Annu Projects shares list 27% below IPO price, hit upper circuit
The engineering, procurement and construction firm had raised ₹175 crore through an IPO that attracted 2.93 times overall subscription.
Annu Projects shares opened at a 24-27 per cent discount to their IPO price of ₹99, trading at ₹75 on the BSE and ₹72 on the NSE on their weak debut. Within minutes, the stock breached the upper circuit, hitting ₹75.60 on the NSE and ₹78.74 on the BSE. The ₹175-crore IPO, which was 2.93 times oversubscribed overall, saw a 3.55 times subscription from non-institutional investors and a 2.68 times subscription from retail investors.
QIBs were 1.72 times oversubscribed. The company had fixed a price band of ₹94-99 a share for the IPO, which comprised a fresh issue of 1,76,83,000 equity shares. Annu Projects intends to use the IPO funds to meet working capital requirements of ₹115 crore, capital expenditure of ₹15 crore, and general corporate purposes. Mefcom Capital Markets Ltd acted as the book-running lead manager, while Kfin Technologies Ltd was the registrar for the issue.
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Also reported by 1 other outlet
- Annu Projects Shares Debut At 27% Discount To IPO Price freepressjournal.in
