Upcoming IPO: Knack Packaging files draft papers with SEBI, eyes ₹475 crore via fresh issue

Upcoming IPO: Packaging solutions provider Knack Packaging has filed preliminary papers with the market regulator, the Securities and Exchange Board of India (SEBI), to raise funds via an initial public offering.

The proposed IPO is a combination of a fresh issuance of equity shares worth ₹475 crore and an offer for sale (OFS) of 7,000,000 shares, according to the draft red herring prospectus (DRHP) filed on Thursday.

Under the OFS, Alpesh Tulsibhai Patel, Rashminbhai Tulsibhai Patel, Pravinkumar Ambalal Patel, Tulsibhai Keshavlal Patel, Dharmisthaben Pravinbhai Patel, Patel Kamlesh Ambalal, Divyaben Rashminkumar Patel, Shital Alpesh Patel, Patel Jay Pravinkumar and Shitalben Kamlesh Patel will be offloading their stake.

The fresh issue proceeds will be used towards setting up a new manufacturing facility in Gujarat and for general corporate purposes.

The company's book-running lead managers are Systematix Corporate Services Limited, Pantomath Capital Advisors Private Limited and IDBI Capital Markets & Securities Limited. MUFG Intime India Private Limited (formerly Link Intime India Private Limited) is the registrar.

The company's shares will be listed on the National Stock Exchange (NSE) and the BSE.

About Knack Packaging

Knack Packaging is among the leading packaging solutions providers, offering an array of packaging solutions, including printed and laminated woven polypropylene (PLWPP) bags and PLWPP pinch bottom bags that are used in several sectors, including food products and pet foods. It holds approximately 10.1% of the market share in the domestic market for flexible bulk PLWPP bags.

It has been serving several top brands under the B2B2C model, such as Baba Agro Food Ltd, Drools Pet Food Pvt Ltd, Ebro India Pvt Ltd, Laxmi Protein Products Pvt Ltd, Mosaic India Pvt Ltd, KRBL Ltd, Shriram Woven Sacks and DCM Shriram Ltd. It also deals with international clients across 68 countries, like Cristo S.A., Cargill, Sacos y Empaques Internacionales S.A. de C.V., and Repi Soap and Detergent PLC.