Upcoming IPO: Premier Industrial Corporation Limitedhas secured nod from capital market regulator Securities and Exchange Board of India (SEBI) for the IPO.

Premier Industrial Corporation is one of the fastest growing manufacturers in both powders as well as wires categories of welding consumables industry.

The company’s initial public offering comprises 27,900,000 equity shares of face value Rs 10 each, including a fresh issue of up to 22,500,000 equity shares and an offer for sale of up to 5,400,000 equity shares.

The Offer for sale constitutes up to 2,170,800 equity shares aggregating by Arvind Chhotalal Morzaria, up to 1,740,030 equity shares by Dilip Chhotalal Morzaria, up to 1,078,770 equity shares by Subhash Chhotalal Morzaria, up to 341,895 equity shares by Lalit Navinchandra Morzaria and up to 68,505 equity shares by Nirmala Navinchandra Morzaria collectively the known as the selling shareholders.

The company plans to utilize its net proceeds for financing the capital expenditure requirements towards setting up a new wire manufacturing facility at Village Honad, Khalapur, Raigad, Maharashtra, and for financing the capital expenditure required for the expansion of the existing manufacturing facility at the Wada Unit, situated at Gut Nos. 33 and 39, Mauje Abje (Vaitarna Nagar), Wada, Palghar, Maharashtra, by increasing the manufacturing capacity of certain existing products.

Further, the proceeds will also be utilized for funding the working capital requirements of the company and for general corporate purposes.

Unistone Capital Private Limited is the sole Book Running Lead Manager to the issue.