GEF Capital-backed EPack Prefab files for IPO
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GEF Capital-backed EPack Prefab files for IPO

By Siddhant Mishra

  • 23 Jan 2025
GEF Capital-backed EPack Prefab files for IPO
Credit: Thinkstock

GEF Capital Partners-backed EPack Prefab Technologies has filed its draft red herring prospectus with the capital markets regulator for an initial public offering.  

The planned IPO comprises a fresh issuance of shares up to Rs 300 crore and an offer for sale by the promoter group and other selling shareholders. 

The filing comes just weeks after GEF Capital, a clean-energy-focussed investment firm, invested $20 million in the modular construction firm last month. This was the first institutional funding round raised by the company.  

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Incorporated in 1999, EPack Prefab is a turnkey solutions provider for pre-engineered building structures, prefabricated modular structures, and insulation products. It operates three manufacturing facilities in Greater Noida (Uttar Pradesh), Ghiloth (Rajasthan), and Mambattu (Andhra Pradesh). 

The company plans to use up to Rs 102 crore of the proceeds from the fresh issue for financing capex requirements of a new manufacturing facility at Alwar (Rajasthan), and up to Rs 58 crore for capex towards expansion of its existing manufacturing facility at Mambattu. Another Rs 70 crore will be used for debt repayment and other corporate purposes. 

EPack offers a range of lightweight, impact-resistant, and insulating products, such as packaging boxes for electronic goods and hand-moulded packaging boxes. These products are used by the construction, packaging, and consumer durables industries.   

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The company’s revenue from operations increased by 37.8% to Rs 904.90 crore in FY24 from Rs 656.76 crore in FY23. For the six months ended September 30, 2024, revenue stood at Rs 537 crore and net profit at Rs 27.7 crore. 

Monarch Networth Capital and Motilal Oswal Investment Advisors are the book-running lead managers to the issue. 

GEF Capital, which spun out from the Global Environment Fund in 2018, closed its second fund, the South Asia Growth Fund II at $200 million in March 2022. It is targeting $400 million for its third fund, and has secured commitments for more than half the targeted amount. 

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