EPC firm Annu Projects’ Rs.175-Cr IPO concludes with 2.93x subscription

The initial public offering of New Delhi-based Annu Projects has closed with a total subscription of 2.93 times. The issue received bids for 5,18,44,491 shares against the 1,76,83,000 shares on offer. The non-institutional investor category led the demand with a 3.55 times subscription, while the retail individual investor segment saw a 2.68 times subscription. The qualified institutional buyers portion was booked 1.72 times. Mefcom Capital Markets served as the book-running lead manager.Established in 2003, Annu Projects provides engineering, procurement, and construction services for utility infrastructure across the telecom, gas pipeline, sewerage, and railway signalling sectors. The company intends to use the net proceeds from this INR 175.06-Cr fresh issue to fund capital expenditure for equipment and machinery and meet working capital requirements.