Event Date: N/A
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Manjushree Technopack Limited - Draft Red Herring Prospectus Summary
Overview:
Manjushree Technopack Limited, originally incorporated as Manjushree Extrusions Private Limited in 1987 and later renamed, is proposing an initial public offering (IPO) comprising a fresh issue of equity shares and an offer for sale by promoter AI Lenarco Midco Limited. The company is a prominent player in the rigid plastic packaging (RPP) sector in India. The IPO aims to comply with Regulation 6(1) of the SEBI ICDR Regulations.
Offer Details:
The IPO involves a fresh issue of equity shares aggregating up to ₹7,500 million and an offer for sale of equity shares aggregating up to ₹22,500 million by the promoter. The total offer size is up to ₹30,000 million. A portion of the offer is reserved for eligible employees, with a potential discount offered. The net offer, excluding the employee reservation portion, will constitute a certain percentage of the post-offer paid-up equity share capital. A pre-IPO placement of equity shares aggregating up to ₹1,500 million may be considered before filing the Red Herring Prospectus (RHP). The price band and minimum bid lot will be determined by the company in consultation with the Book Running Lead Managers (BRLMs).
Objects of the Offer:
The net proceeds from the fresh issue will be utilized for the repayment or prepayment of outstanding borrowings (₹5,000 million allocated), funding inorganic growth through acquisitions and other strategic initiatives, and for general corporate purposes.
Key Risks:
Financial Information:
The document includes summary financial information for fiscals ended March 31, 2024, 2023, and 2022. Key metrics include equity share capital, revenue from operations, profit after tax, earnings per share, net worth, and total borrowings. Proforma condensed combined financial information is also presented, illustrating the impact of the acquisition of Oriental Containers. Certain non-GAAP measures, such as EBITDA and adjusted EBITDA, are presented. There has been certain amounts allocated towards capital expenditure.
Risks in Relation to the First Offer:
The document explicitly states that there has been no formal market for the equity shares of the company since delisting and there is no guarantee of active trading or sustained price after listing.
Listing and BRLMs/Registrar:
The equity shares are proposed to be listed on BSE and NSE. JM Financial Limited, Avendus Capital Private Limited, Citigroup Global Markets India Private Limited, Goldman Sachs (India) Securities Private Limited and ICICI Securities Limited are the BRLMs. KFin Technologies Limited is the registrar to the offer.
Compliance and Legal Matters:
The document emphasizes compliance with the Companies Act, SEBI ICDR Regulations, and FEMA Rules. It also mentions obtaining approvals from BSE and NSE for listing. Also covered are intellectual property rights, outstanding litigation, and the responsibilities of the issuer and selling shareholder.
Shareholding Pattern:
The promoter, AI Lenarco Midco Limited, holds a significant portion of the company's equity (97.24%).
Material Contracts and Documents:
The draft prospectus outlines material contracts and documents available for inspection, related to the offer and company operations.
Definitions and Abbreviations:
A comprehensive list of definitions and abbreviations used throughout the document is provided.
Other Key Points:
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