Annu Projects IPO 2026: Complete Details on Price, GMP, Lot Size, Dates & Allotment
India’s primary market continues its strong momentum with the upcoming launch of the Annu Projects IPO. Scheduled to open for public subscription on August 25, 2026, and close on August 28, 2026, this mainboard public issue presents an opportunity to invest in a growing engineering, procurement, and construction (EPC) enterprise.
The company aims to raise ₹175.06 crore through a 100% book-built fresh issue. The price band has been fixed at ₹94 to ₹99 per equity share, with a minimum application lot size of 151 shares. At the upper price band of ₹99, retail investors require a minimum investment of ₹14,949 per lot.
Annu Projects Limited operates in the core infrastructure space, specializing in the design, development, and implementation of essential overhead and underground utilities across telecom, sewerage, and gas pipeline networks.
Welcome to RupeeMoney. If you are new to the primary market, we highly recommend starting with our beginner’s guide on what is an IPO and how companies go public. Below is a comprehensive, data-driven analysis of the Annu Projects IPO, covering its business model, financial track record, valuation metrics, key strengths, operational risks, and overall investment outlook.
Annu Projects IPO: Key Details
| IPO Parameter | Official Details |
| Company Name | Annu Projects Limited |
| IPO Type | Mainboard IPO |
| Listing Exchanges | BSE and NSE |
| IPO Opening Date | August 25, 2026 |
| IPO Closing Date | August 28, 2026 |
| Tentative Allotment Date | August 31, 2026 |
| Refund Initiation | August 31, 2026 |
| Credit of Shares to Demat | September 1, 2026 |
| Tentative Listing Date | September 2, 2026 |
| Total Issue Size | ₹175.06 crore |
| Fresh Issue Portion | ₹175.06 crore (1.76 crore shares) |
| Offer for Sale (OFS) | Nil |
| Face Value | ₹10 per share |
| Price Band | ₹94 to ₹99 per share |
| Lot Size | 151 shares |
| Minimum Investment (Retail) | ₹14,949 (at ₹99/share) |
| Registrar | KFin Technologies Limited |
| Lead Manager | Mefcom Capital Markets Limited |
Annu Projects IPO Timeline & Dates
Investors should track the following tentative schedule for the bidding and listing process carefully to avoid missing critical deadlines:
| IPO Event | Tentative Date |
| IPO Opening Date | August 25, 2026 |
| IPO Closing Date | August 28, 2026 |
| Basis of Allotment Finalization | August 31, 2026 |
| Initiation of Refunds | August 31, 2026 |
| Credit of Shares to Demat Accounts | September 1, 2026 |
| Listing Date on BSE & NSE | September 2, 2026 |
Note: Retail investors must authorize their UPI mandate requests before 5:00 PM on the closing day, August 28, 2026.
Price Band, Lot Size & Application Amount
The price band for the issue is set at ₹94 to ₹99 per equity share. Bidding is structured across different investor categories with specific lot size requirements:
| Investor Category | Minimum Lots | Minimum Shares | Investment at ₹99 | Maximum Investment |
| Retail Minimum | 1 Lot | 151 Shares | ₹14,949 | — |
| Retail Maximum | 13 Lots | 1,963 Shares | — | ₹1,94,337 |
| Small HNI (sHNI) | 14 Lots | 2,114 Shares | ₹2,09,286 | ₹9,86,634 |
| Big HNI (bHNI) | 67 Lots | 10,117 Shares | ₹10,01,583 | Up to Category Limit |
Annu Projects IPO Reservation Structure
The net offer is distributed across institutional, high-net-worth, and retail investor categories according to regulatory guidelines:
| Category | Reservation Percentage |
| Qualified Institutional Buyers (QIB) | Not more than 10% of the Net Offer |
| Non-Institutional Investors (NII / HNI) | Not less than 40% of the Net Offer |
| Retail Individual Investors (RII) | Not less than 50% of the Net Offer |
Annu Projects IPO GMP Today & Trend
Grey Market Premium (GMP) reflects unofficial pre-listing market sentiment and trading indications among unlisted market participants.
As of August 20, 2026, market trackers report an unofficial GMP of ₹0 per share for Annu Projects.
- Upper Issue Price: ₹99
- Current GMP: ₹0
- Estimated Listing Price: ₹99
- Implied Listing Premium: 0.00%
Disclaimer: Grey market transactions are completely unofficial, unregulated, and highly speculative. GMP figures change daily depending on broader market sentiment and do not guarantee actual listing-day performance.
Annu Projects IPO Subscription Status (Live Tracker)
The public subscription window will remain open from August 25 to August 28, 2026.
- Day 1 Subscription: (To be updated post-market close)
- Day 2 Subscription: (To be updated post-market close)
- Day 3 Subscription: (To be updated post-market close)
Bookmark this page. We will update the daily subscription multiples across QIB, NII, and Retail categories once official data is released.
What Does Annu Projects Limited Do?
Established in 2003, Annu Projects Limited is an engineering, procurement, and construction (EPC) company. The firm specializes in the end-to-end design, development, implementation, and maintenance of critical overhead and underground utility infrastructure.
