Upcoming IPOs: Claroid Pharma, PM Cona Industries, Abakkus Asset Manager file DRHPs with SEBI for public offers

Drugmaker Claroid Pharmaceuticals, high-quality electrical products maker PM Cona Industries and asset management firm Abakkus Asset Manager have filed their draft red herring prospectuses with market regulator Securities and Exchange Board of India (SEBI) to raise funds through initial public offerings.

Shares of three companies will be listed on the National Stock Exchange (NSE) and the BSE.

Abakkus Asset Manager IPO

The IPO of asset management company Abakkus Asset Manager Ltd, which is founded and led by veteran investment professional Sunil Singhania, is solely an offer-for-sale (OFS) of up to 1.5 crore shares by promoter Abakkus Expert Professionals LLP, according to the DRHP.

Since the issue is entirely an OFS, the company will not receive any proceeds from the offer.

"Our company expects that listing of the equity shares will enhance our visibility and brand image as well as provide a public market for the equity shares in India," the company said in its DRHP.

Founded in 2018, Abakkus Asset Manager is an asset management platform providing investment management and advisory services across alternatives, offshore and other products, mutual funds and private equity.

Claroid Pharmaceuticals

The proposed initial share sale is a mix of fresh issuance of 74,50,000 shares and an OFS component of 51,50,000 shares by promoters.

Promoters who are offloading their stake through the OFS route include Baiju Bhupendrabhai Desai, Soni Snehalkumar Hasmukhlal, Rushin Baijubhai Desai, Patel Shaileshbhai Arjanbhai, Patel Ghanshyam Arjanbhai, Falguni Baijubhai Desai, Juhi Rushin Desai, Patel Jyotiben Ghanshyam, Patel Jahanvi Ghanshyambhai, Patel Het Ghanshyambhai, Patel Kanchanben Shaileshbhai, Patel Princy Shaileshbhai, Dhyani Shaileshbhai Patel, Soni Falguniben Snehalkumar, Nirali Baijubhai Desai, Soni Shubham Snehalkumar and Ghanshyam Arjanbhai Patel HUF.

Net proceeds from the fresh issue will be utilised for capital expenditure requirements for establishing proposed plant and general corporate purposes.

Claroid Pharmaceuticals is a pharmaceutical formulation manufacturing firm involved in the development and manufacture of generic pharmaceutical products, consisting of tablets and ointments and the encapsulation of pharma formulations into hard gelatin capsules.

PM Cona Industries IPO

Electrical switches maker PM Cona Industries' proposed IPO consists of a fresh issuance of ₹120 crore and an OFS of 4,500,000 shares by promoter Prakash Naraindas Motwani.

Money raised will be used for capital expenditure needs, purchase of plant, equipment and machinery, establishing 50 new display showrooms, brand building and marketing and general corporate purposes.

PM Cona Industries is an established Indian manufacturer of electrical products, primarily serving the low-voltage electrical equipment market for domestic and commercial use. It makes fast-moving electrical goods and wires under the 'PM CONA' brand.