Penna Cement receives SEBI nod for IPO, to raise Rs 1,550 crore

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Hyderabad-based Penna Cement Industries has received approval from the capital market regulator Securities and Exchange Board of India (SEBI) to go ahead with its Rs 1,550-crore initial public offering (IPO).

The IPO comprises a fresh issue of Rs 1,300 crore and an offer for sale of up to Rs 250 crore by the promoter PR Cement Holdings. Currently, PR Cement Holdings holds a 33.41 percent stake in the company.

Penna Cements intends to utilise part of the fresh issue funds for repaying of debt (Rs 550 crore) and capital expenditure requirements (Rs 105 crore) for its KP Line II Project.

In addition, the funds of Rs 80 crore will be used for upgrading raw grinding and cement mill in Talaricheruvu, while Rs 110 crore and Rs 130 crore will be utilised for setting up a waste heat recovery plant in Talaricheruvu and Tandur, respectively, as per the DRHP.

Incorporated in 1991, the Hyderabad-based cement company, which is promoted by P Prathap Reddy, Pioneer Builders and P R Cement Holdings, is one of the largest privately held cement companies in India and a leading integrated cement player in terms of cement production capacity, as of March 2021. It has a strong brand recall in the southern and western states of India.

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It has four integrated manufacturing facilities and two grinding units across Telangana, Andhra Pradesh and Maharashtra with an aggregate capacity of 10 million tonnes per annum (mmtpa) as of March 2021, and its capacity is expected to reach 16.5 mmtpa by fiscal 2024.

In FY21, the company’s revenue from operations stood at Rs 2,476.4 crore and profit at Rs 152 crore, increasing from Rs 2,167.6 crore and Rs 23 crore in FY20 respectively.

The cement demand in India is expected to grow at a CAGR of 6-7 percent between FY21 and FY26 on account of infrastructure investments, healthy revival in the housing demand and various Government Initiatives.

Also read – To benefit from strong secondary market momentum, these IPOs could hit Dalal Street by November

Axis Capital, ICICI Securities, Edelweiss Financial Services, Yes Securities (India) and JM Financial are the merchant bankers to the IPO.

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