The company operates primarily across three major business verticals:
1. Telecom Infrastructure
The company undertakes surveying, designing, and installing cabling and tower infrastructure. Its scope of work includes communication networks, automation, and electronic security systems. Key clientele in this vertical include Bharat Sanchar Nigam Limited (BSNL), A2Z Infra Engineering Limited, and G R Infraprojects Limited.
2. Sewerage Infrastructure
Annu Projects executes complex sewerage and water management infrastructure projects. This involves large-scale pipe laying, manhole construction, sewage treatment plant (STP) development, and pumping station fabrication.
3. Gas Pipeline Infrastructure
The firm is heavily involved in urban gas distribution networks, laying Medium Density Polyethylene (MDPE) pipelines ranging from 20 mm to 125 mm. It has successfully completed over 38,300 Galvanized Iron (GI) house connections for domestic and commercial gas supply, serving major clients like Indraprastha Gas Limited (IGL), Gujarat Gas Limited, and GAIL India Limited.
Order Book & Revenue Visibility
A robust order book is the lifeline of any EPC business. As of March 31, 2025, Annu Projects possessed an impressive unexecuted order book.
- Total Ongoing Projects: 32
- Aggregate Order Value: ₹1,362.09 crore
- Segment Breakdown: 5 telecom infrastructure projects, 14 sewerage infrastructure projects, and 13 gas pipeline projects.
This deep pipeline provides strong multi-year revenue visibility, provided the company executes these projects efficiently without cost overruns.
Objects of the Issue: Where Will the Funds Go?
The total issue size is ₹175.06 crore, consisting entirely of a fresh issue of shares. The company plans to deploy the net proceeds across the following designated corporate objectives:
| IPO Objective | Allocated Amount |
| Purchase of Machinery and Equipment | ₹15.41 crore |
| Funding Working Capital Requirements | ₹115.00 crore |
| General Corporate Purposes | Balance Amount |
| Total Stated Requirements | ₹130.41 crore (excludes issue expenses) |
A massive chunk (₹115 crore) is allocated to working capital, which is typical for EPC companies that face extended receivable cycles and high upfront project execution costs.
Financial Performance & Balance Sheet Analysis
Annu Projects has demonstrated aggressive financial scaling and expanding profitability margins over the past three fiscal years:
| Financial Metric | FY2024 | FY2025 | FY2026 |
| Total Income | ₹155.42 crore | ₹182.35 crore | ₹244.59 crore |
| EBITDA | ₹28.50 crore | ₹32.19 crore | ₹50.19 crore |
| EBITDA Margin | 18.33% | 17.65% | 20.81% |
| Profit After Tax (PAT) | ₹17.39 crore | ₹21.10 crore | ₹33.03 crore |
| PAT Margin | 11.18% | 11.57% | 13.69% |
| Net Worth | ₹68.93 crore | ₹122.06 crore | ₹155.26 crore |
| Total Borrowings | ₹19.69 crore | ₹22.27 crore | ₹52.54 crore |
| Total Assets | ₹161.34 crore | ₹233.37 crore | ₹341.82 crore |
Financial Analysis
- Revenue Growth: Total income surged from ₹182.35 crore in FY2025 to ₹244.59 crore in FY2026, marking a robust 34% top-line expansion.
- Profitability: Net profit (PAT) increased sharply by ~56% from ₹21.10 crore in FY2025 to ₹33.03 crore in FY2026.
- Leverage Profile: Total borrowings spiked from ₹22.27 crore in FY2025 to ₹52.54 crore in FY2026 to support rapid operational scale.
To understand how efficiently capital-intensive businesses convert their assets into net profit, you can read our explainer on Return on Assets (ROA).
Key Performance Indicators (KPIs) & Valuation Multiples
At the upper price band of ₹99 per equity share, the key valuation and performance indicators stand as follows:
| Key Performance Indicator (KPI) | Metric Value |
| Pre-IPO EPS | ₹6.91 |
| Post-IPO EPS | ₹5.04 |
| Pre-IPO Price-to-Earnings (P/E) | 14.33x |
| Post-IPO Price-to-Earnings (P/E) | ~19.64x |
| Price-to-Book Value (P/BV) | 3.88x |
| Return on Equity (ROE) | 21.27% |
| Return on Capital Employed (ROCE) | 22.66% |
| Debt-to-Equity Ratio | 0.34x |
Promoters & Shareholding Structure
The promoters of Annu Projects Limited are Sanjay Kumar Sarraf and Krishna Ranjan.
Prior to the IPO, the promoter and promoter group held an 89.11% stake in the company. The fresh issue of 1.76 crore shares will dilute the promoter’s stake, reducing promoter holding to approximately 65.05%.
This ensures robust post-listing public float and liquidity.
Key Strengths & Competitive Moats
- Diversified Infrastructure Verticals: Operating across telecom, sewerage, and gas pipelines prevents the company from being overly dependent on a single sector’s capital expenditure cycle.
