PM Cona Industries files IPO papers with SEBI to fund capex

The latest market report highlights that Electrical products maker PM Cona Industries Ltd has filed preliminary papers with markets regulator Sebi to mobilize funds through an initial public offering (IPO).

The proposed IPO comprises a fresh offering 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, according to the draft red herring prospectus (DRHP) filed on Tuesday.

The firm plans to use the proceeds from the fresh offering 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.

The firm manufactures fast-moving electrical goods and wires under the 'PM CONA' brand.

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The equity shares are proposed to be listed on BSE and NSE.

Valmiki Leela Capital is the book-running lead manager to the offering, while KFin Technologies is the registrar.