Now Reading: Annu Projects IPO opens at Rs 94-99 per share, flat grey market
-
01
Annu Projects IPO opens at Rs 94-99 per share, flat grey market
Annu Projects IPO opens at Rs 94-99 per share, flat grey market
Annu Projects Ltd's initial public offering (IPO) opened on August 25, with a price band of Rs 94 to Rs 99 per share. The fresh issue of 1.77 crore shares aims to raise Rs 175 crore, with proceeds earmarked for capital expenditure and working capital. The IPO will close on August 27, with allotment tentatively on August 28 and listing on BSE and NSE expected by September 1.
As of day one, the issue was subscribed 0.10 times, with the retail portion at 0.45 times and the non-institutional investor portion at 0.06 times. Grey market premium (GMP) is zero, indicating a flat listing. Master Capital Services has assigned a 'subscribe' rating, citing the company's government-funded infrastructure contracts. SBI Capital Securities gave a 'neutral' rating, flagging high customer concentration and stretched working capital.
Indian Opinion Analysis
Both NDTV Profit and Livemint reported the IPO details neutrally, with no discernible stance difference. The flat GMP and low subscription figures signal muted investor appetite, despite a 'subscribe' rating from one broker and a 'neutral' from another. The key factor to watch will be the final subscription level at close on August 27, which will indicate demand for a company heavily dependent on government contracts.
Coverage: 2 sources, 2 neutral
Sources (2): ndtvprofit.com (neutral report), livemint.com (neutral report)
This brief was synthesised by AI from the 2 sources linked above, so one read covers every framing they carry. Methodology and corrections.
Updated: this story now draws on 2 sources.
