Anu Projects IPO Debuts Weakly: Shares List at Over 29% Discount on NSE and BSE Against Issue Price of ₹99

The primary market witnessed a dismal listing day as shares of engineering, procurement, and construction (EPC) player Anu Projects made a weak debut on the stock exchanges on Wednesday, September 2, 2026. Despite seeing decent subscription figures during its bidding window, the stock opened deep in the red, disappointing investors who had pinned hopes on positive listing gains.

Weak Opening on NSE and BSE

Anu Projects Limited shares opened on the National Stock Exchange (NSE) at ₹70 per share, marking a steep 29.29 percent discount against the upper price band of ₹99. Simultaneously, the stock debuted on the Bombay Stock Exchange (BSE) at ₹75 per share, reflecting a 24.24 percent discount from its issue price.

Subscription Status and IPO Details

Prior to its market debut, the ₹175 crore initial public offering (IPO) had closed with an overall subscription of 2.93 times, driven by modest participation across investor categories. According to exchange data, the IPO received bids for 51,84,491 shares against the 17,683,000 shares on offer.

Key segment-wise subscription numbers included:

• Non-Institutional Investors (NII): 3.55 times subscribed

• Retail Individual Investors (RII): 2.68 times subscribed

• Qualified Institutional Buyers (QIB): 1.72 times subscribed

The public issue was entirely a fresh issue of 1,76,83,000 equity shares, with the price band previously fixed at ₹94 to ₹99 per share.

Utilization of IPO Proceeds and Company Background

Established in 2003, Anu Projects specializes in designing, developing, implementing, operating, and maintaining critical above-ground and below-ground utility infrastructure across sectors such as telecommunications, sewerage networks, gas pipelines, and railway signaling.

According to the company's red herring prospectus, the net proceeds raised from the public issue are earmarked for specific corporate objectives:

• ₹115 crore allocated toward funding working capital requirements.

• ₹15 crore designated for capital expenditure, specifically for purchasing new machinery and equipment.

• The remaining balance will be utilized for general corporate purposes.

Mefcom Capital Markets Ltd served as the sole lead manager for the issue, while KFin Technologies acted as the official registrar managing the share allocation and listing processes.