Annu Projects Limited’s initial public offering recorded 88% subscription by the end of the third day of bidding, with qualified institutional buyers emerging as the strongest participating category, according to provisional exchange data.
The initial public offering (IPO) of EPC company Annu Projects Limited received bids for 88% of the shares available by the end of the third day of subscription, according to provisional data released by the stock exchanges.
The public issue saw investors bid for 1,55,25,367 shares against the total number of shares available under the offer. This translates to an overall subscription of 0.88 times, or 88%, as of the end of the bidding session on August 27, 2026.
Demand was strongest in the Qualified Institutional Buyers (QIB) category, which was subscribed above the available quota. The Non-Institutional Investors (NII) segment also saw substantial participation, while the retail portion remained below full subscription at the close of Day 3.
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Add INDYASTORY on GoogleThe issue opened for public subscription on August 25, 2026, and is scheduled to close on August 28, 2026.
Annu Projects IPO Day 3 Subscription Status
The provisional subscription figures showed mixed demand across investor categories, with institutional investors providing the strongest support.
Qualified Institutional Buyers: 1.16 Times Subscribed
The QIB category was subscribed 1.16 times by the end of Day 3.
Investors in this category placed bids for 20,52,392 shares, compared with 17,68,300 shares reserved for qualified institutional buyers.
The QIB segment was the only major investor category to move above full subscription based on the provisional figures available at the end of the third day.
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Add INDYASTORY on GoogleInstitutional participation is often closely watched during an IPO because these investors generally conduct detailed evaluations of a company’s business model, financial position, sector outlook and future growth prospects. However, subscription data alone should not be interpreted as a recommendation to invest.
NII Category Sees 90% Subscription
The portion reserved for Non-Institutional Investors (NIIs) was subscribed 0.90 times.
Bids were received for 63,48,493 shares, against 70,73,200 shares available in the category.
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Add INDYASTORY on GoogleNIIs typically include high-net-worth investors and other eligible investors participating above the retail application threshold. The segment’s near-full subscription added to the overall demand for the issue.
Retail Portion Subscribed 81%
The Retail Individual Investors (RII) category was subscribed 0.81 times, or 81%, at the end of Day 3.
Retail applicants placed bids for 71,24,482 shares, compared with 88,41,500 shares reserved for the category.
Retail demand will remain under focus as the public issue moves towards its final day of bidding.
Annu Projects IPO Subscription Summary
| Investor Category | Shares Bid For | Shares Available | Subscription |
|---|---|---|---|
| QIB | 20,52,392 | 17,68,300 | 1.16 times |
| NII | 63,48,493 | 70,73,200 | 0.90 times |
| Retail | 71,24,482 | 88,41,500 | 0.81 times |
| Overall | 1,55,25,367 | — | 0.88 times |
Subscription figures are based on provisional exchange data available at the end of Day 3 and may be subject to updates.
Annu Projects IPO: Price Band and Issue Size
The Annu Projects IPO is a Rs 175.06 crore book-built public issue comprising an entirely fresh issue of approximately 1.77 crore equity shares.
The company has fixed the price band at Rs 94 to Rs 99 per share.
The issue has a lot size of 151 shares. At the upper end of the price band, a retail applicant would need to invest Rs 14,949 for one lot, excluding any additional considerations that may apply under the IPO application process.
Because the IPO is a fresh issue, the company plans to receive the proceeds from the new shares issued, subject to the use of funds outlined in its offer documents.
Annu Projects IPO Important Dates
Investors tracking the public issue may note the following key dates:
- IPO opening date: August 25, 2026
- IPO closing date: August 28, 2026
- Expected allotment finalisation: August 31, 2026
- Expected listing date: September 2, 2026
- Proposed exchanges: NSE and BSE
Investors should note that IPO schedules can be subject to regulatory, exchange or procedural changes.
How the IPO Is Reserved Across Investor Categories
The total issue comprises 1,76,83,000 shares.
