Annai Infra Developers Private Limited has filed a draft prospectus with the Securities and Exchange Board of India (SEBI) for an IPO. The IPO is a fresh sale of 10 million shares by the company, including 1.6 million shares in a pre-IPO private placement. The issue size is pegged at Rs 2 billion-Rs 2.25 billion ($29 million-$32.6 million), and the IPO may result in a 25-30 per cent stake dilution on a post-issue basis. After the IPO, the promoter’s holding may drop from 99.99 per cent to below 75 per cent. Pantomath Capital Advisors is the sole merchant banker arranging and managing the share sale process. The Tamil Nadu-based engineering, procurement and construction company operates in the sphere of water management, including irrigation projects.