Annai Infra gets Sebi approval to float IPO

Annai Infra Developers, an engineering, procurement and construction firm, has received approval from markets regulator Sebi to float its initial public offer (IPO).

The watchdog issued its "observation" letter on Annai Infra Developers' IPO proposal on July 12, 2019, according to information available on the Sebi website.

Sebi's observations are necessary for any company to launch public issues like initial public offer, follow-on public offer and rights issue.

Annai Infra Developers had filed its draft red herring prospectus for the IPO on March 30 this year.

The Tamil Nadu-based company's IPO is of up to 1 crore equity shares, according to the Draft Red Herring Prospectus (DRHP).

The total IPO size is about Rs 200-225 crore, according to market sources.

Pantomath Capital Advisors is the book running lead manager and LINKIntime is the registrar to the issue.

Shares of Annai Infra Developers are proposed to be listed on BSE and National Stock Exchange.

Annai Infra Developers is engaged in water management and irrigation EPC segment.