India’s Penna Cement Industries Ltd has received approval from the Securities and Exchange Board of India (SEBI) to float an initial public offering (IPO). The company’s proposed IPO size is INR15.5bn (US$223.7m), with the offer comprising of fresh shares worth INR13bn and INR2.5bn of shares from the promoter, PR Cement Holdings Ltd.

The company is expected to use INR10bn of the fresh net proceeds to repay or make advance payment of its debt besides using an undisclosed amount towards general corporate purposes, according to VCCircle.

Penna Cement now joins Emami Cement as another Indian cement company which has recently gone public.