Premier Industrial Corporation has secured Securities and Exchange Board of India’s (SEBI's) approval to raise funds through initial public offering (IPO). The IPO comprises a fresh issue of up to 2.25 crore shares and an OFS of up to 54 lakh shares.
The company intends to use the proceeds for setting up a new wire manufacturing facility at Honad, Khalapur, Raigad (Maharashtra) and for expanding its existing facility at Wada, Palghar (Maharashtra) by increasing the capacity of certain products. Funds will also be allocated towards working capital and general corporate purposes.
Premier Industrial Corporation is among the fastest-growing manufacturers in both powders and wires categories of the welding consumables industry.
