Annu Projects IPO: ₹175 Crore Issue Opens on August 25, 2026
Annu Projects Sets IPO Price Band at ₹94-99, Seeks ₹175 Crore
Annu Projects Limited has fixed a price band of ₹94 to ₹99 per equity share for its initial public offering, with the issue scheduled to open on August 25 and close on August 28. The company plans to raise ₹175 crore through a fresh issue and list its shares on the BSE and NSE.
The proposed issue comes as the engineering, procurement and construction company seeks more funds for working capital and equipment. Annu Projects said ₹115 crore of the IPO proceeds will be used for working capital, while ₹15.008 crore has been earmarked for buying machinery and equipment. The balance will go towards general corporate purposes.
Mefcom Capital Markets Limited is the book-running lead manager for the issue, while KFin Technologies Limited is the registrar.
Speaking at the event, Mr Rupesh Kant, Executive Director at Mefcom Capital Markets Limited, shared the company’s key plans and achievements.
Key Highlights
- Core Business: Started in 2003 by Sanjay Saraf, the firm works on telecom fibre cables, sewage treatment plants, and railway signalling projects.
- Strong Order Book: The company currently holds work orders worth more than £100 million (over ₹1,000 crore), mainly driven by BharatNet internet connectivity projects.
- Fundraising Goal: The firm aims to raise nearly £17.5 million (₹175 crore) to expand its operations.
- All Fresh Shares: The IPO is a 100% fresh issue, which means all the money raised will go directly to the company. There is no Offer for Sale (OFS) by existing owners.
- Important Dates: The IPO opens for bidding on 25 August and closes on 28 August.
- Stock Market Listing: The shares are set to list on both the BSE and NSE on 2 September 2026.
The IPO will consist of 17,683,000 new equity shares with a face value of ₹10 each. The issue has reserved 17,68,300 shares for qualified institutional buyers, 70,73,200 shares for non-institutional investors and 88,41,500 shares for retail investors.
Speaking on the occasion, Mr. Sanjay Saraf, CMD, Annu Projects Limited, said, Annu began its story, began its journey, in… under the name of Annu Enterprises with the inspiration of one of my friends who was working in Reliance in 2001. Fortunately, he also became our co-partner, who is sitting with me as of now. Mr. Krshna Ranjan. He was the inspiration behind me to start the telecom business, which was coming with a big revolution in 2001.
I would like to say that “oos time capital bahut kam tha, par sapne bade the aur hausla buland; isi hausle ki wajah se saare challenges ko navigate karte huye, aaj diversified infrastructure company ke roop mein aapke saamne aaye hain
We started our telecom journey with the first work of Reliance CDMA with only ₹9 lakh work order, which has been extended till 38 lakhs because of our dedication, because of our right-time delivery and completion. After that, we have made a very good bottom line in the first year to remain in this sector.”
The company, which began operations in 2003, works on infrastructure projects involving telecom networks, sewerage systems, gas pipelines and railway signalling. Its work includes both overhead and underground utility infrastructure.
According to the company, it had 23 ongoing projects as of June 30, 2026, with an aggregate order book of ₹1,005.055 crore. An order book indicates contracted work yet to be completed, although the value does not automatically translate into future profit. Project costs, execution time, payment schedules and changes in input prices can affect the final earnings from these contracts.
Annu Projects has also built a presence in telecom infrastructure. Its official project record says it has installed 5,700 km of optical fibre cable across West Bengal, Bihar, Jharkhand, Odisha, Sikkim and Port Blair. It also says it completed a BharatNet Phase II project in Bihar involving 3,500 km of optical fibre and connections to 1,007 gram panchayats.
The company says it has worked on BharatNet-related projects since 2021. Its website records a maintenance contract with Bharat Sanchar Nigam Limited covering about 34,270 km of network in 2022, valued at ₹80.53 crore. It also became the lowest bidder in a consortium for a BharatNet Phase III package in Kerala in 2024.
The telecom business remains an important part of Annu Projects’ revenue, although sewerage work accounted for the largest share in the financial year ended March 31, 2026. The company reported that 52.67% of its FY2026 revenue came from sewerage infrastructure, while telecom contributed 41.50%. Gas pipelines accounted for 4.03%, with other project segments making up the remaining 1.80%.
The sewerage business covers work such as pipe laying, manholes, sewage treatment plants, pumping stations and stormwater drainage systems. The company says some of its sewerage projects are linked to schemes funded by the World Bank, Asian Development Bank, central and state governments, including work connected with Namami Gange and the Swachh Bharat Mission.
Annu Projects’ history in these areas goes back more than two decades. It was incorporated in 2003 as Annu Infra Construct (India) Private Limited. The company received its first telecom infrastructure order in 2004 and entered gas pipeline work in 2009 through a project awarded by GSPC Gas Company Limited. In 2011, it received a sewerage-related project from Sewerage & Infrastructural Development Corporation of Goa Limited.
One of its larger earlier telecom contracts came in 2015, when the company was awarded an optical fibre laying project worth about ₹225 crore by GR Infraprojects Limited, according to its own corporate record.
The company’s financial performance has also improved in the latest year. For FY2026, Annu Projects reported revenue from operations of ₹241.248 crore and profit after tax of ₹33.027 crore, giving a PAT margin of 13.69%. In FY2025, revenue stood at ₹180.066 crore, and PAT was ₹21.104 crore, with a PAT margin of 11.72%.
The numbers show growth in both revenue and profit, but the IPO will also put greater attention on the company’s working capital needs. EPC businesses often have to spend money on labour, materials and equipment before receiving full payment from customers. Annu Projects has therefore proposed using ₹115 crore of the IPO money for working capital.
The company had filed its draft red herring prospectus with the Securities and Exchange Board of India in June 2025. The filing proposed a fresh issue of up to 22 million shares at that stage, with the final issue structure and pricing to be determined later.
Its earlier filings also show that the company had been preparing for a public issue for some time. Its FY2025 annual report said it had incurred IPO-related legal, advisory and merchant banking expenses and expected the public issue process to be completed in the following financial year.
For investors, the key points to watch will include how quickly Annu Projects converts its order book into revenue, whether margins remain stable as project costs change, and how effectively the new working capital is used. The company will also enter the listed market against other infrastructure businesses with exposure to areas such as water, roads, telecom and engineering services.
The IPO gives Annu Projects access to public equity after more than 20 years in the infrastructure business. The response from investors between August 25 and August 28 will provide the first market test of how investors value the company’s mix of telecom, sewerage, gas pipeline and railway-related EPC work.