Electrical equipment manufacturer PM Cona Industries Ltd has filed preliminary documents with the market regulator SEBI to raise funds through an Initial Public Offering (IPO).
According to the Draft Red Herring Prospectus (DRHP) submitted on Tuesday, the proposed IPO includes a fresh issue of equity capital worth up to 120 crore rupees, as well as an Offer for Sale (OFS) of 45 lakh shares by shareholder Prakash Narindas Motwani.
The company plans to use the funds raised from the new share issuance for capital expenditure. These expenses include the purchase of machinery, production capacities and machines, opening 50 new exhibition halls, as well as brand promotion and marketing initiatives, and general corporate needs.
PM Cona Industries, based in Mumbai, is a recognized manufacturer of electrical goods that primarily serves the low voltage electrical equipment market for domestic and commercial use. The company produces fast-moving electrical goods and wires under the trade name 'PM CONA'.
It is proposed that the shares be listed on the BSE and NSE exchanges. Valmiki Leela Capital is acting as the lead placement manager, and KFin Technologies has been appointed as the registrar.