Annu Projects Limited IPO
ListedMainboardInfrastructure Developers & Operators
2.93×
Subscribed
Price band
₹99 – ₹99
Lot size
151
1 lot = ₹14,949
Issue size
₹175.06 Cr
Open – close
25 Aug 2026
to 28 Aug 2026
Listing
02 Sept 2026
Listing gain
-27.27%
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
Strong4 of 7 dimensions read
The disclosed numbers are strong — 4 of 6 signals read positive
Strength74/100
- Priced below its peers14.3× earnings against a peer median of 83.4× — a discount to the issuer's own comparison set
- Out-earns its peersReturn on net worth of 21.3% against a peer median of 11.1%
- High return on equityROE of 21.3%
- Conservative balance sheetDebt/equity of 0.34×
- No anchor bookNo anchor investors took a pre-placement, so no institution committed to a lock-in before bidding opened
- Institutional book coveredQIB portion subscribed 1.72×
Every line above is arithmetic on a figure shown elsewhere on this page - no model, no opinion. It describes the quality of the offering as disclosed, and is pulled toward neutral to reflect how much the document leaves unsaid. It is not a prediction of the listing price, and it is not advice to apply.
Dates
The issuer's tentative timetable — a date passing is not confirmation the step completed
- Opens25 Aug 2026
- Closes28 Aug 2026
- Allotment31 Aug 2026
- Listing02 Sept 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Qualified institutionalQIB1.72x
Non-institutionalNII / HNI3.55x
Big NIIabove ₹10L3.09x
Small NII₹2L – ₹10L4.47x
Retail individualRII2.68x
1,42,085 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 28 Aug 2026.
Chance of allotment
Retail2.68× subscribed
~1 in 2.7
Minimum 1 lot · 151 shares · ₹14,949 blocked
Retail is 2.68× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 2.7 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII3.55× subscribed
~1 in 3.6
Minimum 14 lots · 2,114 shares · ₹2,09,286 blocked
HNI is 3.55× subscribed. This category is allotted proportionately, so a bid receives roughly 1/3.6 of the shares applied for, subject to the minimum-lot draw.
Derived from SEBI's allotment mechanics and the subscription figures beside it. Retail allotment is a lottery on a single lot, so applying for more lots does not improve your chance of getting something.
Grey market premium
Unofficial dealer quotes — not published by NSE, BSE, SEBI or the company
₹7+7.1%
over the upper band · last seen 08 Sept 2026
What this number is not. Grey-market premium is an unregulated, thinly-traded quote from private dealers. It is not a forecast of the listing price, it is not verifiable, and it can be moved by the same people who benefit from it looking high. We publish it because you will look it up anyway — and we deliberately do not convert it into an expected listing gain, because that arithmetic implies a reliability the number has never earned. For what actually happened to comparable issues, see recent outcomes below.
The offering
Terms, structure and who is selling
Terms
Price band₹99 – ₹99
Face value₹10
Lot size151shares
Minimum application₹14,949at cut-off
Total issue size₹175.06 Cr
Listing atMainboard
Anchor investorsNone
Company & valuation
P/E at upper band14.33×
EPS₹6.91pre-issue
NAV per share₹32.48
Return on equity21.27%
Debt / equity0.34×
EBITDA margin20.81%
ROCE22.66%
RoNW21.27%
PAT Margin13.69%
EBITDA Margin20.81%
NAV32.47
ISININE103001017
RegistrarKARVY
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| QIB | 17,68,300 | — |
| NII (HNI) | 70,73,200 | — |
| bNII > ₹10L | 47,15,467 | 2230.00% |
| sNII < ₹10L | 23,57,733 | 1115.00% |
| Retail | 88,41,500 | 58552.00% |
Total issue 1,76,83,000 shares. Indented rows sit inside the category above them and are not added to it.
What each category may bid
Retail (Min)₹14,9491 lot · 151 sh
Retail (Max)₹1,94,33713 lots · 1,963 sh
S-HNI (Min)₹2,09,28614 lots · 2,114 sh
S-HNI (Max)₹9,86,63466 lots · 9,966 sh
B-HNI (Min)₹10,01,58367 lots · 10,117 sh
Lot size alone does not answer "how much do I need" — an S-HNI minimum is several lots, not one.
What the money is for
Stated use of the net proceeds
- 01Funding capital expenditure requirements of our Company for purchase of machinery or equipment₹15.41 Cr
- 02Funding working capital requirements of our Company₹115 Cr
- 03General corporate purposes₹24.16 Cr
How the issuer compares
The listed companies the offer document itself names as comparable.
| Company | EPS | P/E | NAV | RoNW |
|---|---|---|---|---|
| Annu Projects Limitedthis issue | 6.91 | — | 32.48 | 21.27% |
| Likhitha Infrastructure Limited | 9.94 | 104.47 | — | 9.37% |
| Bondada Engineering Limited | 18.25 | 62.35 | — | 28.82% |
| EMS Limited | 16.30 | 190.03 | — | 8.62% |
| Suyog Telematics Limited | 52.40 | 42.50 | — | 12.88% |
Blank cells are figures the offer document does not publish. An unlisted issuer has no market price, so it has no price-based multiple until it lists — which is exactly why the comparison is against companies that already trade. The peer set is the issuer's own selection, so read it as the flattering-est comparison available rather than a neutral one.
