Manjushree Technopack files draft papers with SEBI to raise ₹3,000 crore via IPO

Packaging solutions provider Manjushree Technopack, which is backed by private equity firm Advent International, has filed draft papers with capital markets regulator Securities and Exchange Board of India (SEBI) to raise ₹3,000 crore via an initial public offering (IPO).

The IPO consists of a fresh issuance of shares valued ₹750 crore and an offer for sale (OFS) component of shares worth ₹2,250 crore by investor AI Lenarco Midco Ltd, according to the draft red herring prospectus (DRHP).

The packaging company may consider mobilising ₹150 crore in a pre-IPO placement round. If such placement takes place, the fresh issue size will be reduced.

The IPO proceeds will be used for debt repayment, to fund inorganic growth through acquisitions and strategic initiatives, and for general corporate purposes.

About Manjushree Technopack

Manjushree Technopack, founded in 1987, provides packaging solutions with end-to-end capabilities from design to delivery.

Some of its clients include Dabur India Ltd, Varun Beverages Ltd, Marico Ltd, Hershey India Pvt Ltd, Honasa Consumer Ltd, Kansai Nerolac Paints Ltd, Parag Milk Foods Ltd and Pernod Ricard Pvt Ltd.

ICICI Securities Ltd, Citigroup Global Markets India Pvt Ltd, Global Sachs (India) Securities Private Ltd, JM Financial Ltd and Avendus Capital Private Ltd are the book-running lead managers to the issue.