A packaging products maker backed by private equity firm Advent International and a healthcare technology company backed by the family of late stock market investor Rakesh Jhunjhunwala have received regulatory approval to float their respective initial public offerings (IPOs).
The Securities and Exchange Board of India (SEBI) has issued its observations, akin to its approval, to the IPO proposals of Advent-backed Manjushree Technopack and Inventurus Knowledge Solutions Ltd, which operates as IKS Health.
Manjushree Technopak
Manjushree Technopack is looking to raise Rs 3,000 crore via the IPO. While the company plans to issue fresh shares worth Rs 750 crore, Advent intends to offload shares worth Rs 2,250 crore via an offer for sale.
The company will use Rs 500 crore from the IPO proceeds to retire debt. As of June 2024, it had an outstanding debt of Rs 1,156 crore. The Bangalore-based company is 97.54% owned by Advent.
Manjushree, the biggest rigid plastic packaging player in India, had filed its draft IPO papers in August.
Its products are used across several consumer facing industries such as food and beverages, home care, personal care, alcoholic beverages, paints and adhesives, pharma, dairy and agrochemicals. Some of its major clients include Dabur India, Marico, Varun Beverages, Hershey India, Parag Milk Foods, Pernod Ricard and Kansai Nerolac Paints.
Advent International invested in the company in 2018. It bought all the shares owned by Kedaara Capital and a part of the Kedia family’s stake, in a deal that reportedly valued Manjushree Technopak at between Rs 2,300-2,400 crore.
In June this year, the PE firm sold Bharat Serums and Vaccines to Mankind Pharma in a Rs 13,630 crore deal. Its other portfolio companies include pharmacy chain Apollo 24/7, Yes Bank, Trendence, Eureka Forbes, Aditya Birla Capital, DFM Foods, Suven Pharma and Cohance.
Inventurus Knowledge
The Jhunjhunwala family-backed company had submitted its IPO documents to the market regulator in August. The IPO will be an offer for sale of 2.82 crore shares by existing shareholders and doesn’t include any fresh issue of shares by the company.
The company is controlled by a bunch of trusts promoted by the Jhunjhunwala family. These include the Aryaman Jhunjhunwala Discretionary Trust, Aryavir Jhunjhunwala Discretionary Trust and Nishtha Jhunjhunwala Discretionary Trust, which are the promoter selling shareholders in the offer for sale.
Apart from these, the Ashra Family Trust and Rajeshkumar Radheshyam Jhunjhunwala are also a part of the promoter groups looking to offload stake via the IPO. Individual investors such as Joseph Benardello, Gautam Char, Parminder Bolina, Jeffrey Philip Freimark, Berjis Minoo Desai and Scott D Hayworth will also offload their shares.
The company offers in-patient, outpatient as well as clinical care services. As of the end of March this year it had 800 healthcare organisations as clients.
In 2023, it acquired Acquity Holdings, a company that offers tech enabled clinical documentation, medical coding and revenue integrity solutions.
