Annu Projects Limited IPO Explained: Dates, Price Band, and Subscription Data

The Annu Projects Limited IPO opened for public subscription on August 25, 2026, giving investors an opportunity to participate in the public offering of an infrastructure engineering and construction company. The IPO is scheduled to remain open until August 28, 2026.

The company is raising approximately ₹175.06 crore through a book-built issue. The price band has been fixed at ₹94 to ₹99 per equity share, while the minimum application size is 151 shares. At the upper end of the price band, one retail lot requires an investment of ₹14,949.

Annu Projects operates in infrastructure EPC, with activities spanning telecom infrastructure, sewerage infrastructure, gas pipelines and railway signalling. Before looking at subscription numbers, investors should understand the company's business, financial performance, IPO structure and the risks associated with its project-driven model.

Annu Projects IPO: Key Facts

The issue comprises only a fresh issue of equity shares; there is no Offer for Sale component. The company has reserved 10% of the issue for Qualified Institutional Buyers, 40% for Non-Institutional Investors and 50% for Retail Individual Investors.

What Does Annu Projects Limited Do?

Annu Projects is an engineering, procurement and construction (EPC) company involved in the development, implementation, operation and maintenance of essential infrastructure.

Its business is spread across four principal areas: telecom infrastructure, sewerage infrastructure, gas pipeline infrastructure and railway signalling.

In telecom infrastructure, the company undertakes activities such as surveying, designing and installing cabling and tower infrastructure, along with the laying and maintenance of optical fibre cable networks.

Its sewerage infrastructure business includes pipe laying, construction of manholes, sewage treatment plants, pumping stations and stormwater drainage systems. The company has worked on projects for infrastructure agencies in states including Bihar, Madhya Pradesh and Jharkhand.

The company also undertakes gas pipeline-related work and has exposure to railway signalling projects.

According to the company's project information, Annu Projects has executed thousands of kilometres of optical fibre infrastructure and has worked with organisations including BSNL, Bharat Broadband Network Limited, GR Infraprojects and other infrastructure entities.

Annu Projects IPO: Financial Performance

The company's financial performance has improved over the last three reported financial years.

Revenue from operations increased from ₹153.98 crore in FY2024 to ₹180.07 crore in FY2025 and further to ₹241.25 crore in FY2026.

Profit after tax increased from ₹17.39 crore in FY2024 to ₹21.10 crore in FY2025 and ₹33.03 crore in FY2026.

The company also reported operating profit of ₹50.19 crore in FY2026, compared with ₹32.19 crore in FY2025.

Revenue growth is encouraging, but investors should also examine working capital, receivables, project execution and customer concentration because these factors can have a significant impact on an EPC company's cash flows.

What Will Annu Projects Do With the IPO Proceeds?

The entire IPO is a fresh issue, meaning the company itself will receive the net proceeds after issue-related expenses.

According to the issue details, the company plans to use approximately ₹115 crore towards working capital requirements and around ₹15.41 crore for capital expenditure, primarily for purchasing machinery and equipment.

The remaining amount is intended for general corporate purposes, subject to the terms of the issue documents.

The high allocation towards working capital is particularly relevant for investors because EPC businesses often need to finance projects before receiving payments from customers.

Annu Projects Order Book

Order-book visibility is another important factor in understanding an infrastructure EPC company.

As of June 30, 2026, Annu Projects had an outstanding order book of approximately ₹1,005.05 crore.

The order book provides visibility into future project execution, although an order book should not automatically be treated as future profit. Execution timelines, project costs, working-capital requirements, approvals and payment cycles can affect how quickly these orders translate into revenue and cash flow.

Annu Projects IPO Subscription Status

The subscription figure changes throughout the IPO period and should therefore always be read with its date and time.

As of approximately 2:54 PM on August 25, 2026, available market data showed the Annu Projects IPO subscribed around 0.18 times overall.

These figures represent the position during the first day of bidding and should not be interpreted as the final demand for the IPO. Subscription levels can change substantially on the final day, particularly when institutional bidding increases.

Last updated: August 25, 2026, approximately 2:54 PM IST.

How to Read IPO Subscription Numbers

IPO subscription data shows how many shares investors have bid for compared with the number of shares available in a particular category.

For example, a subscription of 2x means that bids have been received for twice the number of shares available in that category.

However, subscription numbers should not be treated as a direct measure of the quality of a business. Strong demand can reflect pricing, market sentiment, liquidity or short-term listing expectations. Investors should combine subscription data with the company's financial statements, valuation, business model and risk factors.

Understanding the Investor Categories

The Annu Projects IPO has three principal investor categories.

Qualified Institutional Buyers — QIBs

QIBs include large institutional investors such as mutual funds, banks, insurance companies and eligible foreign portfolio investors. Annu Projects has reserved 10% of the issue for QIBs.

Institutional participation can be useful information when assessing demand, but a high QIB subscription should not by itself be interpreted as confirmation that an IPO is fundamentally attractive.

Non-Institutional Investors — NIIs

The NII category is intended for investors whose IPO application exceeds the retail limit. Annu Projects has allocated 40% of the issue to NIIs.

