Annu Projects IPO: ₹175 Cr Raise Amid Mixed Brokerage Views

Annu Projects, an EPC infrastructure company, has opened its initial public offering (IPO) seeking to raise ₹175 crore. The bidding period for the fresh share sale runs from August 25 to August 28, with funds earmarked for specific corporate needs.

IPO Financials & Use of Funds

• ₹175 crore: Total amount to be raised through fresh share sale.
• Capital expenditure: For machinery acquisition.
• Working capital: To support ongoing operations.
• General corporate purposes.

The company operates across diverse sectors including telecom, sewerage, gas pipeline, and railway signalling. Annu Projects serves major clients like Bharat Sanchar Nigam, Indraprastha Gas, and GAIL (India), also contributing to government projects such as BharatNet.

• Bharat Sanchar Nigam
• A2Z Infra Engineering
• Bharat Broadband Network
• G R Infraprojects
• Indraprastha Gas
• Gujarat Gas
• GAIL (India)

As of June 30, 2026, Annu Projects reported a robust order book of ₹1005 crore, distributed across 23 ongoing projects.

IPO Mechanics & Allocation

The IPO’s price band is set between ₹94 and ₹99 per share. Investors can apply in lots of 151 shares.

• Price band: ₹94 to ₹99 per share.
• Lot size: 151 shares.
• Qualified Institutional Buyers (QIBs): 10% allocation.
• Retail investors: 50% allocation.
• Non-Institutional Investors (NIIs): 40% allocation.

Analyst Views & Concerns

Brokerage houses have offered a mixed response regarding Annu Projects’ IPO. SBI Securities acknowledged the company’s strong execution and healthy earnings growth, projecting significant CAGRs.

• Revenue CAGR (FY24-26): 25%.
• EBITDA CAGR (FY24-26): 33%.
• PAT CAGR (FY24-26): 38%.

Despite a valuation of 19.6x FY26 earnings, which aligns with peers, SBI Securities issued a ‘NEUTRAL’ rating. Their concerns include high customer concentration, reliance on government contracts, and a stretched working capital cycle, advising monitoring post-listing.

Conversely, Master Capital views the IPO as a potential long-term investment opportunity. They highlighted Annu Projects’ involvement in government-funded infrastructure programs across its core verticals as a key positive.

Key Numbers

• IPO size: ₹175 crore.
• Order book (June 30, 2026): ₹1005 crore.
• IPO price band: ₹94 to ₹99 per share.
• Retail investor allocation: 50%.
• Listing date: September 2.

The shares are scheduled to list on both the BSE and NSE on September 2, marking the next step for Annu Projects in the public market.