Electrical products maker PM Cona files for ₹120 crore IPO

PM Cona Industries Ltd has submitted draft papers to the Securities and Exchange Board of India (Sebi) for an initial public offering, signalling the company's plans to tap capital markets for expansion. The proposed IPO comprises a fresh issue of equity shares valued up to ₹120 crore, coupled with an offer for sale of 45 lakh shares by promoter Prakash Naraindas Motwani, as outlined in the draft red herring prospectus filed Tuesday.

The Mumbai-based electrical products manufacturer intends to deploy IPO proceeds primarily for capital expenditure, encompassing the purchase of plant, equipment and machinery. The company also plans to establish 50 new display showrooms across markets, alongside brand building and marketing initiatives to strengthen its market presence.

PM Cona Industries manufactures fast-moving electrical goods and wires under its 'PM CONA' brand, serving the low-voltage electrical equipment segment for both domestic and commercial applications. The company has established itself as a recognised player in India's electrical products market through its range of offerings catering to widespread infrastructure and consumer demand.

Equity shares issued through the IPO are proposed for listing on the Bombay Stock Exchange (BSE), providing liquidity to both new and existing shareholders while enabling the company to fund its growth trajectory.