Electrical products manufacturer PM Cona Industries has filed draft papers with Sebi for an IPO comprising a fresh issue of up to ₹120 crore and an offer for sale of 45 lakh shares.
PM Cona Industries Ltd has filed its draft red herring prospectus with markets regulator Sebi to raise capital through an initial public offering.
The proposed IPO comprises a fresh issue of equity shares worth up to ₹120 crore and an offer for sale of 45 lakh equity shares by promoter Prakash Naraindas Motwani.
The Mumbai-based company plans to use proceeds from the fresh issue for capital expenditure, including the purchase of plant, machinery and equipment.
Part of the funds will also be used to establish 50 new display showrooms, support brand-building and marketing initiatives and meet general corporate requirements.
PM Cona Industries manufactures electrical products for domestic and commercial applications, primarily serving the low-voltage electrical equipment market. Its portfolio includes fast-moving electrical goods and wires sold under the PM CONA brand.
The company’s shares are proposed to be listed on the BSE and NSE. Valmiki Leela Capital is the book-running lead manager, while KFin Technologies is the registrar.
