Annu Projects Limited (Formerly known as Annu Projects Private Limited) IPO — the disclosed details
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The publicly disclosed details of the Annu Projects Limited IPO — a New Delhi-based EPC contractor across telecom, sewerage, gas-pipeline and railway-signalling infrastructure — restated from the Red Herring Prospectus dated August 18, 2026.
This issue's bidding window has closed. What follows is the record of what was disclosed while the offer was open. It is not updated after the close, and it is not a view on the company or on how the shares have traded since.
This page restates the publicly disclosed details of the Annu Projects Limited IPO, taken from the Red Herring Prospectus dated August 18, 2026. It is a record of what has been filed, nothing more. If the vocabulary is new — DRHP, price band, buckets, allotment — read how an Indian IPO actually works first.
What the company does
Annu Projects Limited was originally incorporated on June 19, 2003 as Annu Infra Construct (India) Private Limited. It was renamed Annu Projects Private Limited in February 2020, converted to a public limited company, and renamed Annu Projects Limited in July 2024 — the RHP records this history verbatim.
The company is a New Delhi-based EPC (engineering, procurement and construction) contractor operating across four verticals: telecom infrastructure (fibre-optic/OFC networks and tower infrastructure), sewerage infrastructure (pipelines, treatment plants and pumping stations), gas pipeline infrastructure, and railway signalling, which it entered in Fiscal 2026. Its first railway-signalling project is with Eastern Railway’s Howrah Division, for UFSBI/SSBPAC communication media works, at a contract value of approximately Rs 113.13 million.
Telecom and sewerage together are the dominant verticals, on the RHP’s own vertical-revenue table: they contributed 94.17% of revenue from operations in Fiscal 2026, 95.07% in Fiscal 2025 and 91.32% in Fiscal 2024, against total revenue from operations of Rs 2,412.48 million in Fiscal 2026. The company works predominantly with government and public-sector customers, and its business is concentrated in Bihar, Jharkhand, Goa, West Bengal and Madhya Pradesh, which together contributed more than 70% of revenue from operations across Fiscals 2024–26.
What the money is for
The Issue is entirely a fresh issue of up to 17,683,000 Equity Shares of Rs 10 face value — the RHP fixes the share count but leaves the aggregate rupee amount blank, to be finalised on determination of the Issue Price. There is no offer for sale: the RHP states it is “not applicable as there is no offer for sale in the present initial public offering of our Company,” so there are no selling shareholders and none of the proceeds go to an existing holder — that is where offer-for-sale money goes in an issue that has one. The DRHP dated June 27, 2025 had originally sized the fresh issue at 22,000,000 Equity Shares; the RHP revised this down to the 17,683,000 now fixed for the Issue. All net proceeds go to the company, for the three stated objects below.
| Object of the fresh issue | Amount, as filed |
|---|---|
| Capital expenditure — purchase of machinery and equipment | Rs 154.08 million; entire amount scheduled for deployment in Fiscal 2027, nil in Fiscal 2028 |
| Funding working capital requirements | Rs 1,150.00 million; Rs 650.00 million scheduled for Fiscal 2027, Rs 500.00 million for Fiscal 2028 |
| General corporate purposes | Amount to be finalised on determination of the Issue Price; the RHP states it shall not exceed 25% of the Gross Proceeds |
What the RHP flags as risks
These are risk factors from the RHP’s own risk-factor section, paraphrased without addition.
- Revenue concentration in two verticals. The RHP states the company derived more than 90.00% of its revenue from operations from the telecom infrastructure and sewerage infrastructure verticals in Fiscals 2026, 2025 and 2024 — precisely 94.17%, 95.07% and 91.32% respectively.
- Dependence on government customers. 57.09%, 64.99% and 60.88% of revenue from operations in Fiscals 2026, 2025 and 2024 came from Central Government, State Government or public-sector-undertaking customers, won through competitive bidding.
- Customer concentration. The top 10 customers contributed 97.96%, 98.25% and 95.90% of revenue from operations in Fiscals 2026, 2025 and 2024 respectively.
