Annu Projects IPO was subscribed 2.93 times on Friday, led by demand from non-institutional investors. The NII portion was subscribed 3.55 times, followed by the retail portion at 2.68 times and the QIB quota at 1.72 times.
The company had a fixed a price range of ₹94-99 a share for its ₹175-crore initial public offering.
It comprised of a fresh issue of 1,76,83,000 equity shares.
The company plans to utilise ₹115 crore of the IPO proceeds for funding working capital requirements. Another ₹15 crore will be used for capital expenditure requirements for the purchase of machinery or equipment, while the remainder will be utilised for general corporate purposes.
Mefcom Capital Markets Ltd is the book running lead manager to the issue, while Kfin Technologies Ltd is the registrar.
The company 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.