Annai Infra received nod from SEBI to raise fund through IPO
Annai Infra Developers received a nod from the market watchdog Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO). The company’s shares are proposed to be listed on the BSE and NSE.
The company, which filed the Draft Red Herring Prospectus with the SEBI in March and secured the regulator’s approval on July 12. The funds will be utilised towards financing the purchase of plant and equipment, funding the working capital requirement and general corporate purposes. Pantomath Capital Advisors is the sole book-running lead manager to the issue.
Annai Infra Developers is mainly engaged in engineering, procurement and construction (EPC) activities of water management and irrigation projects. Business operations of the company involve equipment procurement, project management and construction and commissioning of the projects.
The IPO activity in the first half of 2019 has slow down and only eight companies have come up with IPO.