Annu Projects IPO
LISTEDMAINBOARDNEUTRALListing Performance
▼ 27.27%
Issue Price
₹99
Listing Price
₹72
Listed On
02 Sep 2026
- Price Band
- ₹94 – ₹99
- Lot Size
- 151
- Lot Value
- ₹14,949
- Open Date
- 25 Aug 2026
- Close Date
- 28 Aug 2026
- Min Investment
- ₹14,949
Annu Projects — Live Stock Performance
About Annu Projects
Use of IPO Proceeds
Total allocation: ₹129.03 Cr (excludes issue expenses)
Promoters
Sanjay Kumar Sarraf
Chairman and Managing Director · age 56
Pre-issue: 60.78%
Krishna Ranjan
Whole-Time Director · age 52
Pre-issue: 26.86%
Investment Analysis
Quick Analysis: 6 strengths · 6 risk factors· Exchange: BSE, NSE
Strengths (6)
- •Established expertise in underground and overhead utilities infrastructure engineering
- •Project management with integrated execution capabilities across diverse geographies
- •Strong order book and consistent financial performance
- •Fleet of over 400 plant and machinery for efficient project execution
- •Experience completing complex projects in challenging terrains and high-altitude areas
- •Experienced leadership and strong management team with two decades expertise
Risk Factors (6)
- •Over 80% revenue from telecom and sewerage infrastructure; slowdown in these sectors could materially adversely impact business.
- •75.62% revenue from government sector entities; project awards dependent on competitive bidding with inherent risks.
- •Order book may not translate into future revenue; orders subject to modification, cancellation, delay or non-payment.
- •Dependent on obtaining Right of Way from authorities for laying optical fibres for telecom and sewerage infrastructure.
- •First public issue with no formal market history; issue price not indicative of future market price post-listing.
- •Financial information based on Ind AS differs significantly from GAAP, IFRS; potential material impact on financial metrics.
📊 Algorithmic Score
Computed from issue structure — GMP, fresh issue %, OFS %, issue size
Why do these differ? The Algorithmic Score measures issue quality (structure, size, promoter commitment). The Demand Analysis measures investor interest signals (subscription, GMP, risks). A high-quality issue can still have unconfirmed demand — especially before subscription opens.
✍️ Demand & Risk Analysis
Based on market demand signals — subscription, GMP trend, risk factors
IPO Market Analysis
▼ Listed -27.3%Mixed signals — moderate demand and average GMP suggest cautious participation. Apply based on company fundamentals rather than listing gain expectations.
Pre-listing prediction: NEUTRAL
Investor Quota
Approx. shares reserved per category
Estimated from total issue size; actual reserved lots are set in the RHP.
Application Lot Sizes
Retail caps at ₹2,00,000 (13 lots here). S-HNI is ₹2L–₹10L, B-HNI is above ₹10L.
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 151 | ₹14,949 |
| Retail (max) | 13 | 1,963 | ₹1,94,337 |
| S-HNI (min) | 14 | 2,114 | ₹2,09,286 |
| S-HNI (max) | 66 | 9,966 | ₹9,86,634 |
| B-HNI (min) | 67 | 10,117 | ₹10,01,583 |
Subscription Status
| Category | Day 1 | Day 2 | Day 3 | Day 4 |
|---|---|---|---|---|
| QIB | 0.29x | 0.29x | 1.39x | 1.39x |
| sNII (S-HNI) | 0.27x | 0.34x | 3.49x | 3.49x |
| bNII (B-HNI) | 0.29x | 0.29x | 2.56x | 2.56x |
| Retail | 0.17x | 0.30x | 1.80x | 1.80x |
| Total | 0.23x | 0.30x | 2.19x | 2.19x |
Colour: red <1x · amber 1–10x · green ≥10x oversubscribed.
Allotment Statistics
Retail Individual Investors (RII)
Subscription
1.80x
Allotment Ratio
1 lot per 2 applicants
Allotment Probability
~55.6%
Non-Institutional Investors (NII / HNI)
Subscription
2.87x
Allotment Type
Proportionate allotment
Qualified Institutional Buyers (QIB)
Subscription
1.39x
Allotment Type
Discretionary allotment
Total Subscription
2.19x
Allotment probability is estimated based on subscription data and is not guaranteed. Actual allotment depends on the registrar's process.
