PM Cona Industries files preliminary papers with SEBI to raise funds via IPO
PM Cona Industries has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO). The proposed IPO comprises a fresh issue of equity shares worth up to Rs 120 crore and an offer for sale (OFS) of 45 lakh equity shares by promoter Prakash Naraindas Motwani.
The company plans to use the proceeds from the fresh issue for capital expenditure, including purchase of plant, equipment and machinery, setting up 50 new display showrooms, brand building and marketing initiatives, and general corporate purposes. Valmiki Leela Capital is the book-running lead manager to the issue. Shares of the company are proposed to be listed on the BSE and the NSE.
Mumbai-based PM Cona Industries is an established manufacturer of electrical products, primarily catering to the low-voltage electrical equipment market for domestic and commercial applications. The company manufactures fast-moving electrical goods and wires under the 'PM CONA' brand.
