Penna Cement files for an IPO for expansion plans

Penna Cement has filed for a INR15,500m (US$212.2m) initial public offering (IPO) with the markets regulator Sebi to raise funds for expansion and paying off debt.

Penna Cement's CEO, Vikram Reddy said Penna Cement has an expansion plan that includes a mix of brownfield and greenfield plants that will raise the company's cement capacity to 16.5Mta by 2020.

The IPO will consist of a fresh issue of INR13,000m and an offer for sale of up to INR2500m by the company's promoter PR Cement Holdings.