CORPORATE
Advent set to sell Manjushree Technopack to PAG, withdraws Manjushree IPO
- IBJ Bureau
- Nov 23, 2024
US private equity firm Advent International has signed a deal to sell packaging company Manjushree Technopack to PAG for enterprise value of close to $1 billion, two sources with direct knowledge have said.
Advent, which had invested in the company in 2018, was planning to take Manjushree Technopack public but opted for a sale that will end the public offer process.
Manjushree and Advent did not immediately respond to the Reuters’ requests for comment. PAG, which is headquartered in Hong Kong, declined to comment.
Founded in 1983, Manjushree has 21 locations across India, with its headquarters in Bengaluru, according to Advent’s website. It is India’s largest rigid plastic packaging company, with 23 manufacturing plants and more than 50 patents and designs.
Manjushree had filed its IPO application with the Securities and Exchange Board of India in August this year, planning to raise Rs 3,000 crore in the public offer.
With the signing of the sale, Advent will withdraw the IPO application from the SEBI, one of the sources has said.
Asia-focused PAG has deployed over $1.7 billion out of its private equity funds in India since setting up a local office in 2019.
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