Three firms file IPO papers with Sebi

New Delhi: Three companies -- Commtel Networks, Premier Industrial Corporation, and Shankesh Jewellers -- have filed draft papers with markets regulator Sebi to raise funds through initial public offerings (IPOs).

All three issues will be a mix of a fresh issue of equity shares and an offer for sale (OFS), according to their draft red herring prospectus (DRHP) filed on Tuesday. Commtel Networks has lined up a Rs 900-crore IPO, which includes a fresh issue of Rs 150 crore and an OFS of Rs 750 crore. Proceeds from the fresh issue will be used primarily to repay debt.

The company is a specialised engineering and technology player with over 26 years of experience in designing, building, and implementing integrated telecommunication, security, and safety systems for critical national infrastructure, particularly in the oil & gas and power sectors. Premier Industrial Corporation has proposed an IPO comprising 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 manufacturing facility at Wada, Palghar (Maharashtra) by increasing the capacity of certain products.