Annu Projects Shares Debut at 27% Discount to IPO Price on NSE, Listing at ₹72

Shares of Annu Projects, an engineering, procurement, and construction firm, debuted on the National Stock Exchange (NSE) at ₹72 and on the BSE at ₹75 on Wednesday, September 2, 2026, according to exchange trading data. This performance marked a 27% discount to its Initial Public Offering (IPO) issue price of ₹99 per share. The IPO comprised a fresh issue of 1.77 crore equity shares, aggregating up to ₹175.06 crore, with a price band fixed between ₹94 and ₹99 per share.

The bidding period for the Annu Projects IPO ran from August 25 to August 28, 2026, per the company's regulatory filings. The issue was subscribed 2.93 times overall. Category-wise breakdown showed retail individual investors subscribing 2.68 times, non-institutional investors subscribing 3.55 times, and qualified institutional buyers subscribing 1.72 times.

Established in 2003, Annu Projects specializes in telecom infrastructure, sewerage infrastructure, gas pipelines, and railway signaling verticals. The company stated in its prospectus that it plans to allocate ₹115 crore of the IPO proceeds toward working capital requirements, alongside ₹15.41 crore for capital expenditure dedicated to machinery and equipment.

For the fiscal year ended March 31, 2026, Annu Projects reported a consolidated net profit of ₹33.03 crore on sales of ₹241.25 crore, according to audited financial statements. As of June 30, 2026, the company maintained 23 ongoing projects valued at ₹19,593.48 million, translating to ₹1,959.348 crore in unexecuted order book value.

Journalist Kamal Joshi reported that, according to the listing price, investors made a loss of ₹4,077 on each lot allotted to them, adding that the listing of Annu Projects was sharply below expectations.

Prior to the listing, grey market sentiment was cautious, with shares trading at a discount of ₹7 to ₹8 apiece, suggesting a 7% to 8% weakness on debut, though some unofficial reports indicated a Grey Market Premium of ₹4 implying a modest gain. The actual market opening proved significantly weaker than these projections.

The weak debut for Annu Projects contrasts with general buoyancy in the Indian IPO market during July and August 2026, which saw over ₹45,000 crore raised through mainboard IPOs. On the same trading day, Sumax Engineering Ltd. listed on the NSE SME platform after its IPO was subscribed 162.94 times, illustrating divergent outcomes for small-cap engineering listings.

IPO investors who were allotted Annu Projects shares at the issue price of ₹99 faced an immediate loss of ₹27 per share, or 27.27%, on the NSE, and ₹24 per share, or 24.24%, on the BSE. This resulted in a net loss of ₹4,077 per lot of 151 shares on the NSE. For the company itself, the weak listing could influence future investor confidence and secondary fundraising efforts, despite its stated capital expenditure plans. The exact price at which Annu Projects stock hit the upper circuit following its discounted listing was not provided in available reports.