Annu Projects Limited is an engineering, procurement, and construction (EPC) company.
Issue date: IPO opens on August 25 and closes on 28.Price band: ₹94 to ₹99 per share.Market lot: 151 sharesIPO size: ₹175.06 crore, entirely a fresh issue (Up to 1,76,83,000 equity shares).Quota: Up to 10 per cent for QIBs, 50 per cent for retail bidders and 40 per cent for NIIs.Use of funds: ₹15.4 crore of the net IPO proceeds will go towards the purchase of machinery and equipment and ₹115 crore will be allocated to meet its working capital requirements, while the remaining proceeds will be used for general corporate purposes. About company: Annu Projects Limited is an engineering, procurement, and construction (EPC) company. It is engaged in the design, development, implementation, operations and maintenance of essential overhead and underground utilities infrastructure across telecom infrastructure, sewerage infrastructure vertical and gas pipeline vertical.BRLM/Registrar: Mefcom Capital Markets is the sole book-running lead manager for the Anu Projects IPO, while Kfin Technologies is acting as the registrar to the issue.Listing at: BSE/NSEBrokers’ callAnand Rathi: Annu Projects Limited, at an implied P/E of 19.6x on FY2026 earnings at the upper price band. However, the IPO valuation appears fully priced at the upper band and hence, we recommend a “Subscribe – Long Term” rating to the IPO. SBI Securities: 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 Rs 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.Published on August 25, 2026
