About Annu Projects IPO
Annu Projects IPO Details
The Annu Projects IPO is a 100% book-built issue consisting entirely of a fresh issue of 2.20 crore equity shares, with a face value of ₹10 per share. The company filed its DRHP with SEBI on June 27, 2025.
The price band and official dates of subscription and listing will be announced by the company later, but the shares are supposed to be listed on the BSE and the NSE platforms. The book-running lead manager (BRLM) of this issue is Mefcom Capital Markets Ltd., while the registrar to the issue is KFin Technologies Ltd.
Annu Projects IPO Date & Timeline
Annu Projects Ltd. officially filed its Draft Red Herring Prospectus (DRHP) on June 27, 2025. However, the specific Annu Projects IPO date and subscription timeline remain unannounced. Following regulatory approval, the company will finalise the price band and bidding dates. Once cleared, the schedule for anchor allotment, public bidding and the final listing on the exchange will be formally disclosed.
Annu Projects IPO Timeline
| IPO Open Date | - |
| IPO Close Date | - |
| Tentative Allotment | - |
| Initiation of Refunds | - |
| Credit of Shares to Demat | - |
| Tentative Listing Date | - |
| Cut-off time for UPI mandate confirmation | - |
Annu Projects IPO Details
| Detail | Description |
|---|---|
| IPO Date | - |
| Listing Date | - |
| Face Value | ₹ 10 per share |
| Issue Price Band | - |
| Lot Size | - |
| Sale Type | Fresh Capital |
| Total Issue Size | 2,20,00,000 shares (agg. up to ₹[.] Cr) |
| Reserved for Market Maker | - |
| Fresh Issue(Ex Market Maker) | [.] |
| Offer for Sale | [.] |
| Net Offered to Public | - |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 4,78,09,670 shares |
| Share Holding Post Issue | 6,98,09,670 shares |
Annu Projects IPO GMP (Grey Market Premium)
“Grey Market Premium” or GMP is defined as the rate at which the IPO's shares are traded in the market before they are officially listed on the stock exchange.
The Annu Projects IPO GMP is currently trading at ₹[.], reflecting the sentiment of unofficial investors before the official listing. This premium suggests a potential listing price of ₹[.], which is [.]% above the issue price. While the Grey Market Premium is a key indicator of demand and investor appetite, it is important to remember that GMP is highly volatile and should not be the sole factor in your investment decisions.
Company Background
Annu Projects Ltd. was incorporated in 2003 as Annu Infra Construct (India) Private Limited and has grown steadily over two decades (20+ years). It evolved and changed its name to Annu Projects Private Limited in 2020 before transitioning into a public limited company, Annu Projects Limited, in 2024 in Vasant Kunj, New Delhi.
The company started by taking on infrastructure construction projects and gradually expanded its operational portfolio. Currently, the management has successfully transformed a regional civil contractor into a specialized infrastructure provider with multiple service verticals capable of executing complex engineering tasks.
Operations & Product Range
Annu Projects Ltd. offers services related to design, development, deployment, operation and maintenance of critical overhead and underground utility infrastructures through 3 main verticals, namely telecom infrastructure, sewerage infrastructure and gas pipelines (MDPE/PNG). The company offers a complete EPC service for the telecom industry; the firm undertakes major OFC projects while the sewerage and gas pipeline departments take care of extensive utility infrastructures.
Facilities & Capacity
Annu Projects Ltd. operates a traditional manufacturing facility, as the core capacity lies in its project execution capabilities, skilled engineering workforce and deployment of specialized heavy machinery across various project sites. The company mainly conducts its business activities from its corporate office located in New Delhi and also manages its operational sites and site offices in other states based on its project agreements. This listing focuses on improving the equipment fleet through the purchase of upgraded machines to expand and take on more complex projects without relying on third-party rental equipment.
Brands & Market Presence
Annu Projects Ltd. has built solid brand equity in the Indian utility infrastructure sector through successful project completions and strong relationships with public and private sector clients. Over the years, it has successfully executed prestigious government projects, including more than 25,000 km of Network for Spectrum (NFS) OFC project and more than 125 km of various municipal sewerage works, cementing its reputation as a reliable EPC contractor capable of securing high-value utility infrastructure contracts across different geographical regions in India.
Revenue Streams & Business Model
The primary revenue source of Annu Projects Ltd. is derived from EPC contracts across its three core verticals: telecom, sewerage and gas pipelines, through a project-based model where income is recognized as specific construction milestones are achieved. For FY24, the company reported total revenue of ₹155.42 crore, all generated domestically within India, with zero contribution from exports. The business model of the company provides a predictable income flow backed by a strong order book of government and private sector infrastructure contracts.
