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Annu Projects lists at 27% discount on NSE; investors lose Rs 4,077 per lot
Annu Projects made a weak stock market debut on September 2, listing at a 27% discount on the NSE and 24% on the BSE. Investors who received the minimum lot of 151 shares incurred a loss of about Rs 4,077, despite strong subscription. Analysts suggest the discount may offer long-term value, with cash flows as a watch point.
By Tertius News AI Desk8 distinct · 8 mastheads · 8 articlesVersion 6Coverage Published
Weak debut on exchanges
Annu Projects, the New Delhi-based engineering, procurement and construction (EPC) company, made a lacklustre stock market debut on Wednesday, September 2, listing at a discount of up to 27 per cent to its IPO price. On the National Stock Exchange, the shares opened at ₹72, a 27.27 per cent discount to the issue price of ₹99, while on the BSE they listed at ₹75, a 24.24 per cent discount, as reported by multiple outlets.
The weak opening was not entirely unexpected. Ahead of the listing, the grey market had signalled caution, with the IPO trading at a discounted grey market premium of ₹7 against the issue price, according to Business Standard and CNBC TV18. Business Today similarly noted that shares were trading at a discount of ₹7-8 apiece in the grey market ahead of the debut.
The stock's weak start continued after the initial listing. Free Press Journal reported that selling pressure pushed the stock to an intraday low of ₹71.25, nearly 28 per cent below its IPO price. The Hindu Business Line noted that the stock scaled the upper circuit within seconds of listing, touching ₹75.60 on the NSE and ₹78.74 on the BSE, but continued to trade below its issue price.
Investor losses
For investors who were allotted shares, the poor listing translated into immediate losses. Business Today and Outlook Money both calculated that an investor who received the minimum lot of 151 shares would have lost about ₹4,077, based on the difference between the upper price band of ₹99 and the NSE listing price of ₹72.
The minimum investment for retail investors at the upper price band was ₹14,949, according to Outlook Business and Outlook Money.
IPO details and subscription
The IPO, which was open for subscription from August 25 to 28, raised ₹175.06 crore, according to CNBC TV18 and Outlook Money. It was a book-built issue comprising entirely a fresh issue of 1,76,83,000 equity shares of face value ₹10 each, with no offer-for-sale component, as reported by Business Standard and The Hindu Business Line.
The price band was fixed at ₹94-99 per share, with a lot size of 151 shares.
Despite the weak debut, the issue received decent demand. Multiple outlets reported that the IPO was subscribed 2.93 times overall, with investors placing bids for 5.18 crore shares against 1.76 crore shares on offer. The non-institutional investor portion saw the strongest demand at 3.55 times, while the retail portion was subscribed 2.68 times and the qualified institutional buyers' (QIB) portion 1.72 times, according to Business Standard and CNBC TV18.
The issue had a reservation of 10 per cent for QIBs, 50 per cent for retail investors and 40 per cent for non-institutional investors, Business Standard reported.
The company plans to utilise ₹115 crore of the net proceeds for working capital requirements and ₹15 crore for capital expenditure on purchase of machinery or equipment, with the remainder for general corporate purposes, as stated by Moneycontrol and The Hindu Business Line. Business Standard put the capex figure at ₹15.408 crore.
Mefcom Capital Markets Ltd was the book-running lead manager to the issue, while Kfin Technologies Ltd was the registrar, according to The Hindu Business Line and Business Today.
Company overview and risks
Annu Projects, established in 2003, is engaged in the design, development, implementation, operations and maintenance of essential overhead and underground utilities infrastructure across telecom, sewerage, gas pipeline and railway signalling verticals, as reported by multiple outlets including Business Standard and Moneycontrol.
In the telecom infrastructure vertical, the company is primarily involved in surveying, designing and installing cabling and tower infrastructure for communication, automation and electronic security systems, Business Standard reported.
The company's offer document highlighted its dependence on telecom and sewerage businesses, which together contributed 94 per cent of FY26 revenue, according to Free Press Journal. Government clients accounted for up to 65 per cent of FY26 revenue, and its top 10 customers contributed around 98 per cent of revenue in FY25 and FY26, the outlet added.
Brokerage firms had mixed views on the IPO, citing concerns over cash flows, dependence on government contracts and customer concentration as key risks, Business Today reported.
Following listing, the company's market capitalisation stood at ₹510.71 crore, with around 2.09 lakh shares changing hands, according to Outlook Business and Outlook Money. Before listing, at the upper end of the price band, the company commanded a market capitalisation of around ₹648 crore, CNBC TV18 reported.
