PGP Glass, which is totally owned by Blackstone, is anticipated to boost about $400 million to $500 million by way of the general public itemizing, the sources mentioned. Bloomberg reported final month that Blackstone was contemplating an IPO at a valuation of round $4 billion.
Blackstone spokesperson declined to remark.
Blackstone acquired Piramal Glass from the Ajay Piramal household in 2020 at a valuation of about $800 million. The transaction was suggested by Axis Capital and Financial institution of America.
PGP Glass Non-public Restricted is a world specialist in design, manufacturing, and ornament of glass packaging, offering glass packaging options for patrons within the Cosmetics & Perfumery, Meals & Specialty Spirits, and Prescription drugs industries.
It has presence in India and Sri Lanka with an general capability of 1,720 tonnes per day, with 12 furnaces and 70 manufacturing strains. It has workplaces and warehousing amenities in France, Germany, Turkey, Spain, Brazil, India, the UAE, UK, and Sri Lanka. PGP Glass serves prospects in over 50 international locations world wide, in accordance with the corporate web site. About 77% of its gross sales come from excessive finish cosmetics and specialty spirits.
Included in 1974, Piramal Glass (previously Gujarat Glass) was acquired by the Piramal Group in 1984. In 1990, it was merged with Piramal Healthcare Restricted (PHL, erstwhile Nicholas Piramal India Restricted), and in 1998, the glass division was spun off to a subsidiary. Subsequently, personal fairness (PE) traders picked up 46% stake on this subsidiary. After restructuring operations, in July 2003, PHL divested its 54% holding in Gujarat Glass to a brand new subsidiary, Kojam Fininvest, which was subsequently listed. This was adopted by the merger of Kojam Fininvest into Gujarat Glass and the merged entity was later relisted as Piramal Glass Restricted. It was delisted from each inventory exchanges efficient from July 2014.
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