PE-backed Manpasand Beverages files for India IPO

SAIF Partners first invested INR450 million in the company in 2011 via its fourth fund, and then put in another INR450 million earlier this year alongside pre-IPO investors Aditya Birla which put in INR262.5 million.

Manpasan was launched in 1997 by Dhirendra Singh and its flagship brand Mango Sip is sold across 23 states in India. The company also has its Apple Sip brand and recently launched its Fruits Up line that includes a range of premium high fruit content still and carbonated juice drinks. The firm also launched Manpasand ORS this year, a brand of energy drinks targeting the northeast India market.

Of the INR4 billion the firm plans to raise INR1.4 billion will be used to established a new facility Vadodara, with INR370 million earmarked to modernise its existing unit in the city. It also plans to spend INR220 million in setting up a new corporate office in Vadodara, with INR840 million put aside to repay debt.

According to its draft red herring prospectus, the company's net sales between the 2012 and 2014 financial years rose from INR857.3 billion to INR2.94 billion; the business is targeting to achieve revenue of INR5 billion for the current financial year. Net profit, meanwhile, rose from INR60.7 million to INR205 million over the same period.

Also this week, Samara Capital-backed Monte Carlo Fashions filed its red herring prospectus with plans to open its IPO on December 3. Promoter Nahar Group and Samara will make partial exits.

The company has fixed a price band of INR630 to INR645 a share with the company's existing shareholders selling 5.4 million shares or 25%. The sale could raise as much as INR3.5 billion - at a valuation of INR14 billion - of which Samara will take around INR1 billion, representing around 40% of its total 18.51% holding.

Samara invested INR1.75 billion in the company in 2012, acquiring its stake from Nahar Group, a unit of Oswal Wollen Mills which started the company as a woollen apparel brand in 1984.

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• Topics
• South Asia
• Exits
• Consumer
• India
• IPO
• Exit
• Consumer
• SAIF Partners
• Aditya Birla Capital Advisors
• Samara Capital