Advent International’s portfolio company, Manjushree Technopack, has filed draft papers for a ₹3000 crore initial public offer. The company will raise ₹750 crore through a fresh issue and ₹2,250 crore through an offer for sale.
The private equity firm will sell some of its stake in the IPO. Its average acquisition cost was ₹361.85 apiece. It currently holds a 97.54 per cent stake in the packaging firm.
Of the total funds raised, ₹500 crore will be used to pay down debt, and the remaining will fund inorganic growth through acquisitions and other purposes.