Annu Projects IPO
Listed -27.3%25–28 Aug 2026
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Our IPO analysis
The five questions
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1How it makes moneyWe haven't read this part of the document yet.
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2Is it growing, and is profit turning into cash?Sales rose 57% from 2024 to 2026 (₹154 cr → ₹241 cr).
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3How much cushion does it have?We haven't read this part of the document yet.
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4What you pay, and who gets the moneyAll the money raised goes to the company. At ₹99 you pay about ₹14 for every ₹1 of last year's profit.
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5Who controls it, and what is on record?Promoters own 88% before the IPO. The document discloses 5 legal matters.
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Latest update:
Listed at ₹72 vs ₹99 issue price (-27.3%) · Day-one close ₹76 · GMP before listing no premium implied, 27.3 pp above the actual open · Subscribed 2.93× (QIB 1.7× · NII 3.6× · Retail 2.7×) · Price band ₹94–₹99 · Closed 28 Aug 2026 · Listed 2 Sep 2026 (Confirmed)
How it actually listed
₹72 on open, against a ₹99 issue price -27.3%
It ended its first day at ₹76 (-23.6% against the issue price), per the NSE's price archive.
On the BSE it opened at ₹75 and closed at ₹78, per the BSE's price archive.
Before it listed, the grey market implied no premium. The shares opened 27.3 pp below what that implied. It pointed the right way on whether they would open above the issue price. GMP is unregulated and self-reported.
What Annu Projects does
Established in 2003, we are engaged in the design, development, implementation, operations and maintenance of essential overhead and underground utilities infrastructure across telecom infrastructure, sewerage infrastructure vertical, gas pipeline vertical and railway signalling vertical. We are one of the diversified companies in the EPC sector, involved in fields ranging from fiber optics to sewerage projects and also undertakes gas pipeline projects.
Annu Projects financials
Rs crore · Annual| 2024 | 2025 | 2026 | ||
|---|---|---|---|---|
| Sales | 154 | 180 | 241 | |
| Operating Profit | — | — | — | |
| OPM % | — | — | — | |
| Net Profit | — | — | — | |
| Total Debt | 20 | 22 | 53 |
Annu Projects IPO offer structure
Fresh issue: ₹175 cr
The fresh issue alone, not the total raise: the document we read does not state the offer-for-sale part.
Size and split come from a public aggregator rather than the exchange, cross-checked against a second.
Use of proceeds- Funding capital expenditure requirements of our Company for purchase of machinery or equipment: ₹15 cr
- Funding working capital requirements of our Company: ₹115 cr
- General corporate purposes
Annu Projects promoters and holding
- Sanjay Kumar Sarraf: Promoter, Chairman and Managing Director
- Krishna Ranjan: Promoter and Whole-Time Director
Annu Projects risks and strengths
- We derived more than 90.00% of our revenue from operations from our telecom infrastructure and sewerage infrastructure verticals during Fiscals 2026, 2025 and 2024, respectively. (p.8)
- We are dependent on and derived 57.09%, 64.99% and 60.88% of our revenue from operations, during Fiscals 2026, 2025 and 2024, respectively, from government sector entities based on competitive bidding. (p.8)
- We are dependent on our top ten customers in respect of our business. Our top 10 customers contributed to 97.96%, 98.25% and 95.90% of our revenue from operations during Fiscals 2026, 2025 and 2024, respectively. (p.8)
2 more the company lists
- Our current Order Book may not necessarily translate into or indicate our future revenue in its entirety. (p.8)
- Our business is relatively concentrated in the States of Bihar, Jharkhand, Goa, West Bengal and Madhya Pradesh which contributed more than 70.00% of our revenue from operations for the Fiscals 2026, 2025 and 2024. (p.9)
Annu Projects market and competition
We are one of the diversified companies in the EPC sector, involved in fields ranging from fiber optics to sewerage projects and also undertakes gas pipeline projects (Source: CARE Report).
Annu Projects outlook, as the document states it
Our strategies include strengthening our presence and expanding into new geographies across India, and leveraging core competencies in project execution to expand into other verticals within the infrastructure development spaces. We also plan to continue focusing on efficient cost management in relation to project execution and building a highly skilled and motivated workforce by enhancing our base of mechanised equipment.
Annu Projects IPO: common questions
When does the Annu Projects IPO open and close?
The Annu Projects IPO is open from 25 Aug 2026 to 28 Aug 2026.
What is the Annu Projects IPO price band?
The price band is ₹94–₹99 per share.
What is the lot size and minimum investment for the Annu Projects IPO?
One lot is 151 shares, and a retail application must be at least one lot. That is about ₹14,949 at the upper end of the band. An HNI application starts above Rs 2 lakh, so the minimum is higher for that category.
How much is the Annu Projects IPO subscribed?
As of 10 Oct 2026 the total subscription is 2.93×.
When does the Annu Projects IPO list?
The listing date is 2 Sep 2026.
How do I check the Annu Projects IPO allotment status?
On the allotment status page published by KFin Technologies, this issue's registrar, and on the exchange's basis of allotment. Those are the primary sources. If the issue was oversubscribed, retail allotment was decided by lottery, so a valid application does not mean shares. We do not hold allotment data and cannot look yours up. How allotment is actually decided →
Annu Projects IPO allotment status
Listed 2 Sep 2026. Allotment is decided and published by the registrar, not by us. This issue's registrar is KFin Technologies.
Check your allotment on the registrar's own page ↗
We do not hold allotment data and cannot look yours up. If the issue was oversubscribed, retail allotment was decided by lottery, so a valid application does not mean shares. How allotment is actually decided →