The company competes with listed peers such as Likhitha Infrastructure, Bondada Engineering, EMS and Suyog Telematics, according to CNBC TV18 and Outlook Money.
Analyst perspective
Shivani Nyati, Head of Wealth at Swastika Investmart, said the post-listing valuation appeared reasonable at around 19.6 times price-to-earnings, which is below peers such as EMS at around 24.6 times and Likhitha Infrastructure at around 23.2 times, as reported by Outlook Business.
Nyati noted the company has a strong order book of ₹938.65 crore and visibility of ₹1,959 crore from ongoing projects. She advised existing investors to hold the stock with a stop-loss of ₹65, and suggested fresh investors could consider gradual buying on dips rather than chasing the stock after its weak debut. According to Nyati, the sharp listing discount has made valuations more attractive for long-term investors, although cash flows will need to be closely monitored.
How each outlet told it
A framing line is our reading of that outlet's own text — an interpretation, not a quotation and not a fact we assert. Check it against what the outlet published.
Framing: The headline emphasizes the lackluster debut and the 27% discount on listing on the NSE.
Facts Included:
Annu Projects shares listed at ₹75 on the BSE, a discount of 2 per cent against the offer price of ₹99
Annu Projects shares listed at ₹72 on the National Stock Exchange (NSE), down 7 per cent
Annu Projects IPO had a discounted grey market premium (GMP), meaning that its shares are trading at ₹92, a discount of ₹7 on the offer price of ₹99
Annu Projects IPO was entirely a fresh share sale, with no offer for sale (OFS) component
The issue comprised a fresh issue of up to 17,683,000 equity shares of ₹10 face value
Annu Projects IPO price band was fixed at ₹94 to ₹99 per share
Investors could apply for the offer in lots of 151 shares
In the offer, 10 per cent of the portion is reserved for qualified institutional buyers (QIBs, 50 per cent for retail investors and 40 per cent for non-institutional investors (NIIs
Annu Projects, established in 2003, is engaged in the design, development, implementation, operations and maintenance of essential overhead and underground utilities infrastructure across telecom, sewerage, gas pipeline and railway signaling verticals
In the telecom infrastructure vertical, it is primarily engaged in surveying, designing, and installing cabling and tower infrastructure for communication, automation, and electronic security systems
Framing: The headline highlights the stock listing at a sharp discount to its issue price, signaling a weak debut.
Facts Included:
Shares of Annu Projects made a muted stock market debut on the BSE and NSE on Wednesday, September 2.
The grey market had signalled caution ahead of the listing, with the IPO trading at a discounted GMP of ₹7 against its issue price of ₹99.
The initial public offering(IPO) of Annu Projects, an engineering, procurement and construction(EPC) company focused on fibre optics, sewerage and gas pipeline projects, was open for subscription from August 25 to August 28.
The company had fixed the price band for its IPO at ₹94-99 per share.
At the upper end of the price band, the company commanded a market capitalisation of around ₹648 crore.
Annu Projects plans to use 4 crore of the net IPO proceeds to purchase machinery and equipment.
A further ₹115 crore will be utilised to meet working capital requirements, while the remaining funds will be used for general corporate purposes.
The New Delhi-based EPC company provides overhead and underground utilities infrastructure services across the telecom, sewerage and gas pipeline segments.
Annu Projects reported a standalone net profit of ₹33 crore and revenue of 2 crore for FY26.
The company competes with listed players such as Likhitha Infrastructure, Bondada Engineering, EMS and Suyog Telematics.
Framing: Emphasizes the stock's listing at a significant discount to its IPO price.
Facts Included:
Annu Projects made a weak stock market debut on Wednesday, September 2, with its shares listing at a discount of up to 27 per cent to the IPO issue price of Rs 99.
The debut was weaker on the NSE, where shares listed at Rs 72, down 27 per cent from the issue price.
Selling pressure continued after listing, with the stock falling to an intraday low of Rs 25, nearly 28 per cent below its IPO price.
The price band was Rs 94-Rs 99 per share, while the minimum application size was 151 shares.
The remaining funds will be used for general corporate purposes.
The company’s offer document highlighted its dependence on telecom and sewerage businesses, which contributed 94 per cent of FY26 revenue.
Government clients accounted for up to 65 per cent of FY26 revenue, while its top 10 customers contributed around 98 per cent of revenue in FY25 and FY26.
