Advent-Backed Manjushree Technopack Targets ₹3,000 Crore IPO, Files with SEBI

Manjushree Technopack Ltd, a company backed by Advent International, has submitted its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) as it plans to raise nearly ₹3,000 crore through an initial public offering (IPO). This was announced in a press release on Tuesday, August 20.

Based in Bengaluru, Manjushree Technopack is known for specializing in rigid plastic packaging (RPP) and is currently the largest RPP company in India in terms of installed capacity, according to its website.

Details of Manjushree Technopack’s IPO:

The IPO will consist of equity shares with a face value of ₹2 each. The offering includes a fresh issue of shares worth up to ₹750 crore and an offer for sale of up to ₹2,250 crore by AI Lenarco Midco Limited.

The company has also reserved a portion of the IPO for eligible employees, as stated in the press release.

In consultation with the book-running lead managers, Manjushree may consider raising an additional ₹150 crore through a private placement or other methods before the IPO. If this pre-IPO placement is completed, the size of the fresh issue will be reduced accordingly.

Manjushree Technopack plans to use ₹500 crore from the IPO proceeds to repay or pre-pay its outstanding debt. Additionally, the company intends to support its growth through acquisitions and other strategic investments. The remaining funds will be used for general corporate purposes.

Manjushree Technopack’s product range includes containers, preforms, caps and closures, pumps and dispensers, as well as in-house recycling capabilities. The company’s clients include major brands such as Varun Beverages Ltd, Dabur India Ltd, Marico Ltd, Honasa Consumer Ltd, Hershey India Pvt. Ltd, Kansai Nerolac Paints Ltd, Pernod Ricard Private Ltd, and Parag Milk Foods Ltd.