SCHOTT Poonawalla, a leading Indian primary packaging player, has kicked off formal IPO preparations, aiming to raise $400 million through a mix of fresh shares and an offer‑for‑sale.
The 50‑50 joint venture between Germany‑based SCHOTT Pharma and Serum Institute of India has shifted to a 50‑50 split between SCHOTT Pharma (50%) and TPG Growth (35%), with Serum holding the remaining 15%. This structure sets the stage for a potential dilution of Serum’s stake via the offer‑for‑sale.
Analysts estimate a valuation of about $800 million, placing the company at a price‑to‑earnings ratio that aligns with peers like EPL Ltd and Uflex Ltd, which recently floated at P/E ranges of 12‑15x. The $400 million raise would represent a 50% stake in the new capital structure.
Investor Serum can further dilute its stake, potentially selling up to 10% of its holding, while TPG Growth’s entry marks a strategic push into India’s packaging niche, echoing its earlier debuts with entities such as Manipal Health Enterprises.
India’s packaging sector has seen a flurry of listings, with Bonfiglioli Transmissions’ Rs 2,534‑crore IPO subsribed 46 times, indicating robust demand for industrial stocks. SCHOTT Poonawalla’s move follows a trend of multinational subsidiaries tapping the domestic IPO market.
With pitches slated for next week, SCHOTT Poonawalla is expected to file a formal prospectus by mid‑May and could see its shares debut on the BSE/NSE as early as Q3 2026, depending on regulatory clearance.