Annu Projects IPO Day 1: Subscription status, review — here's what you need to know
- Annu Projects IPO opened on Day 1 with total subscription at 0.34x.
- NII (bHNI) category surged 700% to 0.40x, leading the late-day rally.
- QIB subscription stood at 0.57x, while Retail was at 0.28x.
- The company reported FY2026 revenue of ₹241.25 crore and PAT of ₹33.03 crore.
- Issue price band is ₹94.00 - ₹99.00, closing on 2026-08-28.
*this image is generated using AI for illustrative purposes only.
Annu Projects IPO closed on 28-08-2026 with a final overall subscription of 2.9x. NII (bHNI) led the demand at 4.44x, surging significantly in the final hours. Retail investors subscribed 2.63x, while QIB participation stood at 1.72x.
Final Subscription Status
The IPO witnessed strong closing-day momentum on 28-08-2026. NII (bHNI) nearly quadrupled from its day-open level of 1.14x to close at 4.44x. The total subscription crossed the 2x threshold by 14:15 IST, finishing at 2.90x.
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 25-08-2026 | 0.57x | 0.40x | 0.33x | 0.28x | 0.34x |
| Day 2 | 26-08-2026 | 0.58x | 0.50x | 0.34x | 0.50x | 0.47x |
| Day 3 | 27-08-2026 | 1.16x | 0.71x | 0.99x | 0.80x | 0.87x |
| Day 4 | 28-08-2026 | 1.72x | 4.44x | 3.09x | 2.63x | 2.90x |
Intra-day Timeline on 28-08-2026
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 1.16x | 1.14x | 1.20x | 1.18x |
| 12:15 | 1.21x | 1.66x | 1.48x | 1.46x |
| 13:15 | 1.35x | 2.57x | 1.77x | 1.88x |
| 14:15 | 1.64x | 2.95x | 1.97x | 2.11x |
| 15:15 | 1.70x | 3.62x | 2.24x | 2.42x |
| 16:15 | 1.72x | 4.40x | 2.51x | 2.84x |
| 17:15 | 1.72x | 4.44x | 2.63x | 2.90x |
Category-wise Breakdown
- NII (bHNI): Led all categories at 4.44x, surging +289.5% on the closing day (from 1.14x to 4.44x), reflecting strong high-net-worth individual demand.
- NII (sHNI): Subscribed 3.09x, the second-highest category.
- Retail: Subscribed 2.63x, jumping +119.2% on the final day from 1.20x, indicating robust individual investor participation.
- QIB: Institutional investors subscribed 1.72x, rising +48.3% on the closing day from 1.16x.
About the Company
Annu Projects, established in 2003 and headquartered in New Delhi, is engaged in the design, development, implementation, operations, and maintenance of essential overhead and underground utilities infrastructure. The company operates across telecom infrastructure, sewerage infrastructure, gas pipeline, and railway signalling verticals. It has laid more than 26,200 kms of optical fibre cable networks and maintains over 62,800 km of OFC networks. Key management includes MD Sanjay Kumar Sarraf and CEO Krishna Ranjan, each with more than two decades of experience in the civil sector.
Financial Highlights
| Particulars | FY 2026 (₹ crores) | FY 2025 (₹ crores) | FY 2024 (₹ crores) |
|---|---|---|---|
| Revenue from Operations | 241.25 | 180.07 | 153.98 |
| Total Profit (PAT) | 33.03 | 21.10 | 17.39 |
| Total Equity | 155.26 | 122.06 | 68.93 |
Revenue grew from ₹153.98 crores in FY24 to ₹241.25 crores in FY26, while PAT rose from ₹17.39 crores to ₹33.03 crores over the same period. Total equity more than doubled from ₹68.93 crores in FY24 to ₹155.26 crores in FY26.
Objects of the Issue
- Funding working capital requirements: ₹115.00 crores towards incremental working capital to support business operations including participation in BharatNet Phase III and expansion into Railway Signalling & Telecom.
- Funding capital expenditure requirements: ₹15.41 crores for procuring machinery or equipment including Horizontal Directional Drilling machines.
- General corporate purposes: Funds for general corporate expenses, growth opportunities, and contingencies.
Risk Factors
- Revenue Concentration: More than 90% of revenue comes from telecom and sewerage infrastructure verticals; any slowdown in these sectors could materially impact performance.
- Customer Concentration: Top 10 customers contributed 97.96% of revenue in FY26; loss of any major customer could significantly impact revenue.
- Government Dependence: 57.09% of revenue in FY26 was derived from government sector entities, exposing the company to payment delays, aggressive bidding competition, and potential contract modifications.
What's Next
The IPO closed on 28-08-2026. Allotment date and listing date are yet to be announced. Investors should monitor the registrar's website for allotment status updates. Basis of allotment will depend on the final oversubscription levels in each category.
Will the late-day surge in bHNI and QIB subscriptions sustain through the remaining days to push the total subscription above 1x?
How might the heavy reliance on government entities and top 10 customers impact Annu Projects' cash flow stability post-IPO?
Is the current price band of ₹94-99 justified given the company's revenue concentration risks in telecom and sewerage infrastructure?
18
Access Market Heat-map & Insights 
Create, Save & Share your Screener 
Use 200+ Screening Filters 