Basis of Allotment
Category-wise subscription & allotment ratio
IPO Timeline
Issue Opens
25 Aug 2026 · Tue
Issue Closes
28 Aug 2026 · Fri
Bidding Cut-off (UPI Mandate)
28 Aug 2026 · 5:00 PM IST
Allotment
31 Aug 2026 · Mon
Listing
02 Sep 2026 · Wed
Issue Opens
25 Aug 2026 · Tue
Issue Closes
28 Aug 2026 · Fri
Bidding Cut-off (UPI Mandate)
28 Aug 2026 · 5:00 PM IST
Allotment
31 Aug 2026 · Mon
Listing
02 Sep 2026 · Wed
IPO Details
| Registrar | KFin Technologies Limited |
| Exchange | BSE, NSE |
| ISIN | — |
| Face Value | ₹10 |
| Issue Size | ₹175.06 Cr |
| Fresh Issue | — |
| OFS Size | — |
| Lead Managers | Mefcom Capital Markets Limited |
3-Year Financial Summary
Revenue trend
↑ FY23→FY24
| Fiscal Year | Revenue (₹Cr) | PAT (₹Cr) | EPS | P/E | ROE |
|---|---|---|---|---|---|
| FY24 | 153.98 | 17.39 | 4.07 | — | 25.23% |
| FY23 | 129.81 | 7.19 | — | — | — |
Detailed Line Items (₹ Cr)
| Line Item | FY23 | FY24 |
|---|---|---|
| Total Income | 130.95 | 155.42 |
| EBITDA | 15.26 | 28.61 |
| Net Worth | 51.48 | 68.93 |
From the company's offer document (DRHP/RHP); restated figures where available.
Valuation at Issue Price
Issue P/E
24.3x
Price ÷ EPS
EPS (FY24)
₹4
Earnings per share
RoNW
25.23%
Return on net worth
ROCE
30.07%
as reported in filing
EBITDA margin
18.6%
EBITDA ÷ revenue
Price/NAV
6.14x
Price ÷ NAV (as reported)
Company Fundamentals
10 sections extracted from this filingCapital Structure
| Authorised Capital | — |
| Issued Capital | — |
| Paid-up Capital | ₹4.78 Cr |
| Equity Shares (Pre-Issue) | — |
| Equity Shares (Post-Issue) | — |
Source: Annu Projects offer document (DRHP/RHP).
Shareholding Pattern
Pre-Issue
Pre-Issue not disclosed in this filing.Not separately disclosed in Annu Projects's filing.
Post-Issue
Post-Issue not disclosed in this filing.Not separately disclosed in Annu Projects's filing.
Source: Annu Projects offer document (DRHP/RHP).
Reservations & OFS
Investor Reservation
- QIB+50.00%
- NII / HNI+15.00%
- Retail+35.00%
OFS Selling Shareholders
No offer-for-sale component (or sellers not disclosed).
Source: Annu Projects offer document (DRHP/RHP).
Board & Management
Board of Directors (6)
- Sanjay Kumar Sarraf₹1.20 Cr p.a.
Chairman and Managing Director
Bachelor's in Commerce from Magadh University, Bodh Gaya; MBA from Lalit Narayan Mishra College of Business Management, Muzaffarpur
Over 22 years of experience; part of the Company since inception
- Krishna Ranjan
Promoter and Whole-Time Director
Bachelor's in Engineering from University of Mysore
Over 22 years in telecom industry; experience in project management and techno-commercial evaluation
- Rajan
Whole-Time Director
Bachelor's in Engineering from University of Mysore
Over 20 years in civil construction and fit-out works including bridges, flyovers and roads
- Nalini Shastri Vanjani
Independent Director
Bachelor's in Commerce from Osmania University, Hyderabad; Chartered Accountant; ICAI member
Approximately 31 years in industry; worked with Nagarjuna Signode Limited and Power Finance Corporation Limited as Executive Director
- Fareed Ahmed
Independent Director
Master's in Agricultural Economics from Andhra Pradesh Agricultural University; Ph.D. in Management from Poornima University, Jaipur
Over 37 years in banking sector; 34 years with Corporation Bank in various roles including General Manager; Executive Director at Punjab & Sind Bank
- Radhakrishnan Nagarajan
Independent Director
Bachelor's in Commerce from University of Madras; Fellow member of ICAI; Associate member of ICWAI and Indian Institute of Bankers
Over 30 years in banking and finance; associated with Andhra Bank as Manager and Power Finance Corporation Limited as Director (Finance)
Key Managerial Personnel (2)
- Kailash Chand Gupta
Chief Financial Officer
- Arpit Sharma₹0.01 Cr p.a.
