NewsAnnu Projects IPO Day 2 Live: Retail jumps 36%, Total at 0.46x - Check analysts view and moreAnnu Projects IPO Day 2 Live: Retail jumps 36%, Total at 0.46x - Check analysts view and more
- Annu Projects IPO total subscription stands at 0.46x on Day 2.
- Retail category surged 36.1% intraday to reach 0.49x.
- QIBs lead the subscription at 0.58x, remaining relatively flat.
- The issue closes on August 28, 2026.
- Company reported ₹241.25 crore revenue in FY 2026.
*this image is generated using AI for illustrative purposes only.
Annu Projects IPO subscription ticks up to 0.46x on Day 2, with Retail investors driving momentum through a massive 36.1% intraday jump. QIBs lead the pack at 0.58x as the issue races towards its August 28 close.
Subscription Status
The subscription pace picked up significantly in the afternoon session, with Retail jumping from 0.36x to 0.49x between 11:15 AM and 4:15 PM. While QIB interest remained largely flat at 0.57x earlier, it ticked up slightly to 0.58x by late afternoon. NII (bHNI) also saw an uptick to 0.49x. The total subscription moved from 0.39x earlier in the day to 0.46x by the latest update.
Intra-day timeline on 26-08-2026
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.57x | 0.44x | 0.36x | 0.39x |
| 12:15 | 0.57x | 0.45x | 0.40x | 0.41x |
| 13:15 | 0.57x | 0.47x | 0.43x | 0.42x |
| 14:15 | 0.58x | 0.47x | 0.45x | 0.43x |
| 15:15 | 0.58x | 0.49x | 0.47x | 0.44x |
| 16:15 | 0.58x | 0.49x | 0.49x | 0.46x |
Subscription progression
| 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 | 0.49x | 0.33x | 0.49x | 0.46x |
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
The company reported consistent growth in revenue and profit over the last three years.
| Particulars | FY 2024 (₹ crores) | FY 2025 (₹ crores) | FY 2026 (₹ crores) |
|---|---|---|---|
| Revenue from Operations | 153.98 | 180.07 | 241.25 |
| Total Profit (PAT) | 17.39 | 21.10 | 33.03 |
| Total Equity | 68.93 | 122.06 | 155.26 |
Revenue grew at a CAGR of 25.16% from ₹ 1,539.82 million in Fiscal 2024 to ₹ 2,412.48 million in Fiscal 2026. The company achieved a PAT Margin of 13.69% and return on equity of 21.27% in Fiscal 2026.
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
Risk Factors
- Revenue Concentration: More than 90% of revenue is derived from telecom and sewerage infrastructure verticals.
- Customer Concentration: Top 10 customers contributed 97.96% of revenue in FY 2026.
- Government Dependence: 57.09% of revenue came from government sector entities in FY 2026, exposing the company to payment delays and bidding risks.
Key Dates
- IPO Open Date: 2026-08-25
- IPO Close Date: 2026-08-28
- Allotment Date: TBA
- Listing Date: TBA
Will the significant retail momentum observed in the afternoon session of Day 2 sustain through the final day of subscription on August 28?
How might the high customer concentration (97.96% from top 10 clients) impact Annu Projects' valuation stability post-listing?
Could the heavy reliance on government entities (57% of revenue) expose the company to cash flow risks due to potential payment delays?
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