Annu Projects IPO subscribed 2.23 times by Friday afternoon
Annu Projects's IPO has caught a lot of attention, getting subscribed 2.23 times by Friday afternoon.
Noninstitutional investors led the way with 2.55 times subscription, while retail investors weren't far behind at 2.09 times and qualified institutional buyers came in at 1.64 times.
Issue of 1,76,83,000 shares priced ₹94/₹99
Shares were offered at ₹94 and ₹99 each, with 1,76,83,000 shares up for grabs.
Most of the funds raised will go toward working capital and buying new machinery, funding working capital requirements and capital expenditure requirements for the purchase of machinery or equipment, helping Annu Projects expand its work in the telecom, sewerage, gas pipeline and railway signaling verticals.
The IPO was managed by Mefcom Capital Markets Ltd. and Kfin Technologies Ltd. handled the paperwork.