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News Penna Cement files for US$212m initial public offering

Penna Cement files for US$212m initial public offering

Written by Global Cement staff 17 May 2021
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India: Penna Cement has filed for an initial public offering (IPO) worth US$212m. It plans to offer US$34m-worth of shares for sale and to issue equity shares worth US$177m. United News of India has reported that part of the money raised will fund capital expenditure (capex) investments worth US$58m. The company’s plans consist of a second line at its Krishnapatnam grinding plant in Andhra Pradesh, an upgrade of raw materials and clinker grinding at its integrated Talaricheruvu plant in Andhra Pradesh, and new waste heat recovery (WHR) units at its Talaricherevu plant and its integrated Tandur plant in Telangana. It additionally plans to repay previous loans.

Last modified on 19 May 2021
Published in Global Cement News
Tagged under
  • India
  • Penna Cement
  • IPO
  • Shares
  • Plant
  • Upgrade
  • Waste Heat Recovery
  • Andhra Pradesh
  • grinding plant
  • Telangana
  • GCW506

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