Punjab Carbonic has received the Securities and Exchange Board of India’s (SEBI) approval to raise funds through initial public offering (IPO). The company’s proposed IPO is a combination of a fresh issue of 60 lakh equity shares and an OFS of 35 lakh equity shares.
Proceeds of the fresh issue will be used to set up two CO2 recovery units in Andhra Pradesh; purchase CO2 transportation tankers to strengthen existing logistic infrastructure for CO2 vertical; expand the company's existing ethanol distillery located in Punjab by increasing its ethanol manufacturing capacity by 35 kilolitres per day (KLPD), and for debt payment and general corporate purposes.
With over three decades of expertise, Punjab Carbonic converts impure CO2 into high-purity liquid CO2 and dry ice, enabling environment-friendly production and offering industrial by-product monetisation opportunities.
