IPO Alert: After Nuvoco Vistas Corp, now Penna Cement files for DRHP to raise Rs 1,550 crore

FPJ Web DeskUpdated: Saturday, May 15, 2021, 12:26 AM IST
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IPO Alert: After Nuvoco Vistas Corp, now Penna Cement files for DRHP to raise Rs 1,550 crore |

Penna Cement Industries Ltd on Friday filed a draft red herring prospectus (DRHP) with capital market regulator Securities and Exchange Board of India (SEBI). The company is planning to raise around Rs 1,550 crore through this route of fund raising.

The funds raised through the initial public offering (IPO) will be used to pay debts of up to Rs 550 crore. As of March 2021, the total borrowings of the company was at Rs 1,351.9 crore. The net worth of the company is Rs 1,157.1 crore and the revenue of the company was at 2, 476.3 crore. Meanwhile, profit after tax of the company was at Rs 152 crore.

The IPO comprises a fresh issue of Rs 1,300 crore and an offer for sale of up to Rs 250 crore by its promoter PR Cement Holdings Ltd.

In Fiscals 2019, 2020 and 2021, the company’s trade receivables (net of provision) were Rs 137.2 crore, Rs 179.8 crore and Rs 181.4 crore, respectively.

Just last week, Nirma Group's cement company, Nuvoco Vistas Corp. Ltd, filed a DRHP.

Founded in 1991, Penna Cement has significant footprints in southern and western India. The company’s clientele ranges from small house owners to organised real estate developers and from various state governments to the global construction majors.

The company's installed capacity is at ten million tons, making it one of the largest privately held cement companies in the country.

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