Annu Projects Shares Debut Below IPO Price, Hit Upper Circuit

Annu Projects sold shares to the public through an IPO.

The IPO price was set between ₹94 and ₹99 per share.

When trading began, the shares were worth less than the highest IPO price of ₹99.

They started at ₹75 on BSE and ₹72 on NSE.

Soon afterward, the shares reached the highest allowed price for that trading period.

Even then, they remained below the IPO price.

Investors had subscribed to the IPO 2.93 times more than the total shares available.

The company plans to use much of the money for working capital and some for machinery or equipment.

The company's revenue comes mostly from telecom and sewerage businesses, with government clients making up a big part of that.