Annu Projects Ltd IPO opens August 25: Price band ₹94 to ₹99, issue size ₹175 crore and key details

Summary:

Annu Projects IPO opens on August 25, 2026, at a price band of ₹94 to ₹99 per share. The ₹175.06 crore issue is entirely a fresh issue, with no offer for sale component. It closes August 28 and lists tentatively September 2 on BSE and NSE.

Introduction

Annu Projects is a Delhi-based engineering, procurement, and construction company working across telecom infrastructure, sewerage infrastructure, and gas pipeline verticals. The subscription runs for four days, closing on August 28, with the listing tentatively scheduled for September 2 on both BSE and NSE. What sets this issue apart from most others in the current pipeline is that it carries no offer for sale at all, meaning the entire raise is fresh capital going into the company. 

Annu Projects IPO: Key highlights

Annu Projects IPO dates and timeline

The Annu Projects IPO date spans four trading sessions, with allotment, refunds, and listing following over the following week.

Bidding runs Tuesday through Friday, giving investors a full working week to apply. 

Annu Projects IPO price band, lot size and minimum investment

At a face value of ₹10 per share, the Annu Projects IPO price band of ₹94 to ₹99 works out to a minimum retail investment of ₹14,949 for a single lot of 151 shares. Retail investors can bid at the cut-off price, while HNI categories are expected to bid at a specific price point within the band.

The reservation split here stands out compared to most mainboard issues. QIB investors get not more than 10 percent of the issue, retail investors get not less than 50 percent, and non-institutional investors get not less than 40 percent, a structure that leans far more heavily toward individual investors than the usual 50-35-15 split.

Annu Projects IPO issue size and offer structure

The entire ₹175.06 crore issue is a fresh issue, with no offer for sale component at all. This is a meaningful point of difference from several other recent listings, where the offer for sale has often made up the larger, or even the overwhelming, share of the total raise. Here, every rupee an investor puts in during the IPO goes toward the company's own balance sheet rather than to any existing shareholder cashing out.

Since there is no OFS, there are no selling shareholders to account for, and the dilution that follows comes entirely from the fresh shares being issued rather than from promoters reducing their stake through a sale. The promoter and promoter group holding still falls, from 89.11 percent before the issue to 65.05 percent after, but that shift reflects new shares being created rather than existing promoter shares being sold to the public.

Objectives of the IPO

With the full issue being fresh capital, the company has a fairly clear and straightforward use of proceeds. Of the roughly ₹130 crore in estimated net proceeds, the bulk, around ₹115 crore, is earmarked for funding working capital requirements, and a smaller amount, close to ₹15 crore, is set aside for capital expenditure toward purchasing machinery or equipment. A residual portion goes toward general corporate purposes. This is a working-capital-led raise, which fits an EPC business where projects often require funding well before client payments come through.

About Annu Projects Ltd.

Annu Projects operates as an engineering, procurement, and construction company engaged in the design, development, implementation, operations, and maintenance of overhead and underground utilities infrastructure. Its business spans three main verticals: telecom infrastructure, sewerage infrastructure, and gas pipeline infrastructure, giving it a spread across different types of essential utility projects rather than dependence on a single infrastructure category.

In telecom infrastructure, the company handles surveying, designing, and installing cabling and tower infrastructure for communication, automation, and electronic security systems, with a client list that includes Bharat Sanchar Nigam Limited, A2Z Infra Engineering, Bharat Broadband Network Limited, and other established names in the sector. Working across telecom, sewerage, and gas pipeline verticals at the same time gives the company more than one source of project pipeline, which can help smooth out demand if any single segment slows. The company is led by two promoters, Sanjay Kumar Sarraf and Krishna Ranjan.

Financial performance

Annu Projects has grown at a fast pace over the past three financial years, with profit growing considerably faster than revenue.

Revenue grew 34 percent in FY26, and profit after tax grew a faster 56 percent, pointing to genuine margin improvement alongside strong top-line growth. Net worth has more than doubled between FY24 and FY26. Borrowings, however, have risen sharply too, more than doubling in the most recent year alone, which is worth watching alongside the plan to use a large part of fresh proceeds for working capital rather than debt reduction. It is worth noting that FY26 figures are reported on a standalone basis rather than consolidated.

Strengths of Annu Projects Ltd.

• Presence across three distinct infrastructure verticals: telecom, sewerage, and gas pipeline
• Strong revenue and profit growth, with profit growing faster than revenue in FY26
• An established client base that includes large public sector and infrastructure names
• Entirely fresh issue structure, meaning all proceeds go toward the company rather than existing shareholders
• Retail and non-institutional friendly reservation, with 90 percent of the issue set aside for these categories combined
• Return on equity and return on capital employed both above 20 percent in FY26

Risks investors should consider

• Borrowings have risen sharply in FY26, more than doubling from the prior year, even as debt to equity remains moderate
• Post-issue price to earnings works out to close to 20 times, not a discounted valuation for a mid-sized EPC company
• FY26 financials are reported on a standalone basis, which is worth keeping in mind when comparing year-on-year figures
• EPC and infrastructure businesses depend heavily on the timing and pace of government and public-sector project awards
• Working capital-intensive operations mean project delays or payment slippages from clients can strain cash flow
• QIB participation is capped at 10 percent of the issue, which can sometimes translate into lower institutional interest relative to retail-heavy issues

Should you track the Annu Projects IPO?

There is a fair amount to like in the growth numbers here. Revenue and profit have both grown quickly, with profit outpacing revenue, and the company has built a presence across three separate infrastructure verticals rather than depending on a single project type. The fact that the entire issue is fresh capital, with no promoter or investor cashing out, is also a point worth noting, since it means the money raised is genuinely meant to fund the business rather than provide an exit route.

The rise in borrowings and the retail-heavy structure are the two things worth sitting with more carefully. A sharp jump in debt alongside continued working capital funding through the IPO suggests the business is scaling quickly, and investors should be comfortable with the cash flow demands that come with EPC work before applying. Those drawn to smaller, fast-growing infrastructure companies with diversified verticals may find this one worth tracking through the subscription window.

Latest Annu Projects IPO subscription updates

As of publishing, the Annu Projects IPO is yet to open for subscription, with bidding scheduled to begin on August 25, 2026. Once the issue goes live, subscription figures across the qualified institutional buyer, non-institutional investor, and retail categories will start updating through the four-day bidding window. Given the retail and NII-heavy reservation structure here, demand in these two categories will likely be the more telling signal to watch. This section will be updated with day-wise subscription numbers as they become available, ahead of the allotment date on August 31.

Conclusion

Annu Projects brings a diversified, fast-growing EPC business to market at ₹94 to ₹99, with bidding running August 25 to 28 and listing set for September 2. Strong revenue and profit growth, an entirely fresh issue structure, and presence across three infrastructure verticals are the clear positives. Rising borrowings and the working capital-intensive nature of EPC work are the factors worth studying closely before deciding whether to apply.