Manjushree Technopack got approval from SEBI to raise funds via an IPO

Manjushree Technopack was established in 1987 and offers complete packaging solutions, from design to delivery. Prominent businesses like Honasa Consumer Ltd., Dabur India Ltd., Marico Ltd., and Varun Beverages Ltd. are among its clients. One of India’s top suppliers of packaging solutions is Manjushree Technopack Ltd. (MTL). The company is renowned for providing a broad range of creative and environmentally friendly packaging solutions, and it specializes in producing rigid plastic packaging.

Manjushree Technopack Ltd.’s IPO approval

Manjushree Technopack Ltd., supported by Advent International, has been granted permission by market watchdog SEBI to go public with its Rs 3,000-crore IPO. The firm filed its preliminary IPO paper in August, and between November 4 and November 8, the regulator provided comments indicating that the firm was authorized to float the public offering.

As stated in the draft red herring prospectus, the IPO will comprise an offer to sell shares worth Rs 2,250 crore and a new issue of equity shares worth Rs 750 crore altogether. The selling shareholders will issue the shares, which will have a face value of Rs 2. AI Lenarco Midco Ltd. is one of the shareholders selling, and it will be selling stocks valued at Rs 2,250 crore.

Manjushree Technopack Ltd. settles its debt for Rs. 500 crore

The remaining funds will be used for inorganic growth through acquisitions, other strategic initiatives, and general corporate purposes. The company intends to use Rs 500 crore of the proceeds to pay down its current debt.

The business may also hold a pre-IPO placement round with a maximum value of Rs 150 crore. The business and the lead managers will decide on the cost of this placement. The amount of the new issue will be reduced by any money raised during this round. Eligible employees can also reserve a subscription as part of the offer.

Book Runners for Manjushree Technopack Ltd

The IPO’s book-running lead managers are ICICI Securities Ltd., Avendus Capital Pvt., JM Financial Ltd., and Goldman Sachs (India) Securities Pvt. The offer will be registered through KFin Technologies Ltd.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.