Commtel, Premier, Shankesh File IPO Papers with Sebi

New Delhi, Sep 30 (PTI) 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.

Funds will also be allocated towards working capital and general corporate purposes.

In addition, the company may consider a pre-IPO placement of up to Rs 30 crore, which, if undertaken, will reduce the size of the fresh issue.

Premier Industrial Corporation is among the fastest-growing manufacturers in both powders and wires categories of the welding consumables industry.

Shankesh Jewellers plans to raise funds through an issue of 3 crore fresh equity shares and an OFS of 1 crore shares.

Proceeds from the fresh issue will go towards repayment or pre-payment of borrowings worth Rs 158 crore, funding working capital needs of Rs 38 crore, and general corporate purposes.

The company is engaged in handcrafted gold jewellery manufacturing and offers customised designs to clients.