Blackstone Considers $500 Million Mumbai IPO for Glass Packaging Maker PGP Glass
Blackstone Inc. is exploring a $500 million Mumbai IPO for PGP Glass, seeking up to $4 billion valuation. The glass packaging company serves cosmetics, food, spirits, and pharma industries globally with 1,720 metric tons daily capacity. Blackstone acquired PGP Glass from Piramal Group in 2021 for ₹69.88 billion, with the company reporting ₹40.44 billion operating income in FY2025.
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Blackstone Inc. is considering an initial public offering for Indian glass packaging maker PGP Glass Pvt. in Mumbai that could raise as much as $500 million, according to people familiar with the matter. The private equity giant is in talks with banks about the proposed share sale and is seeking a valuation of as much as $4 billion.
Deliberations are at an early stage, and details including the valuation and size of the offering could change. A representative for Blackstone declined to comment on the potential IPO plans.
Company Profile and Operations
PGP Glass, previously known as Piramal Glass, specializes in the design, production and decoration of glass packaging for multiple industries. The company serves sectors including cosmetics and perfumery, food and specialty spirits, and pharmaceuticals. With a total production capacity of approximately 1,720 metric tons per day, PGP Glass operates across international markets including France, Brazil, India, and the UK.
Financial Performance
The company's recent financial performance shows solid operational metrics:
| Financial Metric | FY2025 (ended March) |
|---|---|
| Operating Income | ₹40.44 billion |
| Net Income | ₹3.05 billion |
Source: CareEdge rating agency
Ownership History and Blackstone Acquisition
The company has undergone several ownership transitions over the years. Originally founded as Gujarat Gas Ltd., it was renamed Piramal Glass in 2008 after Piramal Group acquired it. The company was subsequently delisted from Indian exchanges in 2014.
| Transaction Details | Information |
|---|---|
| Acquisition Year | 2021 |
| Buyer | Blackstone |
| Seller | Piramal Group |
| Acquisition Value | ₹69.88 billion ($765 million) |
| Company Renamed To | PGP Glass |
India IPO Market Outlook
The potential PGP Glass offering comes amid a robust IPO environment in India. Share sales in India climbed to a record last year, and the pipeline remains strong. Kotak Mahindra Capital Co. and Goldman Sachs Group Inc. estimate that IPO fundraising this year could reach as much as $25 billion, representing an increase of about 14% from the previous high.
The strong IPO market conditions provide a favorable backdrop for Blackstone's consideration of taking PGP Glass public, though the deliberations remain in early stages with potential changes to structure and timing.
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