Construction firm PNC Intratech expects to raise Rs 175 crore through the company's proposed initial public offer (IPO) and has approached market regulator SEBI for approval of the issue.
The city-based construction firm is entering the capital market to raise funds to meet its working capital requirement, repayment of loans and for general corporate purposes, as per the details available with draft red herring prospectus (DRHP) filed with the Securities and Exchange Board of India.
The company is considering a pre-IPO placement of up to Rs 75 crore with certain investors.
The IPO would have a reservation of up to one lakh equity shares for subscription by eligible employees of the company, according to draft papers.
The equity shares offered through to this public offer are proposed to be listed on the Bombay Stock Exchange and the National Stock Exchange.
Enam Securities is the sole book running lead manager of the issue.