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
mediumMore than 90.00% of revenue from operations is derived from telecom infrastructure and sewerage infrastructure verticals. Any slowdown in these sectors or decrease in demand for services could materially and adversely impact the business.
medium57.09%, 64.99% and 60.88% of revenue from operations is derived from government sector entities based on competitive bidding. Risks include aggressive bidding, limited negotiation room, execution delays, payment delays, and potential contract termination.
Litigation
As on the date of this Prospectus, there are no outstanding criminal proceedings (including first information reports), actions taken by regulatory or statutory authorities, claims related to direct and indirect tax matters, or other pending litigation/arbitration involving the Company, Promoters and Directors. There are no disciplinary actions including penalties imposed by SEBI or stock exchanges against Promoters in the last five Financial Years. There are no pending litigation involving Group Companies which may have a material impact on the Company. There are no findings/observations of any inspections by SEBI or any other regulator involving the Company which are material. There are no outstanding material dues to creditors of the Company.
Positives the filing discloses (2)
Low leverage
Debt-to-equity of 0.34x.
Healthy return on equity
ROE of 21.3%.
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
+6.1%
Listed up
6 of 8
Best
+65.4%
Orient Cables (India) Limited
Worst
-2.3%
Vishal Nirmiti Limited
Fusion CX Limitedsame segment
4.5× sub+5.5%
HD Fire Protect Limitedsame segment
131.7× sub+23.6%
Nityas Gems and Jewellery Limitedsame segment
2.3× sub+6.7%
Vishal Nirmiti Limitedsame segment
1.7× sub-2.3%
Shah Investor's Home Limitedsame segment
38.1× sub+2.4%
Srit India Limitedsame segment
125.2× sub+13.8%
Runwal Enterprises Limitedsame segment
2.5× sub+0.0%
Orient Cables (India) Limitedsame segment
92.3× sub+65.4%
Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.
About Annu Projects Limited
Annu Projects Limited is an EPC company engaged in the design, development, implementation, operation and maintenance of overhead and underground utility infrastructure. Its business is divided into four verticals: telecom infrastructure, sewerage infrastructure, gas pipelines and railway signalling. The telecom business includes surveying, designing and installing cabling and tower infrastructure and laying optical fibre cable networks. Its sewerage activities include pipe laying, construction of manholes, sewage treatment plants, pumping stations and stormwater drainage systems. The gas pipeline vertical involves laying MDPE pipelines and GI house connections for domestic and commercial gas supply. The company has also undertaken railway signalling projects. Established in 2003, the company operates across multiple states in India and executes projects through direct contracts, subcontracts, and project-specific joint ventures or consortiums. As of June 30, 2026, it had completed 362 projects and had 23 ongoing projects. It also owned more than 558 machines and pieces of equipment and had 469 permanent employees.
Founded 2003MD Mr Sanjay Kumar SarrafSector Infrastructure Developers & Operators
Offer documents
The primary sources everything above is drawn from
Common questions
What is the Annu Projects Limited IPO GMP today?
The most recent grey-market premium recorded for Annu Projects Limited is ₹7 per share — about 7.1% over the ₹99 upper band. Grey-market premium is an unofficial, unregulated quote from private dealers. It is not published by NSE, BSE, SEBI or the company, and it is not a forecast of the listing price.
How many times is the Annu Projects Limited IPO subscribed?
Annu Projects Limited is subscribed 2.93× overall (QIB 1.72×, NII 3.55×, retail 2.68×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar, KARVY.
What is the minimum investment in the Annu Projects Limited IPO?
One lot is 151 shares, so a retail application at the ₹99 cut-off price blocks ₹14,949. Retail applications are capped at ₹2,00,000; above that you bid in the HNI category, where allotment is proportionate rather than by lottery.
What are the chances of allotment in the Annu Projects Limited IPO?
The retail portion is subscribed 2.68×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 3. Applying for more lots does not improve the chance of getting something — every retail applicant competes for the same single minimum lot.
When is the Annu Projects Limited IPO allotment date?
Allotment is scheduled for 2026-08-31, with listing on 2026-09-02. These dates are the issuer's tentative timetable — a date passing is not confirmation that the step completed. Allotment status is published by the registrar, KARVY.
Disclaimer. Figures are compiled from the issuer's offer document and exchange-published bidding data. Subscription changes until the issue closes, and the final basis of allotment is published by the registrar. Grey-market premium is unofficial and is not a forecast. Nothing here is investment advice or a recommendation — read the offer document and consult a SEBI-registered adviser before applying.