Manjushree Advanced Packaging Solutions Files DRHP For Rs 3,000 Crore IPO

Manjushree Advanced Packaging Solutions has filed a draft red herring prospectus with the Securities and Exchange Board of India for an initial public offering to raise up to Rs 3,000 crore.

The IPO consists of a fresh issue of equity shares worth Rs 750 crore and an offer for sale worth Rs 2,250 crore, to be issued by the shareholders at a face value of Rs 2 apiece, according to the draft red herring prospectus.

The shareholders selling their shares include AI Lenarco Midco Ltd. The company will use the proceeds amounting to Rs 500 crore to pay off all or part of the company’s existing loans. The rest of the funds will also be used to fund inorganic growth through acquisitions and other strategic initiatives and for general corporate purposes.

The company, in consideration of its book-running lead managers, might carry out a pre-IPO placement of up to Rs 150 crore. The price for this placement will be decided by the company and the book-running lead managers. Any money raised will be deducted from the fresh issue amount.

The equity shares are proposed to be listed on both the Bombay Stock Exchange and the National Stock Exchange.

JM Financial, Avendus, Citi, Goldman Sachs and ICICI Securities are the book-running lead managers for the issue and KFin Technologies Ltd. is the registrar for the offer.

Founded in 1987, Manjushree Technopack is a packaging solutions provider with end-to-end capabilities from design to delivery. Some of their customers include Varun Beverages Ltd., Dabur India Ltd., Marico Ltd., and Honasa Consumer Ltd.