New Delhi, Feb. 12 -- Navi Mumbai-based Prostarm Info Systems, on Wednesday, said that it has received in-principle approval from market regulator, Securities Exchange Board of India (SEBI) to launch its initial public offering (IPO).

The issuecomprises fresh issue of up to 1,60,00,000 equity shares of face value Rs.10 each and will be listed on BSE and NSE.

According to the DRHP, the company intends to utilize the net proceeds from the issue for multiple purposes, including financing working capital needs, prepaying or repaying specific outstanding debts, pursuing inorganic growth opportunities, implementing strategic initiatives, and covering general corporate expenses.

Choice Capital Advisors Private Limited is the book-running lead...