Pennar Industries, engaged in engineered metal products and pre-engineered buildings, witnessed a rise in share price on Monday after it announced that the company's subsidiary company Pennar Engineered Buildings Systems has filed a draft red herring prospectus with Securities Exchange Board of India (SEBI) on March 27, 2015.

The proposed initial public offer consists of fresh issue of equity shares and offer for sale by selling shareholders.

Shares of the company are trading at Rs 53.45, up Rs 3.2, or 6.37% at the Bombay Stock Exchange (BSE) on Monday at 10:33 a.m.

The scrip has touched an intra-day high of Rs 54.40 and low of Rs 52.50. The total volume of shares traded at the BSE is 99,591.