Tamil Nadu-based engineering, procurement and construction company Annai Infra Developers has filed draft red herring prospectus (DRHP) with the capital market regulator for its initial public offering of up to 1 crore equity shares.
The company may consider issuing up to 16 lakh equity shares on a private placement basis for cash consideration, prior to the filing of the DRHP with the Registrar of Companies.
Annai may raise around Rs 200-225 crore through the public issue, sources told Moneycontrol on condition of anonymity.
The IPO proceeds will be utilised to finance the purchase of plant and equipment, funding the working capital requirement and general corporate purposes.
The company is mainly engaged in engineering, procurement and construction (EPC) activities of water management and irrigation projects. Business operations of the company involve: (i) equipment procurement (ii) project management and (iii) construction and commissioning of the projects.
Currently, it has been focusing in South India. The order book (Rs 652 crore as on September 2018) of the company consists of 19 projects, out of which 14 projects are from Tamil Nadu, 5 from Kerala.
Further in the period from October 1, 2018 to January 31, 2019, the company has received new orders amounting to Rs 464 crore.
For FY 18, Annai Infra reported revenue from operations at Rs 468 crore against Rs 311.8 crore in the previous year.
Pantomath Capital Advisors Private Limited will manage the Issue while Link Intime India Private Limited is the registrar to the issue.
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