Annu Projects Limited lists on BSE NSE after ₹175.06cr IPO
Business
Annu Projects Limited is making its stock market debut on BSE and NSE today. Its IPO, worth ₹175.06 crore, got a solid response, oversubscribed nearly three times during the August 25-28 bidding window.
Non-institutional investors were most enthusiastic, followed by retail and institutional buyers.
Shares priced ₹94-₹99, gray market subdued
Shares were priced at ₹94 to ₹99 each, with 1.77 crore new shares up for grabs.
Most of the funds raised will go toward working capital and buying machinery; a smaller chunk is set aside for general business needs.
Even with strong demand, the gray market hints at a cautious start. The shares are trading at ₹7 below the issue price before listing, so don't expect fireworks on day one.