Annu Projects shares made a weak debut on Wednesday, listing at a 24-27 per cent discount to the IPO price of ₹99 before hitting the upper circuit within seconds.

Annu Projects shares made a weak debut on Wednesday, listing at a 24-27 per cent discount to the IPO price before quickly hitting the upper circuit. The stock, however, continued to trade below its IPO price of ₹99 throughout the session.On the BSE, the stock began trading at ₹75, a 24.24 per cent discount to the issue price. On the NSE, it debuted at ₹72, marking a 27.2 per cent discount.The stock closed at ₹75.60 on the NSE (the upper circuit), about 24 per cent below the offer price.On the BSE, it ended at ₹77.90, representing about 4 per cent listing gains, but 21 per cent below IPO price, after scaling to the upper band of ₹78.74.Shivani Nyati, Head of Wealth at Swastika Investmart Ltd, said Annu Projects’ post-listing valuation looked reasonable at around 19.6x P/E, below peers EMS and Likhitha Infrastructure. She highlighted the company’s ₹938.65 crore order book, ₹1,959 crore visibility from ongoing projects, 21.27 per cent ROE and 20.81 per cent EBITDA margin.However, Nyati flagged high customer concentration and weak operating cash flows as key risks. Nyati recommended existing investors hold with a ₹65 stop loss, while fresh investors could consider gradual buying on dips rather than chasing the stock after listing.IPO subscriptionThe ₹175-crore initial public offering of the engineering, procurement, and construction firm was subscribed 2.93 times overall.The non-institutional investor portion garnered 3.55 times subscription, while the retail portion was booked 2.68 times. The Qualified Institutional Buyers (QIBs) category was subscribed 1.72 times.Annu Projects had fixed a price band of ₹94-99 a share for its IPO. The issue comprised only a fresh issue of 1,76,83,000 equity shares.The company plans to utilise ₹115 crore of the IPO proceeds to fund working capital requirements, and ₹15 crore for capital expenditure on the purchase of machinery or equipment. The remainder will be used for general corporate purposes.Mefcom Capital Markets Ltd was the book-running lead manager to the issue, while Kfin Technologies Ltd was the registrar.More Like ThisPublished on September 2, 2026