Company Secretary and Compliance Officer
Bachelor's in Commerce from Delhi University; Bachelor's in Law from Ch. Charan Singh University, Meerut; Qualified Company Secretary from ICSI
Over 8 years in compliance and secretarial matters; joined Company on November 11, 2024
Source: Annu Projects offer document (DRHP/RHP).
Industry & Market
second-highest CAGR in terms of gross profit between FY22 and FY24 among listed peers
Per EPC in Telecom, Gas and Water sector in India (CARE Report), a report commissioned by the company (not independent).
Peer Comparison
| Company | P/E | EPS | RoNW % | NAV |
|---|---|---|---|---|
| Annu Projects Limited | — | 4.07 | 25.23 | 16.13 |
| Likhitha Infrastructure Limited | 18.17 | 16.74 | 20.99 | 7.88 |
| Bondada Engineering Limited | 21.09 | 21.01 | 27.58 | 7.77 |
| EMS Limited | 19.74 | 29.38 | 19.07 | 15.43 |
| Vishnu Prakash R Punglia Limited | 15.21 | 10.95 | 16.95 | 6.46 |
| Suyog Telematics Limited | 15.96 | 59.38 | 21.22 | 27.99 |
Material Litigation
Annu Projects was involved in an arbitration with sub-contractor Wiretel Solutions Limited over a telecom infrastructure project in West Bengal and Jharkhand; the sole arbitrator awarded ₹12.46 million to the sub-contractor while rejecting most counter-claims by Annu Projects. The company also filed a criminal proceeding against Trishul Telecom Private Limited for dishonor of a cheque worth approximately ₹1.20 million.
Registrar (RTA)
SEBI-registered Registrar & Transfer Agent — handles allotment and refunds.
Registrar:KFin Technologies Limited→Lead Managers (BRLMs)
Click any merchant banker for their full IPO track record (positive listing rate, average gain, IPOs managed).
Documents
Frequently Asked Questions
When is the Annu Projects IPO opening?
The Annu Projects IPO opens on 25 Aug 2026 and closes on 28 Aug 2026. Check this page for the latest updates as we refresh every 30 minutes.
What is the price band of the Annu Projects IPO?
The price band for the Annu Projects IPO is ₹94 to ₹99. The final price is announced after the book-building process and is confirmed before listing.
What is the lot size and minimum investment for the Annu Projects IPO?
The minimum lot size is 151 shares with a minimum investment of ₹14,949. Retail investors can apply for up to the retail limit defined by SEBI.
What is the GMP of Annu Projects IPO today?
The latest Grey Market Premium for Annu Projects is ₹1 (+1.01%). GMP is unofficial data and is not a guarantee of listing price.
When will the Annu Projects IPO list on NSE and BSE?
The Annu Projects IPO is expected to list on 02 Sep 2026 on BSE, NSE. Actual listing day trading begins at the start of the normal market session.
How can I check the Annu Projects IPO allotment status?
The registrar for this IPO is KFin Technologies Limited. You can check your allotment status on the registrar's portal using your PAN, application number, or DP ID. We link to the registrar directly on our allotment page after the allotment date.
Is the Annu Projects IPO a mainboard or SME issue?
Annu Projects is a mainboard IPO that will list on the main NSE and BSE boards. Mainboard IPOs are open to retail investors with a minimum application of one lot.
How do I apply for the Annu Projects IPO?
You can apply for the Annu Projects IPO through any SEBI-registered broker such as Zerodha, Upstox, or Angel One using UPI or ASBA. Use the Apply Now buttons on this page to go directly to the broker.
What is the expected listing price of Annu Projects IPO?
Based on the current GMP of ₹1, the expected listing price of Annu Projects is ₹100 (issue price ₹99 + GMP ₹1). Note that GMP is unofficial grey market data and actual listing price may differ.
What is the allotment ratio for Annu Projects IPO?
Based on the retail subscription of 1.80x, the estimated allotment ratio is 1 lot per 2 applicants (approximately 55.6% chance of allotment). This is an estimate and actual allotment may vary.
Should I subscribe to Annu Projects IPO?
Based on our algorithmic analysis, Annu Projects IPO is rated NEUTRAL with high confidence. Mixed signals — moderate demand and average GMP suggest cautious participation. Apply based on company fundamentals rather than listing gain expectations. This is not investment advice — please read the DRHP and consult a financial advisor before investing.
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