Annu Projects shares debut below ₹99 then hit upper circuit
Business
Annu Projects made its stock market debut today, but the shares opened way below their IPO price, ₹75 on the BSE and ₹72 on the NSE, compared to the ₹99 issue price.
Even with this rocky start, the stock quickly hit its upper circuit limit, trading a bit higher but still not reaching the original IPO price.
Annu Projects IPO nearly 3x subscribed
The ₹175 crore IPO was subscribed nearly three times overall, with non-institutional investors showing the most interest.
Annu Projects plans to use most of the funds for working capital and machinery or equipment, with some set aside for general business needs.
Mefcom Capital Markets managed the issue and Kfin Technologies handled registrations.