Annu Projects IPO Day 4: The ₹175 crore book-built issue of utilities infrastructure developer Annu Projects is to conclude today, i.e., Friday, 28 August. The mainboard IPO, which opened for public subscription on Tuesday, 25 August, has seen muted subscription so far. Grey market trends also indicate tepid optimism for the stock.
Annu Projects is engaged in the design, development, implementation, operations, and maintenance of overhead and underground utility infrastructure across industries, including telecom, sewerage, gas pipeline, and railway signalling infrastructure.
“We are one of the diversified companies in the EPC (engineering, procurement, and construction) sector, involved in fields ranging from fibre optics to sewerage projects and also undertakes gas pipeline projects,” says the issue RHP.
Annu Projects IPO is an entirely fresh issue of 17,683,000 shares to raise ₹175.06 crore, which it intends to use for purchasing machinery or equipment, funding working capital requirements, and general corporate purposes.
Share allotment is expected to be finalised on Monday, 31 August, and the stock will debut on the BSE and the NSE on Wednesday, 2 September.
Annu Projects IPO subscription status
By the end of Thursday, the issue had been subscribed to 0.88 times, with the retail portion booked nearly 0.81 times, and the segment reserved for non-institutional investors (NIIs) subscribed nearly 0.90 times. The qualified institutional buyers’ (QIBs) segment was booked 1.16 times till Wednesday.
Annu Projects IPO GMP
Annu Projects’ IPO GMP on Friday morning was ₹7, indicating a possible listing at ₹106, a 7% premium over the issue price of ₹99.
Annu Projects IPO: Should you apply?
Swastika Investmart has a subscription recommendation for long-term investors.
Swastika pointed out that Annu Projects’ order book stands at ₹938.65 crore, approximately 3.9 times FY26 revenue, while ongoing projects provide visibility of nearly ₹1,959 crore.
Moreover, on the valuation front, the post-IPO P/E of around 19.6 times is below peers such as EMS (nearly 24.6 times) and Likhitha Infrastructure (nearly 23.2 times), Swastika underscored.
“Overall, Annu Projects offers strong profitability at a reasonable valuation. Long-term investors can consider it, while keeping an eye on customer concentration and cash-flow risks,” said Swastika.
Master Capital Services also suggests that investors may consider the IPO a potential long-term investment opportunity, citing the industry’s growth prospects.
Master Capital highlighted that India’s infrastructure investment is on an upward trajectory. The telecom sector is projected to expand at a CAGR, while related utility sectors are also scaling up. The high-voltage transmission line market is expected to grow at a 9.00% CAGR between 2024 and 2028, expanding opportunities for EPC contractors.
Further, India’s water and wastewater management market is rapidly expanding, valued at ₹256.20 billion in FY26 and is projected to grow to ₹378.10 billion by FY30E, with a CAGR of 10.20%, Master Capital said.
Annu Projects works across telecom, sewerage, and gas pipeline infrastructure, positioning it as a contractor eligible to bid on these government-funded projects. The customer base is concentrated in central and state government entities and public sector undertakings, with the balance from private clients,” said Master Capital.
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