Advent International-backed Manjushree Technopak gets SEBI nod for IPO
Business Business: Advent International-backed Manjushree Technopak Ltd has received final observation from the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO). The company submitted its draft red herring prospectus (DRHP) to the market regulator on August 20.
Manjushree Technopak Ltd specializes in rigid plastic packaging (RPP) and is the largest RPP company in India by installed capacity, according to its website. According to a company press release, the product range includes containers, preforms, caps and closures, pumps and dispensers, as well as in-house recycling capabilities.
Manjushree Technopak serves clients such as Varun Beverages Ltd, Dabur India Ltd, Marico Ltd, Honasa Consumer Ltd, Hershey India Pvt Ltd, Kansai Nerolac Paints Ltd, Pernod Ricard Pvt Ltd and Parag Milk Foods Ltd. The company also has a diverse base of 964 clients by the financial year ending 2023-24. Manjushree Technopak’s operating revenue grew from ₹1,467.05 crore to ₹2,117 crore between FY 2022 and 2024, registering a CAGR of 20.13 per cent.
Manjushree Technopak IPO is offering shares at a face value of ₹2 per share. The public issue comprises a fresh issue of shares aggregating up to ₹750 crore and an offer-for-sale (OFS) component of up to ₹2,250 crore by AI Lenarco Midco Ltd. The rigid plastic packaging (RPP) company plans to use ₹500 crore from the public issue proceeds to repay or pre-pay its outstanding debt. In addition, the company also aims to fund its inorganic growth plans through acquisitions and other strategic investments. The remaining funds will be used for general corporate purposes. JM Financial Limited, Avendus Capital Private Limited, Citigroup Global Markets India Private Limited, Global Sachs (India) Securities Private Limited and ICICI Securities Limited are the book-running managers to the public offering and KFin Technologies Limited is the registrar to the offer.
