Gujarat-based juice manufacturing and marketing company Manpasand Beverages Pvt Ltd is looking raise up to Rs 400 crore (around $67.7 million) through the initial public offer and has appointed investment bank Kotak Mahindra Capital Company Limited and India Infoline to manage the issue, according to a news report by The Economic Times.
Dhirendra Singh-promoted Manpasand had last year planned to raise another round of private equity funding and was reportedly in talks with Warburg Pincus and Everstone to sell 10-15 per cent stake in the company. But now the firm has decided to skip the PE funding round and look at a public float instead.
“It will take us at least one year as we have just initiated the process,” Singh told the newspaper.
Earlier in 2011, the beverage maker had raised Rs 60 crore from venture and growth capital investor SAIF Partners India for a minority stake. SAIF Partners has a history of taking some of its portfolio firms public including names like MakeMyTrip, Just Dial and Speciality Restaurants.
Manpasand manufactures mainly mango juices. It has three manufacturing facilities in Vadodara, Banaras and Dehradun. It is targeting to achieve revenue of Rs 500 crore in the current financial year as against nearly Rs 300 crore in the fiscal 2013-14. Majority of its revenue comes from small towns and rural markets.
The firm has set a capital expenditure target of Rs 100 crore and is looking expand its facility in Vadodara and also to double its capacity from 60,000 cases per day at present. Besides, it is also planning to launch two three new ranges of drinks over the next few months.