NewsAnnu Projects IPO Day 2 Live: Retail jumps 19%, Total at 0.58x - Check analysts view and moreAnnu Projects IPO Day 2 Live: Retail jumps 19%, Total at 0.58x - Check analysts view and more
- Annu Projects IPO total subscription reached 0.58x on Day 2.
- Retail investors drove momentum, jumping 19.0% to 0.69x.
- NII (bHNI) rose 15.4% to 0.60x, showing strong interest.
- The issue closes on August 28, 2026, priced at ₹94–₹99 per share.
- Company reported ₹241.25 crore revenue and ₹33.03 crore PAT in FY2026.
*this image is generated using AI for illustrative purposes only.
Annu Projects IPO picked up pace on Day 2 (August 27, 2026), with overall subscription ticking up to 0.58x. Retail investors drove the momentum, jumping 19.0% intra-day to 0.69x, while NII (bHNI) rose 15.4% to 0.60x ahead of the August 28 close.
Subscription Status
The table below captures the day-by-day subscription progression across all investor categories:
| 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 | 0.59x | 0.60x | 0.37x | 0.69x | 0.58x |
Intra-day Timeline — 27-08-2026
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.58x | 0.52x | 0.58x | 0.51x |
| 12:15 | 0.58x | 0.54x | 0.63x | 0.54x |
| 13:15 | 0.58x | 0.58x | 0.66x | 0.57x |
| 14:15 | 0.59x | 0.60x | 0.69x | 0.58x |
Retail has shown the most momentum, jumping from 0.58x to 0.69x in the morning session. NII (bHNI) also gained traction, rising from 0.52x to 0.60x. QIB has been the steadiest category, holding at 0.59x. The total subscription moved from 0.51x to 0.58x (+13.7%) in the latest snapshot.
About the Company
Annu Projects, founded in 2003 and headquartered in New Delhi, is a diversified EPC company engaged in the design, development, implementation, operations and maintenance of overhead and underground utilities infrastructure. The company operates across four verticals: telecom infrastructure, sewerage infrastructure, gas pipeline, and railway signalling. It has laid more than 26,200 kms of optical fibre cable networks and maintains more than 62,800 km of OFC networks. The company is led by MD Sanjay Kumar Sarraf and CEO Krishna Ranjan.
Financial Highlights
| Metric | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue from Operations (₹ crore) | 153.98 | 180.07 | 241.25 |
| Total Revenue (₹ crore) | 155.42 | 182.35 | 244.59 |
| Profit After Tax (₹ crore) | 17.39 | 21.10 | 33.03 |
| Total Equity (₹ crore) | 68.93 | 122.06 | 155.26 |
Revenue from operations has grown at a CAGR of 25.16% from ₹153.98 crore in FY2024 to ₹241.25 crore in FY2026, with PAT margin reaching 13.69% and return on equity of 21.27% in FY2026.
Objects of the Issue
- Funding capital expenditure: ₹15.41 crore for procurement of machinery or equipment including Horizontal Directional Drilling machines.
- Funding working capital requirements: ₹115.00 crore to support business operations including participation in BharatNet Phase III project and strategic expansion into Railway Signalling & Telecom sector.
- General corporate purposes: Deployment towards expense requirements, growth opportunities, corporate contingencies and other purposes as approved by the Board.
Risk Factors
- Revenue Concentration: More than 90% of revenue comes from telecom and sewerage infrastructure verticals; any sectoral slowdown could materially impact financials.
- Customer Concentration: Top 10 customers contributed 97.96%, 98.25% and 95.90% of revenue from operations during FY2026, FY2025 and FY2024 respectively — loss of any key client poses significant risk.
- Geographic Concentration: Operations concentrated in Bihar, Jharkhand, Goa, West Bengal and Madhya Pradesh, contributing more than 70% of revenue; adverse regional developments could hurt performance.
Key Dates
| Event | Date |
|---|---|
| IPO Open Date | 25-08-2026 |
| IPO Close Date | 28-08-2026 |
| Allotment Date | To be announced |
| Listing Date | To be announced |
With one day remaining before the issue closes on August 28, 2026, the overall subscription stands at 0.58x. The issue is priced at ₹94–₹99 per share with a minimum bid quantity of 151 shares.
Will the QIB category show a significant surge in the final hours of Day 3 to prevent the IPO from being under-subscribed?
How might the heavy reliance on top 10 customers for nearly 96% of revenue impact Annu Projects' valuation stability post-listing?
Given the 90% revenue concentration in telecom and sewerage, how vulnerable is the company's growth trajectory to potential regulatory shifts in these sectors?
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