PM Cona Industries Files IPO Papers As ₹120 Crore Fresh Issue Targets 50 New Showrooms
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PM Cona Industries has filed preliminary IPO papers with SEBI for a proposed issue comprising a fresh equity issue and an OFS by promoter Prakash Naraindas Motwani. Read more.
Mumbai-based electrical products maker PM Cona Industries has started the process for a proposed initial public offering (IPO) by filing its preliminary papers with the Securities and Exchange Board of India (SEBI).
The draft red herring prospectus (DRHP) was filed on Tuesday. According to it, the proposed PM Cona IPO comprises two components. The fresh issue will raise up to ₹120 crore for the company, while the offer for sale (OFS) will involve 45 lakh shares being sold by promoter Prakash Naraindas Motwani.
The equity shares are proposed to be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). Valmiki Leela Capital is the book-running lead manager, while KFin Technologies has been appointed as the registrar to the issue.
Usage of Proceeds
The fresh issue proceeds from the IPO will be directed towards several expansion initiatives. The company plans to purchase plant, equipment and machinery as part of its capital expenditure programme. PM Cona also plans to establish 50 new display showrooms.
Part of the proceeds will also be allocated towards brand building and marketing initiatives. The remaining funds will be used for general corporate purposes.
About PM Cona
PM Cona Industries is an established manufacturer serving the low-voltage electrical equipment market across domestic and commercial applications.
The company manufactures fast-moving electrical goods and wires under the PM Cona brand.
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This article is for informational purposes only and should not be considered investment advice from Kotak Neo. For compliance T&C and disclaimers, Visit www.kotakneo.com/disclaimer
Vishwa has spent 10+ years across fintech and FMCG doing what most people miss, connecting the dots, catching trends before they trend, and finding the angle nobody else thought to ask about.
At Kotak Neo, she drives content strategy for neoshorts, Kotak News Desk, and Investing Guide, turning market noise into something worth reading.
When she's not decoding markets, she trades charts for canvases, chasing art, painting, and architecture across cities she's yet to explore.
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