SCHOTT Poonawalla, backed by Germany’s SCHOTT Pharma and private equity firm TPG Growth, has initiated preliminary steps for a domestic initial public offering (IPO), people familiar with the matter told Moneycontrol.
The Mumbai-based company is a leading primary packaging provider for India’s pharmaceutical and biotechnology industries. If the listing plans materialise, it would join a growing list of multinational companies and their Indian subsidiaries tapping the domestic IPO market.
The company counts Serum Institute of India, the vaccine maker led by billionaire Adar Poonawalla, as a minority investor.
“SCHOTT Poonawalla has invited investment banks to make pitches for the proposed IPO next week. These are early days, but as of now, the intent is to raise around $400 million,” one of the persons cited above said, cautioning that the issue size and valuation have not been finalised and could change depending on market conditions.
A second person confirmed the development and said the proposed issue would likely comprise a combination of fresh shares and an offer for sale.
“The IPO provides a window for investor Serum Institute of India to further dilute part stake if deemed fit,” a third person said.
A fourth person also confirmed the listing plans.
All four people spoke to Moneycontrol on condition of anonymity.
An email query to SCHOTT Poonawalla remained unanswered at the time of publication. TPG and Serum Institute of India declined to comment.
A spokesperson for SCHOTT Pharma said, “As a matter of principle, we do not comment on market speculation or potential future transactions.”
Germany-based SCHOTT Pharma, which specialises in drug containment and delivery solutions, holds a 50% stake in SCHOTT Poonawalla, while TPG Growth holds 35%. The company was originally a 50:50 joint venture between SCHOTT Pharma and Serum Institute of India.
On May 6, 2025, SCHOTT Pharma announced a binding agreement with TPG to sell a 35% stake in the joint venture to the private equity firm. Novo Holdings joined TPG Growth as a co-investor.
Moneycontrol was the first to report, on November 28, 2024, that TPG Growth and Serum Institute of India were in talks over a stake sale.
“SCHOTT Poonawalla is a unique asset and a clear market leader with an over 50 percent market share in injectable packaging and hence TPG saw an opportunity,” the report said, adding that the company’s equity valuation was estimated at around $800 million.
Manipal Health Enterprises, Sai Life Sciences and Dr Agarwal’s Health Care are among the healthcare companies backed by TPG that have made their stock market debuts in India.
In India’s packaging sector, SCHOTT Poonawalla’s listed peers include EPL Ltd, AGI Greenpac, Uflex Ltd, TCPL Packaging and Jindal Poly Films.
Hyundai Motor India, LG Electronics India, Orkla India and Tenneco Clean Air India are among the multinational companies that have launched IPOs in India in recent years. The Indian arms of Pernod Ricard and Carlsberg are also in the pipeline.
Earlier this week, the Rs 2,534-crore IPO of power transmission and drive solutions company Bonfiglioli Transmissions, entirely an offer for sale by its Italian promoter, was subscribed 46 times.
Lens on SCHOTT Poonawalla
SCHOTT Poonawalla’s product portfolio includes cartridges for auto-injector pens, prefillable syringes for a range of biologic drugs, vials and ampoules. It also offers regulatory services to biotechnology and pharmaceutical companies and contract development and manufacturing organisations (CDMOs).
Through its association with SCHOTT Pharma, the company draws on decades of expertise in pharmaceutical packaging, spanning drug administration, clinical trials, regulatory processes and commercial filings.
Speaking about TPG’s entry into SCHOTT Poonawalla in May 2025, SCHOTT Pharma CEO Andreas Reisse had said: “India continues to be one of the most dynamic and strategically important manufacturing hubs for SCHOTT Pharma. Welcoming TPG to the partnership marks an exciting step forward in our collaboration. SCHOTT Pharma’s innovation capabilities and pure-play focus on injectables will be complemented by TPG’s local market expertise, relationships, and experience from its strong presence in the Indian healthcare sector. As we continue to expand our local production capacities and leading role in the Indian market, we are confident that this step will further enhance our global footprint and deliver exceptional value to our customers.”