The stock opened at ₹70 on the NSE, a discount of 29.29% to its IPO price of ₹99. On the BSE, it listed at ₹75, a discount of 24.24%.
The grey market had signalled caution ahead of the listing, with the IPO trading at a discounted GMP of ₹7 against its issue price of ₹99.
The issue attracted an overall subscription of 2.93 times. Retail investors bid for 2.68 times the shares reserved for them, while the Qualified Institutional Buyers (QIB) category was subscribed 1.72 times. The Non-Institutional Investors (NII) segment saw stronger demand, with subscription reaching 3.55 times.
The initial public offering (IPO) of Annu Projects, an engineering, procurement and construction (EPC) company focused on fibre optics, sewerage and gas pipeline projects, was open for subscription from August 25 to August 28.
The company had fixed the price band for its IPO at ₹94-99 per share.
Annu Projects raised ₹175.06 crore through the IPO, comprising an entirely fresh issue of 1.76 crore equity shares.
At the upper end of the price band, the company commanded a market capitalisation of around ₹648 crore.Annu Projects plans to use ₹15.4 crore of the net IPO proceeds to purchase machinery and equipment. A further ₹115 crore will be utilised to meet working capital requirements, while the remaining funds will be used for general corporate purposes.
The New Delhi-based EPC company provides overhead and underground utilities infrastructure services across the telecom, sewerage and gas pipeline segments. These verticals contributed 41.5%, 52.7% and 4%, respectively, to its FY26 revenue.
Annu Projects reported a standalone net profit of ₹33 crore and revenue of ₹241.2 crore for FY26.
The company competes with listed players such as Likhitha Infrastructure, Bondada Engineering, EMS and Suyog Telematics.
First Published: Sept 2, 2026 9:54 AM IST
