Annu Projects IPO Day 1: Subscription status, review — here's what you need to know
- Annu Projects IPO opened today with a total subscription of 0.08x on Day 1.
- NII (sHNI) and Retail categories doubled their bids, reaching 0.12x each by midday.
- QIB category remains at 0x as of the latest update.
- The issue is priced between ₹94.00000 and ₹99.00000 with a minimum bid quantity of 151 units.
- The IPO closes on 2026-08-28.
*this image is generated using AI for illustrative purposes only.
Annu Projects IPO opened today with a Day 1 total subscription of 0.08x. The issue saw a 100% jump in total subscription from morning levels, driven by NII and Retail interest, while QIB bids remain at 0x.
Subscription Status
The IPO picked up pace after 11 am, with the total subscription ticking up from 0.04x to 0.08x by midday. The Non-Institutional Investors (NII) category led the momentum, jumping +140% from 0.05x to 0.12x. Retail investors also doubled their bids, rising +100% from 0.06x to 0.12x. The Qualified Institutional Buyers (QIB) segment remains flat at 0x.
| Category | Subscription Multiple |
|---|---|
| QIB | 0 x |
| NII (bHNI) | 0.01 x |
| NII (sHNI) | 0.12 x |
| Retail | 0.12 x |
| Total | 0.08 x |
Intra-day Timeline (25-08-2026)
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.00x | 0.05x | 0.06x | 0.04x |
| 12:15 | 0.00x | 0.12x | 0.12x | 0.08x |
About the Company
Annu Projects, established in 2003, 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. Led by MD Sanjay Kumar Sarraf and CEO Krishna Ranjan, the firm has laid more than 26,200 kms of optical fibre cable networks and maintains over 62,800 km of OFC networks.
Financial Highlights
Annu Projects reported consistent revenue growth over the last three years. Revenue from operations increased from ₹153.98 crore in FY2024 to ₹241.25 crore in FY2026. Profit after tax also rose from ₹17.39 crore to ₹33.03 crore during the same period.
| Particulars | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue from Operations (₹ crore) | 153.98 | 180.07 | 241.25 |
| Total Profit / PAT (₹ crore) | 17.39 | 21.10 | 33.03 |
| Total Equity (₹ crore) | 68.93 | 122.06 | 155.26 |
Objects of the Issue
- Funding working capital requirements: ₹115.00 crores
- Funding capital expenditure requirements for purchase of machinery or equipment: ₹15.41 crores
- General corporate purposes: Amount not specified
Risk Factors
- Revenue Concentration: More than 90% of revenue is derived from telecom and sewerage infrastructure verticals.
- Customer Dependence: Top 10 customers contributed nearly 98% of revenue in FY2025.
- Government Business Risks: Significant revenue dependence on government entities exposes the company to payment delays and bidding competition.
Offer Details
- Price Band: ₹94.00000 - ₹99.00000
- Issue Size: 14194 - 500000
- Min Bid Qty: 151
- Open Date: 2026-08-25
- Close Date: 2026-08-28
How might the complete absence of QIB interest impact the listing price and initial trading volatility of Annu Projects?
Given the 98% revenue dependence on the top 10 customers, what strategies is Annu Projects employing to diversify its client base post-IPO?
Could the significant reliance on government entities lead to cash flow constraints due to potential payment delays, and how is this mitigated in the working capital plan?
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