earnings.
Financial performance
Long-Term Case
SBI Securities noted FY24–FY26 compound annual growth rates of 25% for revenue, 33% for EBITDA and 38% for profit after tax.
Cautious Case
SBI Securities said the stretched working-capital cycle made it important to monitor cash-flow generation and execution consistency after listing.
Valuation and listing outlook
Long-Term Case
Anand Rathi Research considered a long-term subscription appropriate at the implied FY2026 P/E of 19.6 times, while the company’s infrastructure focus may appeal to long-term investors.
Cautious Case
The zero GMP points to limited near-term market enthusiasm and a potentially flat listing; the article also cautioned that GMP is unofficial and does not guarantee the actual listing price.
- Issue size
- Approximately ₹175.06 crore
- Price band
- ₹94–₹99 per equity share
- Issue structure
- Fresh issue of about 1.77 crore shares; no offer-for-sale component
- Minimum retail lot
- 151 shares, requiring ₹14,949 at the upper price band
- Day-one subscription
- 0.02 times overall by 10:39 AM; retail 0.03 times and NII 0.01 times
- Grey-market premium
- ₹0, indicating an estimated flat listing, although GMP is unofficial
- Valuation
- Approximately 19.6 times FY2026 earnings at the upper price band
- Schedule and listing
- Articles differ on the closing date and report proposed listing on the NSE and BSE, with dates ranging from August 31–September 2 for allotment and listing
