Annu Projects Lists at Up to 27% Discount to IPO Price

Annu Projects shares entered public trading at a significant discount to the issue price on Wednesday, September 2. The engineering, procurement and construction company listed at ₹72 per share on the National Stock Exchange, 27.27% below its ₹99 IPO price.

On the BSE, Annu Projects opened at ₹75 per share, representing a 24.24% discount to the final issue price. The listing marks the latest stage of the company’s ₹175.06-crore initial public offering, which closed for subscription on August 28.

The debut is a current, listing-day development. It reflects the market’s first traded valuation of Annu Projects after the allotment process, rather than a subsequent intraday move or a closing-price update.

NSE and BSE debut below issue price

The IPO was priced in a band of ₹94–₹99 per equity share, with the company fixing the final issue price at the upper end of the range. At ₹72 on NSE, the opening price was ₹27 lower than the issue price. The BSE opening was ₹24 below the IPO price.

For a retail allottee who received the minimum lot of 151 shares at ₹99, the investment amount would have been ₹14,949. At the NSE opening price of ₹72, those shares would be valued at ₹10,872, an opening-price difference of ₹4,077 before brokerage, statutory levies and other transaction charges.

The calculation illustrates the gap between the issue price and the first traded price. It does not indicate an investor’s realised gain or loss, which would depend on the eventual sale price and transaction costs.

A fully fresh issue with working-capital focus

Annu Projects’ IPO comprised a fresh issue of up to 1,76,83,000 equity shares. There was no offer-for-sale component, meaning the issue proceeds are intended for the company rather than existing shareholders selling their stakes.

The company raised ₹175.06 crore at the upper end of the price band. Its stated use of funds includes ₹115 crore for working-capital requirements and ₹15.408 crore for capital expenditure on machinery and equipment. The balance is earmarked for general corporate purposes.

The issue was subscribed 2.93 times during the August 25–28 bidding period. Subscription levels provide a view of demand during the primary-market process, while the listing price represents the first market-based price discovery after the shares begin trading.

Annu Projects’ prospectus also notes that an IPO price should not be treated as an indication of the market price after listing, and that active or sustained trading in its shares cannot be assured.

What Annu Projects does

Annu Projects operates in the EPC and utility-infrastructure space. Its work includes telecom infrastructure, sewerage projects, gas pipelines and railway signalling-related activities.

The New Delhi-headquartered company undertakes design, development, implementation, operations and maintenance work for infrastructure projects. Its operations had extended across eight states and one Union Territory as of June 30, 2026.

Its business mix gives it exposure to infrastructure development across multiple areas, including fibre and telecom networks, water and sewerage systems, city-gas infrastructure and rail-related projects. However, the listing event should be viewed as company-specific price discovery rather than as a broad signal for all infrastructure stocks or IPOs.

Financial snapshot before the listing

Annu Projects reported revenue from operations of ₹241.25 crore in FY26. EBITDA stood at ₹50.19 crore, while profit after tax was ₹33.03 crore, according to restated financial information in its prospectus.

The company reported an EBITDA margin of 20.81% and return on net worth of 21.27% for FY26. Its order book stood at ₹938.65 crore at the end of the financial year, which provides visibility into potential future project execution.

The order book is relevant because EPC businesses depend on the timely execution and billing of projects. The company has cautioned that orders may be altered, delayed, put on hold, cancelled or may not translate into revenue as expected.

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What investors may track after listing

The discount debut shifts attention from the IPO process to execution and financial delivery. Investors tracking the newly listed stock may watch progress in converting the reported ₹938.65-crore order book into revenue, as well as working-capital requirements and receivable collections.

The prospectus flags customer concentration, dependence on government-sector entities, project-execution risks and long receivable cycles among important business risks. Government-sector entities accounted for 57.09% of FY26 revenue from operations, while the top 10 customers contributed 97.96%.

The company also reported negative operating cash flow of ₹0.247 crore in FY26 and total borrowings of ₹52.54 crore. These figures make cash conversion, collection efficiency and funding requirements relevant indicators alongside revenue and profit growth.

For individuals who want to transact in newly listed shares, an eligible investor must have a demat account and access to a SEBI-registered broker for online trading. That market access does not by itself make a stock suitable for every investor; listing-day prices can change rapidly and should be assessed alongside company disclosures and personal risk considerations.

Annu Projects’ September 2 debut therefore provides a clear listing-price datapoint: a company whose IPO was subscribed 2.93 times began exchange trading below its ₹99 issue price. Its future market performance will depend on traded demand as well as delivery on project execution, cash flows and its stated use of fresh-issue proceeds.