Annu Projects IPO subscribed 2.93 times on final day

New Delhi, Aug 28 (PTI) The initial public offering of engineering procurement and construction firm Annu Projects Ltd was subscribed 2.93 times on the final day of bidding on Friday.

The company’s Rs 175-crore IPO received bids for 5,18,44,491 shares against 1,76,83,000 shares on offer, as per NSE data.

The quota for non-institutional investors garnered 3.55 times subscription, while the retail portion was booked 2.68 times. The Qualified Institutional Buyers (QIBs) category was subscribed 1.72 times.

Annu Projects Ltd has fixed a price band of Rs 94-99 a share for its IPO.

The IPO comprises only a fresh issue of 1,76,83,000 equity shares.

Annu Projects Ltd plans to utilise Rs 115 crore of the IPO proceeds for funding working capital requirements,

Rs 15 crore for capital expenditure requirements for purchase of machinery or equipment and the remainder for general corporate purposes.

Established in 2003, Annu Projects is engaged in the design, development, implementation, operation and maintenance of essential overhead and underground utilities infrastructure across the telecom, sewerage, gas pipeline, and railway signalling verticals.

Mefcom Capital Markets Ltd is the book-running lead manager to the issue, while Kfin Technologies Ltd is the registrar.

Shares of the company are proposed to be listed on the BSE and the NSE on September 2. PTI SUM SHM