Annu Projects IPO lists at discount

Annu Projects, an engineering procurement and construction firm, made a weak stock market debut on September 2, 2026, listing at a discount of up to 27% to its IPO price of Rs 99. The stock opened at Rs 75 on the Bombay Stock Exchange (24.24% discount) and Rs 72 on the National Stock Exchange of India (27.27% discount), later hitting an intraday low of Rs 71.25. The IPO, which was entirely a fresh issue of 1.7683 crore equity shares, was subscribed 2.93 times, with strong demand from non-institutional investors (3.55 times) and retail investors (2.68 times). The company plans to use Rs 115 crore of proceeds for working capital, Rs 15.41 crore for capital expenditure, and the rest for general corporate purposes. Key risks highlighted include high concentration in telecom and sewerage segments (94% of FY26 revenue), dependence on government clients (65% of FY26 revenue), and customer concentration with top 10 customers contributing 98% of revenue. Despite the weak listing, the company reported steady financial growth, with revenue rising to Rs 241.2 crore in FY26 from Rs 180.1 crore in FY25, and PAT increasing to Rs 33 crore from Rs 21.1 crore.