The allocation structure reserves:
- 10% of the issue for Qualified Institutional Buyers
- 40% for Non-Institutional Investors
- 50% for Retail Individual Investors
This allocation structure determines the number of shares available for bidding within each investor category.
The final allotment of shares will depend on the applicable regulatory framework, subscription levels and the basis of allotment finalised for the public issue.
How Annu Projects Plans to Use the IPO Funds
According to the company’s offer documents, the funds raised through the fresh issue are planned to be used for several business requirements.
The proposed utilisation includes:
- Purchase of machinery and equipment
- Meeting working capital requirements
- General corporate purposes
Investment in additional machinery and equipment could support the company’s project execution capabilities, while additional working capital may be used to support the operational requirements associated with its EPC activities.
For engineering and infrastructure companies, working capital management can be particularly important because projects often involve long execution periods, equipment requirements and payment cycles.
What Does Annu Projects Do?
Annu Projects Limited operates as an Engineering, Procurement and Construction (EPC) company and undertakes projects across several utility and infrastructure-related sectors.
Its business activities include work related to:
- Telecommunications infrastructure
- Sewerage systems
- Gas pipelines
- Railway signalling
The company executes projects for a range of customers and operates across sectors that are connected to India’s broader infrastructure development and utility expansion.
Telecom and Infrastructure Operations
In the telecommunications sector, Annu Projects undertakes the installation of cabling and tower infrastructure used for communication networks, automation systems and security-related infrastructure.
Its customer base in this segment includes organisations such as:
- BSNL
- A2Z Infra Engineering
- Bharat Broadband Network
- G R Infraprojects
The continued expansion and modernisation of telecommunications infrastructure has created opportunities for companies involved in network installation and related engineering work.
Sewerage Projects Form a Major Part of the Portfolio
The company’s operations also include sewerage infrastructure projects.
These projects involve work such as:
- Pipeline installation
- Development of sewage treatment plants
- Construction of pumping stations
- Development of manholes
- Related civil and utility infrastructure
Sewerage and water-management infrastructure continues to be an important area of public investment as urban centres and local authorities work to expand sanitation and wastewater treatment capacity.
Gas Pipeline Business
Annu Projects also operates in the gas pipeline infrastructure segment.
The company undertakes the installation of MDPE pipelines in sizes ranging from 20 mm to 125 mm.
MDPE, or medium-density polyethylene, pipelines are commonly used in the distribution of natural gas. The expansion of city gas distribution networks across India has increased the importance of pipeline infrastructure used to connect homes, commercial establishments and other consumers.
According to the information provided in the company’s offer documents, Annu Projects has also completed 38,300 GI connections for domestic and commercial gas supply.
Its customers in the gas segment include:
- Indraprastha Gas
- Gujarat Gas
- GAIL
Project Pipeline and Order Book
As of June 30, 2026, Annu Projects had 23 projects under execution with an aggregate order value of approximately Rs 1,959.35 crore.
The project portfolio included:
- 14 sewerage projects
- 4 telecom projects
- 4 gas pipeline projects
- 1 railway signalling project
The size and composition of an EPC company’s order book are often important indicators for investors because they provide insight into the volume of projects under execution. However, an order book does not guarantee future revenue or profitability, as project execution can be affected by timelines, costs, approvals and other operational factors.
What Investors May Watch on the Final Day
With the IPO scheduled to close on August 28, 2026, the final subscription figures across QIB, NII and retail categories will be closely monitored.
Investors may also watch the final basis of allotment, the company’s listing schedule and broader market conditions leading up to the proposed listing.
While subscription levels can indicate investor participation in a public issue, they should not be treated as the only measure of an IPO’s investment prospects. Potential investors should independently review the company’s official offer documents, business model, financial disclosures, risk factors, valuation and market conditions before making an investment decision.
The final subscription status and other official updates from the stock exchanges and the registrar will provide a clearer picture once bidding closes.
