Annu Projects IPO Day 3: Issue subscribed 1.46x so far. Check issue details and key dates
- Annu Projects IPO closed with an overall subscription of 1.46x.
- NII (bHNI) was the strongest category at 1.66x, followed by Retail at 1.48x.
- QIB subscription stood at 1.21x by the end of Day 3.
- The issue is priced between ₹94.00000 and ₹99.00000.
- Allotment and listing dates are yet to be announced.
*this image is generated using AI for illustrative purposes only.
Annu Projects IPO closed on Day 3 with an overall subscription of 1.46x. NII (bHNI) led the demand at 1.66x, followed by Retail at 1.48x. The issue is priced between ₹94.00000 and ₹99.00000.
Final Subscription Status
The IPO saw significant momentum in the final hours of Day 3 (28-08-2026). Between 11:15 AM and 12:15 PM, the total subscription jumped from 1.18x to 1.46x. NII (bHNI) witnessed the sharpest rise, ticking up by 45.6% to reach 1.66x.
| 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 | 1.21x | 1.66x | 1.44x | 1.48x | 1.46x |
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 |
Category-wise Breakdown
- NII (bHNI): Led the subscription at 1.66x, showing strong high-net-worth individual interest.
- Retail: Subscribed 1.48x, indicating robust individual investor participation.
- NII (sHNI): Subscribed 1.44x.
- QIB: Institutional investors subscribed 1.21x.
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. 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.
Financial Highlights
The company has shown consistent revenue growth over the last three years. Total equity increased from ₹68.93 crores in FY24 to ₹155.26 crores in FY26.
| 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. Profit after tax rose from ₹17.39 crores to ₹33.03 crores in the same period.
Objects of the Issue
- Funding working capital requirements: ₹115.00 crores towards incremental working capital for business operations and expansion.
- 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.
- Customer Concentration: Top 10 customers contributed 97.96% of revenue in FY26.
- Government Dependence: 57.09% of revenue in FY26 was derived from government sector entities.
What's Next
The IPO closed on 2026-08-28. 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.
How might the heavy reliance on government contracts (57% of revenue) impact Annu Projects' cash flow stability in the coming fiscal years?
Given the 98% revenue concentration among the top 10 customers, what is the company's strategy to diversify its client base post-IPO?
Will the allocation of ₹115 crores for working capital significantly improve the company's operational efficiency compared to its peers?
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