FastIPO

IPOs

Dove Soft

Open
SME

Price band ₹104 – ₹111

₹1,33,200/ 1200 shares

Minimum investment

Subscription rate

  • Qualified Institutional Buyers0.57x
  • Non-Institutional Investor0.36x
  • Retail0.33x
  • Total0.37x

As of 5 Oct, 1:07 am

Live on day 6 of 6

Schedule

  1. IPO open date

    29 Sept 2026

  2. IPO close date

    4 Oct 2026

  3. Allotment date

    6 Oct 2026

  4. Funds unblock or debit

    7 Oct 2026

  5. Tentative listing date

    7 Oct 2026

GMP trend

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No history yet

The sections below are a demo dataset built to the shape of a real offer document. Share counts, reservation, application ladder and valuation are computed from this IPO's own price band, lot size and issue size; the financial statements, peer set and company narrative are illustrative. Read the RHP before applying.

The offer

Structure of the issue

What is being sold, where the proceeds go, who the shares are reserved for, and how ownership changes.

IPO details

Price range
₹104 – ₹111
Lot size
1,200
Issue size
₹73.00 Cr
Market cap
₹270 Cr
Min. investment
₹1,33,200
IPO document
RHP PDF

Where the money goes

Working capital requirements 66% · General corporate purposes… 26%
Working capital requirements: 65.7%, Capital expenditure on machinery and equipment: 8.8%, General corporate purposes and issue expenses: 25.5%
₹73 Crtotal raise
  • Working capital requirements65.7%₹47.96 Cr
  • Capital expenditure on machinery and equipment8.8%₹6.43 Cr
  • General corporate purposes and issue expenses25.5%₹18.62 Cr

Who gets what

Retail reserved 50% of the issue
QIB: 10.0%, NII (HNI): 40.0%, Retail: 50.0%
65.8Lakhs on offer
  • QIB10.0%6,57,700 shares
  • NII (HNI)40.0%26,30,800 shares
  • Retail50.0%32,88,500 shares

Capital structure

Promoter stake 89.1% → 65.1% after the issue

Before the issue · 1,77,82,000 shares

Promoter 89.1%11%

After the issue · 2,43,59,000 shares

Promoter 65.1%Public 34.9%

Fundamentals

Financials and pricing

Three years of reported numbers, the ratios they produce, and what the issue is asking for them.

Financials

Revenue +34% (31 Mar 2025 → 31 Mar 2026)

PAT +56% · EBITDA margin 20.5%

Key ratios

6 of 7 key ratios improved year on year.
ROE
21.27%
EBITDA margin
20.52%
Debt / equity
0.34
P/E
19.64x

Post-issue

Peer comparison

This IPO at 14.3x vs peer median 21.1x P/E
Dove Soft (this IPO)14.3x
Technocraft Ventures Ltd.14.7x
Om Power Transmission Ltd.21.1x
Solarworld Energy Solutions Ltd.33.8x

Peer median price to earnings: 21.1x

The company

Business and risks

What the company actually does, the order book behind the growth, and the arguments on both sides.

About

Annu Projects Limited is an EPC company engaged in the design, development, implementation, operation and maintenance of overhead and underground utility infrastructure. Its business is divided into four verticals: telec…

Founded in
2003
MD/CEO
Mr Sanjay Kumar Sarraf
Parent organisation
Annu Projects Ltd
Order book
₹817 Cr

23 live projects

Cover vs issue
11.2x

Order book / raise size

Verticals
3

Active business lines

Strengths

  • Revenue up 34% and profit after tax up 56% in the latest financial year
  • Return on equity of 21.27% and return on capital employed of 22.66%
  • Order book of ₹817.10 Cr across 23 live projects gives near-term revenue visibility

Risks

  • Total borrowing rose 136% year on year, taking debt to equity to 0.34
  • Working-capital intensive EPC model where receivables and retention money tie up cash
  • Revenue is concentrated in government and public-sector utility contracts, so order inflow depends on tender cycles

Practical

Applying and after

Your application status, common questions, and who to contact about allotment.

Your application

You haven't applied yet. Block funds for one or more lots before the issue closes.

Frequently asked questions

Registrar & lead manager

Registrar
Kfin Technologies Ltd.
Lead manager
Mefcom Capital Markets Ltd.

Closes