Established in 2003, Annu Projects operates across telecom, sewerage, gas pipelines and railway signalling infrastructure.
Framing: The headline emphasizes the stock's discount to its IPO price, highlighting a negative market debut. — The tone is measured, presenting the listing discount as a factual event without excessive alarm.
Facts Included:
Annu Projects shares made a weak market debut on Wednesday
Annu Projects Ltd plans to utilise Rs 115 crore of the IPO proceeds for funding working capital requirements, Rs 15 crore for capital expenditure requirements for purchase of machinery or equipment and the remainder for general corporate purposes
Established in 2003, Annu Projects is engaged in the design, development, implementation, operation and maintenance of essential overhead and underground utilities infrastructure across the telecom, sewerage, gas pipeline,and railway signalling verticals
Framing: focuses on the discount to IPO price and advice for investors
Facts Included:
Shares of Annu Projects listed at a discount of nearly 27 percent to the upper end of its IPO price band on September 2, 2026
On the NSE, Annu Projects shares opened at Rs 72, marking a 27 percent discount to the upper end of the IPO price band of Rs 99
Investors who received the minimum lot of 151 shares would have incurred a loss of around Rs 4,077 at the NSE listing price of Rs 72, compared with the upper IPO price of Rs 99
The price band was fixed at Rs 94-99 per share, while the minimum lot size was 151 shares, requiring an investment of Rs 14,949 at the upper price band
Annu Projects' public issue received modest demand during its subscription period from August 25 to 28
The QIB quota was subscribed 72 times
The company has a strong order book of Rs 65 crore, along with Rs 1,959 crore of visibility from ongoing projects
However, customer concentration and weak operating cash flows remain key risks
The company's working-capital requirements and delayed receivables could continue to put pressure on cash flows
Nyati said existing investors can hold the stock with a stop-loss of Rs 65, while fresh investors could consider gradual buying on dips rather than chasing the stock after its weak debut
According to her, the sharp listing discount has made valuations more attractive for long-term investors, although cash flows will need to be closely monitored
Framing: Emphasizes the IPO's poor debut, highlighting the discount and investor losses
Facts Included:
Shares of Annu Projects made their debut in the stock market on September 2, 2026 with a discount of roughly 27 per cent over the upper end of the price band
On the NSE, the stock made its debut at Rs 72 apiece, with a discount of 27 per cent over the issue price
Applicants who were successfully allotted a minimum of one lot or 151 shares would have made a loss of around Rs 4,077 [(Rs 99 - Rs 72) x 151]
The price band for the public issue was fixed at Rs 94 to Rs 99 per share
The minimum lot size for retail investors was fixed at 151 shares, aggregating to an investment of Rs 14,949
The promoters of the company diluted a portion of their stakes through the fresh issue
Annu Projects operates within a highly competitive engineering, procurement, and construction market focusing on underground and overhead utilities infrastructure
Following the listing of its shares, Annu Projects shares will compete with its listed peers such as Likhitha Infrastructure, Bondada Engineering, EMS and Suyog Telematics
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Claim
Confidence
Status
ClaimAnnu Projects shares listed at ₹75 on the BSE, a discount of 24.24 per cent against the offer price of ₹99.
ClaimInvestors who received the minimum lot of 151 shares in Annu Projects' IPO would have incurred a loss of around Rs 4,077 at the NSE listing price of Rs 72, compared with the upper IPO price of Rs 99.
ClaimAnnu Projects' promoters diluted a portion of their stakes through the fresh issue, with promoter shareholding reducing to 65.06 per cent after listing from 89.11 per cent prior to the public issue.
ClaimIn Annu Projects' IPO, 10 per cent of the issue was reserved for qualified institutional buyers, 50 per cent for retail investors, and 40 per cent for non-institutional investors.
ClaimIn the telecom infrastructure vertical, Annu Projects is primarily engaged in surveying, designing, and installing cabling and tower infrastructure for communication, automation,and electronic security systems.
ClaimNyati said the sharp listing discount has made valuations more attractive for long-term investors, although cash flows will need to be closely monitored.
ClaimBrokerage firms had mixed views on Annu Projects' IPO, citing concerns over cash flows, dependence on government contracts and customer concentration as risks.
8 distinct · 8 mastheads · 8 articles consulted: Business Standard, Business Today, CNBC TV18, Free Press Journal, Moneycontrol, Outlook Business, Outlook Money, The Hindu Business Line46 claims extractedVersion 6Written 2026-09-02