Wednesday, 3 April 2019

TN-based Annai Infra Developers Limited files document for IPO float



 Tamil Nadu-based Engineering, Procurement and Construction (EPC) Company in respect of water management activities, Annai Infra Developers Limited (the “Company”), has filed its Draft Red Herring Prospectus (DRHP) with the market regulator SEBI for its IPO seeking to issue up to 10,000,000 equity shares of face value of Rs 10/- each at a price band to be decided later.
The Company may consider issuing up to 1,600,000 Equity Shares on a Private Placement basis for cash consideration, at its discretion, for a price to be decided at a later stage prior to filing of the Red Herring Prospectus with the Registrar of Companies, Coimbatore. 
The IPO proceeds will be utilized to finance the purchase of plant and equipment, funding the working capital requirement and general corporate purposes.
Pantomath Capital Advisors Private Limited will manage the Issue, Messrs. Kanga and Company, Advocates and Solicitors are the Legal Advisors to the Issue while Link Intime India Private Limited is the Registrar to the Issue.
The Company is mainly engaged in Engineering, Procurement and Construction (EPC) activities of water management and irrigation projects. In water management business, Company undertakes construction and rehabilitation of water management infrastructure projects which include water supply projects & distribution projects such as integrated storm water drains, dam constructions, drainage systems, water storage facilities, pipe network, reservoirs, waste water treatment and underground rain water management system. The nature of such water management infrastructure projects include various works, such as operation and maintenance, improvement as well as development activities apart from undertaking construction activities.
Business operations of the Company involve: (i) equipment procurement (ii) project management and (iii) construction and commissioning of the projects. The Company has more than a decade’s execution experience in Water EPC projects.
Till date, Company has executed projects in the states of Tamil Nadu and Kerala. The Company  primarily executes projects planned by governmental authorities such as Chennai Corporation, Tamil Nadu Water Supply and Drainage Board (TWAD), Coimbatore City Municipal Corporation, Public Works Department (PWD) and other government organizations.
The Company has a track record of executing projects which require technical knowledge, skill-set and expertise in the water management and irrigation sector. Owing to strong execution capabilities without compromise of quality, the Company has also received various certificates of appreciation from its clients. For instance, Company has received certificate of appreciation for before-time completion of the project from Government of Tamil Nadu, Krishna Water Supply Project Division, Lower Pennaiyar Basin Division in year 2016, 2015 and 2014 respectively, for various projects.
Currently, the Company has been focusing in South India. The Order book of the Company consists of 19 projects, out of which 14 projects are from Tamil Nadu, 5 from Kerala.
Segmental break-up of Company’s Revenue from Operation as per Restated Standalone Financial Information is as under:
(Amount in Rs. Million)
Particulars
For the period of September 30, 2018
F.Y 2017-18
F.Y 2016-17
F.Y. 2015-16
Water Management
1,890.68
3,908.97
2,430.72
1,028.21
Irrigation
144.11
142.70
358.69
452.51
Roads
22.25
116.41
276.53
913.26
Miscellaneous
262.36
186.25
52.30
110.37
Revenue from Operations (Before Trading)
2,319.42
4,354.34
3,118.24
2,504.36
Traded Goods
152.56
324.86
-
-
Revenue from Operations
2,471.98
4,679.20
3,118.24
2,504.36
The Company’s total order book as on September 30, 2018 stood at Rs. 6,520.86 million consisting of 19 projects, of which 13 are water management projects, 3 irrigation projects and 3 miscellaneous projects. Further in the period from October 1, 2018 to January 31, 2019, the Company has received new orders amounting to Rs. 4,640.60 million.
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