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.

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.

​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.​

Read more