Narmada Bio-Chem, Neccon Power aims to raise funds through IPO

Assam-based Neccon Power and Infra have filed draft papers with capital markets regulator Sebi to float an initial public offering (IPO).

Apart from Neccon Power, Ahmedabad based Narmada Bio-Chem has also filed draft red herring prospectus with the regulator to launch IPO.

Neccon Power's initial issue will see the sale of up to 1,27,00,000 and Narmada Bio-chem will offer 72,00,000 equity shares according to the draft red herring prospectus (DRHP) filed with Securities and Exchange Board of India (Sebi).

The fund raised will be utilized for the working capital requirements and general corporate purposes, the firms said.

PL Capital Markets Private will manage Neccon's IPO, while that of Narmada Bio-Chem, Pantomath Capital Advisors Ltd is the Book Running Lead Manager.

Neccon Power is engaged in the power transmission and distribution sector and provides engineering, procurement and construction ("EPC") services.

Narmada Bio-Chem manufactures various types of chemical and organic fertilizers.