Annu Projects IPO GMP Today: Day 3 Subscription Hits 0.47x, Grey Market Premium Holds Firm | Should You Bid?

Annu Projects IPO GMP Today: The initial public offering (IPO) of Annu Projects was subscribed 0.47 times on day 3, Thursday, August 27. Meanwhile, the IPO's Grey Market Premium (GMP) remained positive and held firm, staying elevated during the second day of bidding.

Annu Projects IPO Subscription Status

Annu Projects IPO was subscribed around 0.51 times, as per Chittorgarh.com data at 11 am on Thursday, August 27. The public issue was subscribed around 0.59 times in the retail category, 0.58 times in the QIB (ex-anchor) category, and around 0.4 times in the NII category, by August 27.

Annu Projects IPO GMP Today

The IPO's grey market premium (GMP Today) stood at Rs 4, as per investorgain.com. Annnu Project IPO's estimated listing price is 103 per share (which is the sum of upper price band, ie Rs 99 and expected percentage gain/loss per share of 4.04%.

Should You Bid To Annu Projects?

SBI Securities in its note, gave a 'Neutral' recommendation to Annu Projects IPO. It is a diversified EPC infrastructure company operating across telecom, sewerage, gas pipeline, and railway signalling segments.

"We assign a NEUTRAL rating to the IPO and would prefer to monitor cash-flow generation and execution consistency post listing," stated SBI Securities in its report.

The diversified EPC infrastructure company has a strong execution track record and healthy earnings growth of over financial year 2024-26. ITs revenue/EBITDA/PAT registered a CAGR of 25%/33%/38%, during the financial years 2024 to 2026.

"At the upper price band of Rs 99, the issue is valued at a P/E multiple of 19.6x FY26 earnings on a post-issue basis, which appears in-line with peers," stated SBI Securities while highlighting key concerns like high consumer concentration, dependence on government contracts and stretched working capital cycle.

Annu Projects IPO Key Highlights

The company has established infrastructure execution expertise. Annu Projects Limited enjoys over 21 years of experience in telecom, sewerage, and gas pipeline EPC projects and has completed over 12 projects in 11 states and union territories. Its integrated execution model is supported by an experienced engineering team and a fleet of 558+ owned machines and equipment. It also has strong medium-term revenue visibility given its order book of Rs 1,0005 crore across 23 ongoing projects.