Annu Projects Ltd. IPO: issue size, price band, dates, subscription, GMP and financial overview

Annu Projects Ltd. launched a ₹175.06 crore mainboard initial public offering (IPO) that was entirely a fresh issue with no offer for sale (OFS). The price band was ₹94 to ₹99 per share. The IPO opened on 25 August 2026 and closed on 28 August 2026, with shares listed on 2 September 2026. Based on the provided snapshot, the IPO was subscribed 0.88 times. The recorded listing price was ₹75.

Business profile: multi-vertical utilities EPC with O&M exposure

Annu Projects Limited (incorporated in 2003) operates as a diversified engineering, procurement and construction (EPC) contractor focused on utilities infrastructure. Its work spans building as well as maintaining networks and related assets, with operations and maintenance (O&M) undertaken for certain networks and systems under multi-year terms.

The company’s execution is organised across four verticals:

Telecom infrastructure, including optical fibre cable (OFC) and allied works.

Sewerage infrastructure, including sewer networks, pumping stations and sewage treatment plants (STPs).

City gas distribution, including medium-density polyethylene (MDPE) and galvanised iron (GI) pipelines and household connections.

Railway signalling and telecom works, which the company has described as a more recent addition.

Customer relationships include government bodies, public sector undertakings (PSUs) and private contractors. In infrastructure EPC, contract terms and billing/collection cycles can influence working-capital intensity, particularly where the customer base includes government-linked entities.

Annu Projects also highlights execution support through a large owned equipment fleet. For an EPC contractor, owned machinery and equipment can be relevant to how the company plans mobilisation, schedules and field execution across multiple sites.

Track record and milestones: progression from telecom to utilities and rail

The milestones provided for Annu Projects show a long operating history with repeat participation in telecom-led programmes and expansion into additional utilities.

After incorporation in 2003 (as Annu Infra Construct (India) Private Limited), the company received its first order for telecom infrastructure development in 2004. Over time, the company added other verticals: a gas pipeline laying project from GSPC Gas Company Limited was awarded in 2009, and a sewerage line/treatment plant development and maintenance project by Sewerage and Infrastructural Development Corporation of Goa Limited was awarded in 2011.

Telecom-related awards remain prominent in later years. The company was awarded a Network for Spectrum (NFS) OFC laying project in 2015, followed by areas under BharatNet Phase II in 2018 and BharatNet works in 2021. In 2022, it was awarded a maintenance contract for an approximately 34,270 km network by Bharat Sanchar Nigam Limited (BSNL).

In 2024, Annu Projects became the L1 bidder (in consortium) under BharatNet Phase III for Package 16 (Kerala). The IPO description also points to a substantial order book, including a large BharatNet Phase III-related package in Kerala, as a source of forward visibility. In 2026, the company recorded its first project award in the railway signalling vertical.

Taken together, the timeline indicates that telecom and sewerage form the company’s core execution areas, with gas and rail-related work positioned as additional verticals alongside O&M engagements.

IPO structure and proposed use of proceeds: fresh issue focused on capex and working capital

The IPO was structured as a 100% fresh issue. This matters for cash-flow mapping: fresh issue proceeds go to the company, whereas OFS proceeds (not present in this IPO) would have gone to selling shareholders.

In its stated objectives, Annu Projects proposes to use net proceeds for:

Capital expenditure for purchase of machinery or equipment.

Working capital requirements.

General corporate purposes.

The proposed allocation disclosed in the provided context includes ₹15.41 crore towards machinery/equipment and ₹115.00 crore towards working capital, with the balance earmarked for general corporate purposes (not specifically quantified in the objectives list).

For an EPC contractor operating across multiple utilities verticals, working capital funding is typically linked to project execution cycles, including mobilisation, materials and subcontracting costs incurred ahead of collections. The capex objective aligns with the company’s described emphasis on an owned equipment fleet to support execution.

Financial performance: revenue, profitability and asset base trend

Across the three reported financial years in the provided financials, Annu Projects reported increases in total revenue, profit after tax (PAT) and total assets.

From FY2024 to FY2026, total revenue rose from ₹153.98 crore to ₹241.25 crore, while PAT increased from ₹17.39 crore to ₹33.03 crore. Over the same period, the reported PAT margin moved from 11.29% to 13.69%, and total assets expanded from ₹161.34 crore to ₹341.82 crore.

The IPO-related key performance indicators (KPIs) provided include an EBITDA margin of 20.81% and a debt-to-equity ratio of 0.34 times. Return metrics disclosed include return on equity (ROE) of 21.27% and return on capital employed (ROCE) of 22.66%, alongside an earnings per share (EPS) of ₹6.91.

These disclosures provide a lens on profitability, balance-sheet scale and leverage levels at the time of the offering, within a business model that is driven by awarded contracts and execution.

Valuation and market indicators: P/E, subscription, GMP observations and listing

At the upper end of the price band (₹99), the IPO’s disclosed valuation metrics included a pre-IPO price-to-earnings (P/E) multiple of 14.33 times and a price-to-book multiple of 3.88 times, based on the provided KPIs.

On demand as reflected in subscription data from the snapshot, the overall issue was subscribed 0.88 times. Category-wise, Qualified Institutional Buyers (QIBs) subscribed 1.16 times, Non-Institutional Investors (NIIs) subscribed 0.90 times, and Retail Individual Investors (RIIs) subscribed 0.81 times.

The available grey market premium (GMP) observations (an unofficial, unregulated indicator) in the latest 10 entries provided moved from ₹1 on 29 August 2026 to ₹0 and then to negative readings, reaching -₹7 by 2 September 2026, referenced to ₹99.

The recorded listing price in the provided context was ₹75, compared with the upper price band of ₹99.

Key risks and monitoring points: concentration, customer profile and cash-flow sensitivity

The risks highlighted in the provided context are centred on concentration and customer/payment dynamics typical of contract-led EPC operations.

Revenue concentration is material: more than 90.00% of revenue comes from telecom and sewerage, which means business performance is closely linked to activity, tendering and execution in these two verticals.

Customer concentration is high, with the top 10 customers contributing 97.96% of revenue. In such a profile, changes in order inflow, execution schedules or relationship continuity with large customers can have an outsized impact on utilisation of people and equipment.

Government-linked exposure is significant: government customers account for 57.09% of revenue. Payment timelines, milestone certifications and contract modifications can affect collections and borrowing needs.

Monitoring points, based on the disclosed context, include the following statements:

Working-capital requirements versus borrowings, given that a large portion of proposed IPO proceeds is earmarked for working capital.

Trade receivable days and collection cycles, particularly because government bodies and PSUs form a meaningful share of revenue.

Revenue mix between telecom and sewerage versus newer verticals such as railway signalling, to track concentration over time.

Execution progress and renewal/scale-up of multi-year O&M contracts, including large network maintenance arrangements.

Complete numeric snapshot

IPO terms and schedule

Key performance indicators and valuation

Category reservations and anchor allocation

Proposed use of fresh issue proceeds

Subscription status (19 Sep 2026)

Grey market premium (GMP) trend

GMP is an unofficial market indicator and can change; these are dated snapshot observations, not a listing forecast.