Advent International plans $300-400 m IPO of Manjushree Technopack

Unlisted shares of Manjushree are trading at around ₹700 a share, with a market capitalisation of ₹4,742 crore [View in browser]( [See all newsletters]( 20 August 2024 Advent International plans $300-400 m IPO of Manjushree Technopack Advent International is looking at an initial public offering in the range $300-400 million for its portfolio company Manjushree Technopack with a valuation of $1.5-2 billion, sources said. In 2018, the US-based global private equity firm had acquired a 40 per cent stake in the packaging firm from Kedaara Capital that had then valued it at around ₹2,400 crore (about $289 million). It subsequently acquired more stake from the promoters and completely controls it now. The PE firm has been evaluating several options to monetise its stake in the company, including a total sale to another private equity firm or a strategic. However, the IPO route is seen as more attractive with the primary market in India booming and an insatiable appetite for equity issuances. Advent International declined to comment on its plans. Unlisted shares of Manjushree are trading at around ₹700 a share, with a market capitalisation of ₹4,742 crore, which is considerably lower than the valuation it is seeking. - Also read: [Advent International looks to exit Manjushree Technopack for $1-1.2 billion]( Financials & acquisitions In FY24, Manjushree Technopack reported net profit of ₹140.8 crore compared to ₹59 crore a year ago. It reported a revenue of ₹2,117 crore (₹2,096 crore). It generated cash of ₹378 crore from operations compared to ₹349 crore in the previous year. In FY18, before the acquisition by Advent International, it had reported revenue of ₹924 crore. It has 22 manufacturing plants with a capacity of 2.6 lakh tonnes per annum. In 2020, it had set up a greenfield manufacturing facility in Silvassa and in 2023 new facilities in Visakhapatnam and Mysuru. - Also read: [Mankind Pharma to buy Bharat Serums from Advent for ₹13,630 cr]( In 2019, it acquired pumps and triggers maker Napla. In 2021, it acquired the B2B business of Pearl Polymers & Classy Kontainers and in 2022 it bought two manufacturing units in Maharashtra from Hitesh Plastics foraying into the highly specialised caps and closures market. Manjushree Technopack provides rigid plastic packaging solutions with end-to-end packaging solutions across containers, preforms, caps and closures, pumps and dispensers and captive recycling capabilities in a wide range of industries including food and beverages, home care, personal care, liquor and spirits, paints and adhesives, pharmaceuticals, nutraceuticals, dairy, automotive and agrochemicals. You Might Also Like [US sensitises Indian firms on items not to be exported to Russia]( [Economy]( [US sensitises Indian firms on items not to be exported to Russia]( [SEBI mulls measures to curb intermingling of IPO bids]( [Markets]( [SEBI mulls measures to curb intermingling of IPO bids]( [It’s telcos versus Nasscom, others on OTT policing]( [Info-tech]( [It’s telcos versus Nasscom, others on OTT policing]( [DRI officials detain over 400 ‘organic’ rice containers at 3 ports]( [Agri Business]( [DRI officials detain over 400 ‘organic’ rice containers at 3 ports]( Stay informed Subscribe to businessline to stay up-to-date with in-depth business news from India [arrow]( Copyright @ 2024, THG PUBLISHING PVT LTD. If you are facing any trouble in viewing this newsletter, please try [here]( Manage your newsletter subscription preferences [here]( If you do not wish to receive such emails go [here](