6 days ago
Annu Projects IPO Draws Mixed Reviews on Day Three
Annu Projects is selling shares to the public in an IPO.
The IPO opened on 25 August and closes on 28 August 2026.
Each share costs between ₹94 and ₹99.
The company hopes to raise ₹175 crore by issuing new shares.
By late morning on the third day, investors had requested about half the shares available.
The grey market price was ₹4 above the highest IPO price, suggesting only a modest possible gain when the shares list.
One research firm said investors could consider the IPO for the long term.
Another firm was more cautious because the company relies heavily on government contracts, has concentrated customers, and has a long working-capital cycle.
Annu Projects’ ₹175 crore IPO is open from 25 to 28 August 2026.
The issue has a price band of ₹94 to ₹99 per share, with 151 shares in one lot.
By 11:39 AM on day three, the IPO was subscribed 0.53 times overall.
The grey-market premium was ₹4, indicating a potential listing price near ₹103 per share.
Master Capital Services recommended subscribing, while SBI Capital Securities assigned a neutral rating.
- Who
- Annu Projects Ltd, prospective investors, Master Capital Services, and SBI Capital Securities.
- What
- Annu Projects is conducting a ₹175 crore initial public offering of fresh shares.
- Where
- The IPO is being offered in the Indian capital market.
- When
- Bidding runs from 25 to 28 August 2026; allotment is expected on 29 August, or possibly 31 August, and listing is expected on 2 September 2026.
- Why
- The company is raising funds through the issuance of fresh shares.
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Neutral or Wait
Business opportunity
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Master Capital Services said Annu Projects operates in telecom, sewerage, gas pipeline, and railway-signalling infrastructure, with revenue linked to government-funded programmes.
Neutral or Wait
SBI Capital Securities acknowledged the company’s diversified EPC operations and strong execution record but advised monitoring performance after listing.
Financial performance
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SBI Capital Securities noted revenue, EBITDA, and profit-after-tax compound annual growth rates of 25%, 33%, and 38%, respectively, from FY24 to FY26.
Neutral or Wait
SBI Capital Securities said customer concentration, dependence on government contracts, and a stretched working-capital cycle could affect the quality and durability of earnings.
Valuation and listing prospects
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Master Capital Services viewed the IPO as a potential long-term investment opportunity, while the grey market indicated a ₹4 premium.
Neutral or Wait
SBI Capital Securities said the valuation appeared in line with peers but assigned a neutral rating; the reported grey-market premium suggested only a modest listing gain.
Key facts
- IPO size
- ₹175 crore through fresh-share issuance
- Price band
- ₹94–₹99 per equity share
- Subscription period
- 25–28 August 2026, from 10:00 AM to 5:00 PM on trading days
- Day-three subscription
- 0.53 times overall by 11:39 AM; retail 0.61 times, NII 0.41 times, and QIB 0.58 times
- Grey-market premium
- ₹4, or about 4% above the upper price band
- Lot size
- 151 shares
- Expected listing
- 2 September 2026
Quotes
Master Capital Services
Brokerage and financial-services firm reviewing the IPO
“Annu Projects works across telecom, sewerage, and gas pipeline infrastructure, positioning it among the contractors eligible to bid for these government-funded projects.”
livemint.com
“We therefore assign a NEUTRAL rating to the IPO and would prefer to monitor cash-flow generation and execution consistency post listing.”
livemint.com
Sources
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