Overview
- Annu Projects made its stock market debut on Wednesday, September 2, 2026, with shares opening as much as 27% below the Rs 99 IPO price and ending the first trading day about 21–24% lower.
- The company raised Rs 175 crore from an all‑fresh issue of 1,76,83,000 shares at a Rs 94–99 price band, and the public offering was subscribed 2.93 times during bidding.
- Brokerages pointed to cash‑flow uncertainty and a high dependence on a few customers as key concerns that weighed on aftermarket demand.
- Annu Projects’ offer document shows telecom and sewerage work made up 94% of FY26 revenue, government clients accounted for about 65% of FY26 revenue, and the top 10 customers contributed roughly 98% of revenue in FY25–FY26.
- The company plans to use about Rs 115 crore for working capital and around Rs 15–15.41 crore to buy machinery, and the weak listing may heighten scrutiny of funding needs and valuation for small EPC fresh issues with concentrated client bases.