Manjushree Technopack Receives SEBI Approval For Rs 3,000-Crore IPO
Manjushree Technopack may conduct a pre-IPO placement round of up to Rs 150 crore.
Advent International-backed Manjushree Technopack Ltd. has received approval from market regulator SEBI to float its Rs 3,000-crore initial public offering.
The firm had filed its preliminary IPO paper in August and obtained the regulator's observations during Nov. 4 to Nov. 8, indicating a go-ahead to float the public issue.
The IPO will include a fresh issue of equity shares totaling Rs 750 crore, along with an offer for sale of shares amounting to Rs 2,250 crore, as outlined in the draft red herring prospectus. The shares will be issued by the selling shareholders at a face value of Rs 2 each.
Among the selling shareholders is AI Lenarco Midco Ltd., which will offload stocks worth Rs 2,250 crore.
The company plans to use Rs 500 crore of the proceeds to pay down existing debt, with the remaining funds earmarked for inorganic growth through acquisitions, other strategic initiatives, and general corporate purposes.
Additionally, the company may conduct a pre-IPO placement round of up to Rs 150 crore. The price for this placement will be determined by the company and the lead managers. Any funds to be raised during this round will be deducted from the fresh issue amount. The offer also includes a reservation for a subscription by eligible employees.
The equity shares are expected to be listed on both the main bourses—the BSE and the National Stock Exchange.
The book-running lead managers for the IPO include JM Financial Ltd., Avendus Capital Pvt., Goldman Sachs (India) Securities Pvt., and ICICI Securities Ltd. KFin Technologies Ltd. will serve as the registrar for the offer.
Founded in 1987, Manjushree Technopack is a provider of end-to-end packaging solutions, from design to delivery. Its clients include prominent companies such as Varun Beverages Ltd., Dabur India Ltd., Marico Ltd., and Honasa Consumer Ltd.