The category includes different application sizes, with the exact allotment mechanism governed by the issue documents and applicable regulations.

Retail Individual Investors — RIIs

Retail investors have been allocated 50% of the Annu Projects IPO.

The minimum application is 151 shares. At the upper price band of ₹99, the minimum investment is ₹14,949.

Retail investors can apply within the applicable ₹2 lakh retail investment limit.

How Does IPO Allotment Work?

If an IPO category receives more valid applications than the shares available, investors may not receive the full quantity they applied for.

For retail investors, when the category is oversubscribed, the allotment process generally seeks to maximise the number of eligible applicants receiving at least one minimum lot, subject to the applicable rules and the basis of allotment approved for the issue.

Therefore, a highly subscribed retail category does not mean that every investor will receive shares. In fact, higher retail demand can reduce the probability of receiving an allotment.

The tentative basis of allotment for Annu Projects is August 31, 2026, followed by tentative share credit on September 1 and listing on September 2.

Annu Projects IPO GMP

The Grey Market Premium, commonly referred to as GMP, is an unofficial indicator of market sentiment outside the formal stock-exchange trading system.

For Annu Projects, market reports on August 25 indicated that the GMP was around zero. However, GMP can change quickly and is not an official exchange-set price or a guarantee of the eventual listing price.

Investors should therefore avoid making an IPO decision solely on the basis of GMP.

A more meaningful assessment should consider the company's earnings, valuation, order book, working-capital requirements, customer concentration and the risks disclosed in the RHP.

Key Risks Investors Should Watch

High Revenue Concentration

Telecom and sewerage infrastructure together accounted for more than 90% of the company's revenue from operations in FY2026. A slowdown in these sectors, lower government spending or changes in infrastructure programmes could therefore affect revenue growth.

Customer Concentration

The company has a concentrated customer base. Its top 10 customers accounted for a very large share of revenue, making the business sensitive to the loss or reduction of orders from major customers.

Government Project Dependence

A significant portion of the company's business is linked to government entities and infrastructure programmes. Delays in project awards, execution approvals or payments can affect working capital and cash flows.

Working-Capital Requirements

The IPO proposes to allocate approximately ₹115 crore towards working capital. This highlights the importance of monitoring receivables, project funding requirements and cash conversion as the company grows.

Project Execution Risk

EPC businesses depend on the timely completion of projects within estimated costs and schedules. Delays, cost overruns, changes in project specifications or regulatory issues can affect profitability.

What Should Investors Watch Next?

Investors following the Annu Projects IPO should focus on four stages.

1. Subscription trend: Track QIB, NII and retail participation through the remaining bidding days.

2. Basis of allotment: After the issue closes, check the official allotment information published through the registrar.

3. Demat credit and fund unblocking: Investors should verify whether shares have been credited and whether blocked application funds have been released.

4. Listing performance: The shares are tentatively scheduled to begin trading on NSE and BSE on September 2, 2026.

Frequently Asked Questions

What is the Annu Projects IPO?

Annu Projects IPO is a ₹175.06 crore Mainboard book-built public issue consisting entirely of a fresh issue of equity shares. The IPO opened on August 25, 2026 and closes on August 28, 2026.

What is the Annu Projects IPO price band?

The price band is ₹94 to ₹99 per equity share.

What is the Annu Projects IPO lot size?

The minimum lot size is 151 shares.

What is the minimum investment in Annu Projects IPO?

At the upper price band of ₹99, one lot of 151 shares requires ₹14,949.

How much of the Annu Projects IPO is reserved for retail investors?

Retail Individual Investors have been allocated 50% of the issue, equivalent to 88,41,500 shares.

When is the Annu Projects IPO allotment?

The tentative basis of allotment date is August 31, 2026.

When will Annu Projects shares be listed?

The shares are tentatively scheduled to list on NSE and BSE on September 2, 2026.

Where can I check Annu Projects IPO allotment status?

After the basis of allotment is finalised, investors can check their application status through the official registrar, KFin Technologies, using the applicable application details.

Conclusion

The Annu Projects IPO gives investors exposure to an EPC company working across telecom, sewerage, gas pipeline and railway infrastructure.

The company has recorded strong revenue and profit growth between FY2024 and FY2026, while its ₹1,005.05 crore order book provides visibility into future project execution.

At the same time, investors should not overlook the risks. Revenue concentration, dependence on major customers and government-linked projects, working-capital requirements and the execution nature of the EPC business are important factors to consider.

Subscription numbers and GMP can provide information about short-term market sentiment, but they should not replace fundamental analysis.

For investors evaluating the issue, the key question is not simply how many times the IPO is subscribed, but whether the company's earnings growth, order book and future cash generation justify the valuation at the IPO price.

Disclaimer

This article is intended for educational and informational purposes only and does not constitute investment advice, a recommendation to buy or sell securities, or a guarantee of IPO listing gains or future returns. Investors should read the company's Red Herring Prospectus and other official documents carefully and evaluate the issue based on their own financial objectives, risk tolerance and investment horizon. VIA Capital does not guarantee the accuracy or completeness of market data that may change after publication. Subscription and GMP figures are time-sensitive and should be checked against official sources before making any investment decision.