Management & Shareholding
Annu Projects Ltd. is managed by its promoters, Sanjay Kumar Sarraf and Krishna Ranjan. Before the IPO, the promoters & promoter group collectively held 89.11% of the pre-issue equity share capital. But, after the IPO, the promoters will face no major dilution in the shareholding, as the offering doesn’t include an offer for sale (OFS).
Board & Key Management
The leadership of Annu Projects Ltd. is led by a team of experts with many years of experience. Sanjay Kumar Sarraf serves as the Chairman & Managing Director, giving strategic direction to the firm, with the day-to-day operations, along with Whole-Time Directors, Krishna Ranjan and Rajan. To ensure good governance, the board includes Independent Directors, Fareed Ahmed and Radhakrishnan Nagarajan, for honest oversight. Together, this team uses its knowledge to help the company grow and stay successful.
Annu Projects IPO Financial Information
Latest Revenue
88.71
₹ Crore
Profit After Tax
7.27
₹ Crore
Net Worth
108.20
₹ Crore
Total Borrowing
20.78
₹ Crore
| Period Ended | Assets | Revenue From Operations | Profit After Tax | Net Worth | Reserves & Surplus | Total Borrowing | |||
|---|---|---|---|---|---|---|---|---|---|
| 31 Dec 2024 | 189.90 | 88.71 | 7.27 | 108.20 | 60.39 | 20.78 | |||
| 31 Mar 2024 | 161.34 | 155.42 | 17.39 | 68.93 | 66.40 | 19.68 | |||
| 31 Mar 2023 | 147.48 | 130.95 | 7.19 | 51.48 | 48.79 | 19.79 | |||
| 31 Mar 2022 | 142.03 | 114.26 | 3.52 | 44.39 | 41.69 | 14.89 | |||
| Amount in ₹ Crore | |||||||||
Annu Projects Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 25.23% |
| ROCE | 30.07% |
| Debt/Equity | 0.29x |
| RoNW | 25.23% |
| PAT Margin | 11.29% |
| EBITDA Margin | 18.58% |
| Price to Book Value | - |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 4.07 (basic/diluted) | - |
| P/E (x) | - | - |
Annu Projects IPO Objectives
The company intended to utilise the Annu Projects IPO proceeds for strategic purposes:
- • Funding capital expenditure for the purchase of machinery or equipment
- • Funding working capital requirements
- • General corporate purposes
Annu Projects IPO Review
Annu Projects Ltd. operates in an important and fast-growing area of the Indian infrastructure industry. The diversification strategy followed by the company in terms of its involvement in telecom networks and municipal sewerage and gas pipelines serves as an essential buffer against any unexpected setbacks that may occur within the industry.
Financially, the company has demonstrated healthy and growing financial statements, as the total revenue was reported at ₹155.42 crore for FY24, while PAT was at ₹17.39 crore, highlighting improved operational efficiencies. With a net worth of ₹68.93 crore and total borrowings at a manageable ₹19.68 crore, the balance sheet appears fundamentally stable.
Investors must be aware of potential risks that are evident in this case, which involve heavy dependence on successful government and large-scale private bids, where any delay in execution, any reduction in government expenditure and any cost escalation may affect profits. Overall, the IPO presents a chance to invest in an existing utility infrastructure contractor, which is set to expand further into the future.
Conclusion
Annu Projects IPO is an opportunity for investors to invest in a growing company that brings over two decades of hands-on experience to the utility infrastructure sector. Its diversified presence across telecom, gas pipelines and sewerage systems, coupled with a consistent financial track record, provides a stable foundation for future growth. The broader governmental push for structural infrastructure development creates a substantial, long-term industry opportunity and this listing marks a significant milestone in the company's journey of scaling its specialised EPC capabilities.
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Competitive Strengths
Strong expertise in the implementation of EPC projects, especially with regard to utilities infrastructure, both above and below ground level.
Strong financial performance with a history of profitability and growing revenues.
Experienced management with excellent execution capability and rich industry experience.
Diversification into multiple sectors, such as telecommunications, sewerage and gas pipelines, to minimise dependence on one industry segment.
| Sr.no | Description | Date | File |
|---|---|---|---|
| 1 | SEBI/Exchange approval received | 17/11/2025 | - |
| 2 | Filed with SEBI/Exchange | 03/07/2025 | View DRHP |
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 1 | — | ~₹14,000 - ₹15,000 |
| Individual investors (Retail) (Max) | 13-14 | — | Up to ₹2,00,000 |
| S-HNI (Min) | 14-15 | — | Over ₹2,00,000 |
| S-HNI (Max) | 66-70 | — | Up to ₹10,00,000 |
| B-HNI (Min) | 71+ | — | Over ₹10,00,000 |