Annu Projects shares tumble over 27 per cent on market debut

Representational Image. File pic.

Shares of engineering procurement and construction firm Annu Projects Ltd on Wednesday listed with a discount of over 27 per cent against the issue price of Rs 99.

The stock started trading at Rs 75, registering a decline of 24.24 per cent from the issue price on the BSE. At the NSE, the stock made its market debut at Rs 72, down 27.27 per cent.

The company commanded a market valuation of Rs 497.88 crore.

The initial public offering of Annu Projects Ltd was subscribed 2.93 times on the final day of bidding on Friday last week.
The company's Rs 175-crore IPO had a price band of Rs 94-99 a share.

The IPO had 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.

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