- Geographic concentration. Bihar, Jharkhand, Goa, West Bengal and Madhya Pradesh together contributed more than 70.00% of revenue from operations in Fiscals 2024–26.
- Contingent liabilities. Total contingent liabilities were Rs 1,008.66 million as of March 31, 2026 — equivalent to 64.97% of the company’s net worth, per the RHP’s own disclosure.
- Working-capital-intensive business, with liquidated damages paid in past years. The RHP’s own liquidated-damages table shows payments of Rs 42.07 million, Rs 8.52 million and Rs 0.90 million in Fiscals 2024, 2025 and 2026 respectively — 2.73%, 0.47% and 0.04% of revenue from operations in those years — tied to a working-capital-intensive business with long trade-receivable cycles.
The numbers as filed
| Item | As filed |
|---|---|
| Issue size | Fresh Issue of up to 17,683,000 Equity Shares of Rs 10 face value; the RHP leaves the aggregate rupee amount blank. As reported: approximately Rs 175.06 crore at the Rs 99 cap |
| Fresh issue | Up to 17,683,000 Equity Shares — the entire Issue |
| Offer for sale | Not applicable — the RHP states there is no offer for sale in this IPO |
| Face value | Rs 10 per Equity Share |
| Price band (as reported) | Rs 94 (floor) – Rs 99 (cap) per Equity Share |
| Lot size (as reported) | 151 Equity Shares, and in multiples of 151 thereafter |
| Minimum investment (as reported) | Rs 14,949 for one retail lot |
The RHP’s own Floor Price, Cap Price, Allotment Lot and Gross Proceeds fields print as blank “[ ]” placeholders throughout — on the cover page, in the Basis for Issue Price chapter and in the Issue Structure chapter. The Rs 94–99 band and the 151-share lot above are therefore marked “(as reported)”: they come from independently corroborated secondary trackers (Groww, mStock, IPO Watch, TradingView), not from the RHP text itself. They are arithmetically consistent with the RHP’s fixed 17,683,000-share fresh issue — 17,683,000 × Rs 99 works out to Rs 175.06 crore, and × Rs 94 to Rs 166.22 crore, both matching the reported issue-size figures — but that consistency does not make them primary-filed numbers. The minimum-investment figure is arithmetic on the reported band and lot (151 × Rs 99), not a line item printed in the RHP.
Financials, from the RHP’s Financial KPIs and Basis for Issue Price tables. Fiscal 2026 figures are on a standalone basis; Fiscal 2025 and Fiscal 2024 figures are on a consolidated basis — the RHP’s own footnote states this distinction (Rs in million):
| Fiscal year | Revenue from operations | EBITDA (margin) | PAT (margin) | Basic & diluted EPS (Rs) |
|---|---|---|---|---|
| FY2024 | 1,539.82 | 285.04 (18.51%) | 173.87 (11.29%) | 4.07 |
| FY2025 | 1,800.66 | 321.92 (17.88%) | 211.04 (11.72%) | 4.65 |
| FY2026 | 2,412.48 | 501.94 (20.81%) | 330.27 (13.69%) | 6.91 |
The weighted-average EPS across the three years, as printed in the RHP’s Basis for Issue Price table, is Rs 5.68.
Who can actually sell on listing day
On listing day, most of Annu Projects’ share register is not allowed to trade. A lock-in is not a forecast of anything — it is a restriction on selling; it says who may trade, not what the price will do.
