Annu Projects IPO: From GMP to valuation, price band — 5 ‘must know’ details before you Subscribe

The company works on infrastructure projects spanning fibre optics, sewerage and gas pipelines.

So, is the IPO worth applying for? This may depend less on the listing-day premium and more on the company’s valuation, order execution and cash flows. Let’s take a look at the key details of the is issue and what investors need to know before subscribing –

Annu Projects IPO: What are you paying?

Annu Projects has fixed its IPO price band at Rs 94-99 per share. The company plans to raise Rs 175.06 crore through a fresh issue of around 1.77 crore shares.

There is no offer-for-sale component. Putting it in simple words, this means the money raised will go to the company rather than existing shareholders.

For retail investors, the minimum bid is 151 shares. At the upper price band, this means an investment of Rs 14,949.

Annu Projects IPO GMP nil: What does it signal?

As of the latest, the GMP of Annu Projects stands at Rs 0. At the upper price band of Rs 99, this indicates an estimated listing price of around Rs 99.

In simple terms, the grey market is currently signalling a flat listing.

However , it is important to understand that GMP is unofficial and driven by market sentiment. It can change sharply before listing and does not guarantee the actual listing price.

What does Annu Projects do?

Annu Projects operates in the EPC infrastructure segment. Its business covers overhead and underground utility infrastructure, including telecom fibre-optic networks, sewerage projects and gas pipelines.

The company is therefore exposed to infrastructure spending and government-linked projects.

Anand Rathi, SBI Securities: Here’s what the brokerages say

Anand Rathi Research believes the valuation is on the higher side but still recommends subscribing for the long term.

It said, “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 is more cautious. It noted that revenue, EBITDA and profit after tax grew at compound annual growth rates of 25%, 33% and 38%, respectively, between FY24 and FY26.

However, it flagged customer concentration, dependence on government contracts and a stretched working-capital cycle.

SBI Securities therefore said, “We therefore assign a’ Neutral’ rating to the IPO and would prefer to monitor cash-flow generation and execution consistency post listing.”

Should you subscribe?

At Rs 99, Annu Projects is valued at around 19.6 times FY26 earnings. Anand Rathi sees long-term potential, while SBI Securities wants investors to watch execution and cash generation after listing.

Disclaimer: This article discusses an initial public offering (IPO) for educational and news reporting purposes only. It does not constitute an offer, solicitation, or recommendation to buy, sell, or subscribe to any securities or investment products. Investment in equities and IPOs involves substantial market risk, including the possible loss of principal amount. Brokerage ratings and indications such as Grey Market Premium (GMP) are subjective or unofficial and should not be used as the sole basis for any investment decision. Readers must conduct their own independent evaluation, assess their personal risk tolerance, and consult a SEBI-registered financial advisor or qualified financial professional before taking any investment action.