Electrical products manufacturer PM Cona Industries Ltd has filed preliminary papers with markets regulator Sebi to raise funds through an initial public offering. According to the draft red herring prospectus filed on Tuesday, 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 fresh issue will comprise equity shares of face value of ₹10 each, aggregating up to ₹120 crore. The company plans to use 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.
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. As reported by The Economic Times, the company manufactures fast-moving electrical goods and wires under the 'PM CONA' brand. The equity shares are proposed to be listed on both BSE and NSE exchanges.
According to the draft red herring prospectus, the company's promoters are Prakash Naraindas Motwani, Neelu Prakash Motwani, Mohit Prakash Motwani, Bhavishya Motwani and PM Family Trust. The promoter selling shareholder Prakash Naraindas Motwani proposes to sell up to 45 lakh equity shares through the OFS route, as reported by ET Now.
Valmiki Leela Capital has been appointed as the book-running lead manager to the issue, while KFin Technologies has been designated as the registrar for the IPO process. According to the draft red herring prospectus filed with Sebi, these appointments are part of the standard regulatory requirements for public offerings.