Here is what this RHP itself locks up. All periods run from the date of Allotment:
| Who | Locked for, per this RHP |
|---|---|
| Minimum Promoters’ contribution — 20% of the post-Issue Equity Share capital, under Regulation 14 and Regulation 16 of the SEBI ICDR Regulations. The RHP leaves the exact share count blank, “to be updated at the Prospectus stage and subject to finalization of basis of allotment” | 18 months from Allotment |
| Promoters’ shareholding in excess of that 20% | 6 months from Allotment |
| The entire pre-Issue Equity Share capital held by persons other than the Promoters, under Regulation 17 — except (i) the Minimum Promoters’ Contribution and (ii) Equity Shares held by VCFs, Category I/II AIFs or FVCIs, which instead lock for six months from their own date of purchase, under Regulation 8A(c) | 6 months from Allotment |
| Anchor investors | Not applicable — this RHP carries no Anchor Investor Portion |
This issue has no anchor book because it has no Anchor Investor Portion at all. The RHP dated August 18, 2026 contains zero occurrences of “Anchor Investor,” its Bid/Issue Period box on the cover carries no separate Anchor Investor Bidding Date line, and its Issue Structure table splits the Issue into exactly three categories — QIBs, Non-Institutional Bidders and Retail Individual Bidders — with no anchor row. That is a change from the draft stage: the DRHP dated June 27, 2025 did carry a full Anchor Investor Portion clause, allowing up to 60% of the Net QIB Portion to anchor investors on a discretionary basis, which was dropped entirely by the RHP stage.
The count, from the RHP’s filed share numbers:
| Step | Shares | % of post-issue capital |
|---|---|---|
| Total offer (fresh issue; no offer for sale) | 17,683,000 | 27.00% |
| Less: anchor allotment, locked 30/90 days | 0 — no Anchor Investor Portion in this Issue | 0.00% |
| = Sellable on listing day | 17,683,000 | 27.00% |
| Locked or not offered — the rest of the register | 47,809,670 | 73.00% |
| Post-issue capital | 65,492,670 | 100.00% |
| Memo: of that locked block, held by the Promoters | 41,900,250 | 63.98% |
| Memo: of that locked block, held by the Promoter Group | 700,640 | 1.07% |
| Memo: of that locked block, held by public / non-Promoter pre-Issue shareholders | 5,208,780 | 7.95% |
The RHP lists carve-outs from the six-month lock and does not size them: shares allotted under an employee stock option scheme before the Issue, and holdings of a VCF, Category I/II AIF or FVCI locked instead for six months from that fund’s own date of purchase. No capex-linked or performance-linked release condition exists in this RHP — both lock-in triggers are strictly time-based. The calculation above assumes the Issue is fully subscribed and fully allotted.
These figures are from the RHP’s Capital Structure, Details of Lock-in, Issue Structure and shareholding-pattern sections, as of 23 August 2026.
Dates and mechanics
| Event | Date |
|---|---|
| Bid/Issue opens | 25 August 2026 |
| Bid/Issue closes (UPI mandate ends 5:00 pm) | 28 August 2026 |
| Basis of allotment (as reported; not fixed in the RHP) | 31 August 2026 |
| Credit to demat accounts (as reported) | 1 September 2026 |
| Listing on BSE and NSE (as reported; indicative) | 2 September 2026 |
The RHP’s cover page fixes only the Bid/Issue Open and Close dates above; the allotment, demat-credit and listing dates are not printed in the RHP text and are marked “(as reported)” from secondary trackers, cross-corroborated across multiple sources this session.
| Bucket | Share of the Issue, as filed |
|---|---|
| Qualified Institutional Buyers | Not more than 10.00% of the Issue. Up to 5.00% of the QIB Portion is reserved proportionately for Mutual Funds only |
| Non-Institutional Bidders | Not less than 40.00% of the Issue — one-third for application size above Rs 0.20 million and up to Rs 1.00 million; two-thirds for application size above Rs 1.00 million |
| Retail Individual Bidders | Not less than 50.00% of the Issue |
The Issue is made under Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, read with Regulation 31 of the SEBI ICDR Regulations, pursuant to Regulation 6(1), through a Book Building Process under Regulation 32(1). BSE and NSE granted in-principle listing approvals each dated September 9, 2025; BSE is the Designated Stock Exchange for the Issue.
Book Running Lead Manager: Mefcom Capital Markets Limited (SEBI registration INM000000016). Registrar: KFin Technologies Limited (SEBI registration INR000000221).