- Strong Order Book Visibility: The ₹1,362.09 crore unexecuted order book provides excellent revenue assurance for the next 24 to 36 months.
- Integrated Execution Capabilities: Handling end-to-end engineering, procurement, and construction internally protects gross margins and quality control.
- Robust Return Metrics: Healthy capital efficiency, evidenced by an ROE of 21.27% and ROCE of 22.66% in FY2026.
Key Risks & Business Challenges
- Rising Debt Levels: Borrowings more than doubled from ₹22.27 crore to ₹52.54 crore over the last fiscal year, increasing annual finance costs.
- Intense Working Capital Requirements: EPC businesses suffer from extended debtor days. The company intends to deploy ₹115 crore of IPO proceeds purely to fund these heavy working capital gaps.
- Project Execution Delays: Any delays in securing government clearances, land acquisition, or weather-related disruptions can lead to massive cost overruns and lower margins.
- Dependence on Institutional Clients: A large portion of revenue originates from government entities and large PSUs, making the firm vulnerable to delayed payment cycles and shifts in government infrastructure spending.
If you prefer shielding your wealth from the inherent volatility of mid-cap EPC companies, exploring large-cap mutual funds can offer a more stable long-term alternative.
Annu Projects IPO Review: Should You Apply?
Annu Projects enters the public markets backed by stellar financial scaling and an exceptional ₹1,362 crore order book. Its multi-vertical exposure across telecom networks and urban gas distribution places it directly in the path of India’s current infrastructure boom. A post-issue P/E of ~19.64x appears reasonably valued compared to broader infrastructure and EPC peers.
However, prospective investors must remain highly cognizant of the structural risks. The EPC sector is notoriously capital-intensive, reflected in the company’s surging borrowings and massive ₹115 crore working capital requirement. Furthermore, the current Grey Market Premium (GMP) sits completely flat at ₹0, indicating a lack of immediate speculative excitement among unlisted market operators.
Investors with a medium-to-long-term horizon who understand the cyclical nature of government infrastructure spending can evaluate this issue based on its core fundamentals. If you are a young investor trying to balance IPO bets with disciplined asset allocation, read our roadmap on building wealth in your 20s.
To model your wealth accumulation systematically, consider utilizing our interactive SIP Calculator, or project one-time capital growth using our Lumpsum Calculator. Learn the fundamentals of systematic investing by reading what is SIP.
Annu Projects IPO Allotment & Listing Check
- Basis of Allotment: The allotment status will tentatively be finalize on August 31, 2026. Applicants can verify their status through the online portal of the registrar, KFin Technologies Limited.
- Refunds & Demat Credit: Unsuccessful applicants will see mandate unblocking/refunds initiated on August 31, 2026, with shares credited to successful applicants’ demat accounts by September 1, 2026.
- Listing: Trading will commence on both the BSE and NSE on September 2, 2026.
Conclusion
The Annu Projects IPO brings a rapidly growing, diversified infrastructure player to the Indian mainboard markets. The ₹175.06 crore fresh capital injection will primarily fund its heavy working capital needs (₹115 crore) to execute its massive ₹1,362 crore ongoing order book.
While strong revenue expansion, excellent PAT margins (13.69%), and a healthy ROCE (22.66%) offer solid fundamental backing, investors must carefully weigh the sharp recent rise in borrowings and the execution risks inherent to the EPC sector. Make your investment decisions based on long-term business fundamentals rather than relying on short-term, speculative grey market activity.
FAQs
What is the Annu Projects IPO opening and closing date?
The Annu Projects IPO opens for public subscription on August 25, 2026, and officially closes on August 28, 2026.
What is the price band and lot size for the Annu Projects IPO?
The price band is fixed at ₹94 to ₹99 per equity share with a face value of ₹10. The minimum bidding lot size required for retail investors is 151 shares.
What is the minimum investment required for retail investors?
Retail investors must apply for a minimum of 1 lot (151 shares), which amounts to a minimum blocked investment of ₹14,949 at the upper price band of ₹99.
What is the total issue size of the Annu Projects IPO?
The total issue size is ₹175.06 crore. The entire issue consists solely of a fresh issue of approximately 1.76 crore new equity shares.
What is the current Grey Market Premium (GMP) for Annu Projects?
As of August 20, 2026, the reported Grey Market Premium (GMP) is ₹0 per share, indicating an estimated listing price of ~₹99, which equals a 0% listing premium.
When and where will the shares be listed?
The equity shares are tentatively scheduled to list on the mainboard platforms of both the BSE and NSE on September 2, 2026.
Disclaimer: The content provided on RupeeMoney is strictly for educational and informational purposes only. We are NOT a SEBI-registered Research Analyst or Investment Adviser and do not provide buy/sell recommendations, stock tips, or IPO subscription advice. Investments in the securities market are subject to market risks; read all related offer documents carefully before investing. Past performance, order book metrics, and Grey Market Premium (GMP) figures do not guarantee future returns or positive listing gains. Please conduct your own independent research or consult a SEBI-registered financial advisor before making any investment decisions.
ABOUT THE AUTHOR
