Annu Projects IPO Day 3: Issue subscribed 88% | GMP, review, apply or not?

Annu Projects IPO Day 3 LIVE: Bidding for the initial public offering (IPO) of Annu Projects Ltd has opened on 25 August 2026. The public issue will remain open for bidding until 28 August 2026. The company has declared the Annu Projects IPO price band at ₹94 to ₹99 per equity share. Annu Projects IPO subscription will remain open from 10:00 AM to 5:00 PM on all trade dates during the Annu Projects IPO subscription period. Annu Projects' IPO size is ₹175 crore, raised through the issuance of fresh shares. Meanwhile, Annu Projects' IPO GMP (Grey Market Premium) is signalling a flat listing, as the stock is trading at a 4% premium in the grey market today.

Annu Projects IPO GMP today

According to market observers, the company's shares are trading at a ₹4 premium in the grey market today. This means Annu Projects IPO GMP today is ₹4, which is 4% higher than the upper price band of Annu Projects IPO. So, the grey market is signalling a flat 4% listing gain for investors.

Annu Projects IPO subscription status

By 5:00 PM on day 3, the public issue was booked 0.88 times, the retail portion was filled 0.81 times, whereas the NII portion was subscribed to 0.90 times. The QIB portion has been subscribed to 1.16 times.

Annu Projects IPO review

Master Capital Services has assigned a ‘subscribe’ tag to the book-building issue, saying, "Annu Projects works across telecom, sewerage, and gas pipeline infrastructure, positioning it among the contractors eligible to bid for these government-funded projects. The customer base is concentrated in central and state government entities and public sector undertakings, with the balance from private clients. Its verticals telecom infrastructure, sewerage infrastructure, gas pipeline, and railway signalling provide revenue streams anchored by government-funded d infrastructure infra programmes. Investors may consider the IPO as a potential long-term investment opportunity.”

Whether one should apply for the public issue or not, SBI Capital Securities says, “APL is a diversified EPC infrastructure company with a strong execution track record and healthy earnings growth over FY24-26, with Revenue/EBITDA/PAT registering a CAGR of 25%/33%/38%, respectively. At the upper price band of ₹99, the issue is valued at a P/E multiple of 19.6x FY26 earnings on a post-issue basis, which appears in line with peers. However, high customer concentration, dependence on government contracts and a stretched working capital cycle raise concerns around the quality and durability of earnings. We therefore assign a NEUTRAL rating to the IPO and would prefer to monitor cash-flow generation and execution consistency post listing.”

Annu Projects IPO details

The company aims to raise ₹175 crore through the issuance of fresh shares. A bidder will be able to apply for the public issue in lots, and one lot of the public offer comprises 151 company shares.

Most likely, Annu Projects IPO allotment date is 29th August 2026. In case of any delay, the share allotment can be expected on 31st August 2026. Mefcom Capital Markets Ltd has been appointed lead manager of the Annu Projects IPO. KFin Technologies Private Ltd has been appointed the official registrar of the book build issue.

Most likely, Annu Projects IPO listing date is 2 September 2026.

Disclaimer: This story is for educational and informational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified financial experts before making any investment decisions.