Information as of 23 Aug 2026, taken from the offer documents and pages linked below. This is not an IPO review and no subscribe/avoid rating is given. Figures move through the issue lifecycle — check the filed documents before acting on any of them. Grey-market premium is an unofficial, unregulated price with no exchange record, and is not referenced here as information. Where the standing notice below refers to hypothetical figures, that covers the illustrative worked examples used in the options posts on this site — every number on this page is reproduced from the filed documents cited above.
This post is for educational purposes only and does not constitute investment advice or a recommendation to buy or sell any security or derivative contract. The author is not a SEBI-registered Research Analyst or Investment Adviser. Futures and options trading carries a high risk of loss and is not suitable for every investor — you can lose your entire premium, and more when selling naked. All figures and examples in this post, including the rupee premiums and price levels, are hypothetical and used only to illustrate the framework; they are not predictions, return promises, performance claims, or a recommendation to trade any specific instrument. Lot sizes and premiums change over time — always check current exchange data before trading. Please consult a SEBI-registered investment adviser before making any investment decisions.
Sources
- RHP - Annu Projects Limited, dated August 18, 2026 (hosted by BRLM Mefcom Capital Markets) -- RE-FETCHED FRESH this session and independently re-converted to text (399 pages) →
- DRHP - Annu Projects Limited, dated June 27, 2025 (NSE archives) -- RE-FETCHED FRESH this session via direct download (WebFetch timed out; curl succeeded), independently converted to text (412 pages) →
- Chittorgarh - Annu Projects IPO page (secondary/aggregator) →
- Groww blog - Annu Projects IPO details (secondary/aggregator) -- RE-FETCHED successfully this session →
- TradingView News wire - price band announcement (secondary) -- RE-FETCHED successfully this session →
- mStock - Annu Projects Ltd IPO page (secondary/aggregator) -- RE-FETCHED successfully this session →
- IPO Watch - Annu Projects IPO page (secondary/aggregator) -- RE-FETCHED successfully this session →
Common questions
How does IPO allotment work?
Applications are matched against the minimum lot size within each investor category (retail, HNI, QIB). In the retail category every applicant is first considered for one minimum lot: when the retail portion has enough shares to give every retail applicant one lot, everyone gets at least one and the surplus goes proportionately to those who bid more. Only when there aren't enough shares for one lot each is a computerised draw of lots used to pick who gets that single lot — and then each successful applicant gets exactly one lot, however many they bid for. It is never first-come-first-served, so applying early doesn't improve the odds.
What does the anchor investor lock-in mean?
Anchor investors (institutions allotted shares a day before the issue opens) are locked in and can't sell for a fixed period — and the clock runs from the date of Allotment, not from listing. Under the SEBI ICDR Regulations, 50% of the anchor shares are locked for 90 days from Allotment and the remaining 50% for 30 days from Allotment. It restricts anchors only; it says nothing about how retail-held shares will trade.
When do I get my money back if I'm not allotted?
Under ASBA, your bank only blocks the funds in your account — it's never debited until allotment. If you get no shares (or only a partial allotment), the block is released without any separate refund step: SEBI requires your bank (the SCSB) to complete the unblock by the close of banking hours on the working day after the basis of allotment is finalised — under the T+3 timeline, the day before the shares list. If it takes longer than that, SEBI's compensation policy provides ₹100 per day or 15% per annum of the application amount, whichever is higher — but it is complaint-triggered, so you have to raise it with your bank or the issue's lead manager to claim it.
What is ASBA / the UPI mandate?
ASBA (Application Supported by Blocked Amount) blocks the bid amount in your bank account instead of debiting it upfront. Retail investors bidding through UPI approve a mandate request in their UPI app, which blocks the funds — the money leaves your account only if shares are actually allotted.
The rest of the site
This page is a record of what was filed and published, and it stops there. The rest of the site is about the part that comes after you own something — how much of it to own, how to write the decision down, and how to grade it later.
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