Mahle and Schott Pharma Seek Investment Banks for India IPOs to Raise Up to $800 Million
Global multinational corporations are increasingly turning to Indian equity markets to monetise their fastest-growing local subsidiaries, with German industrial leaders Mahle GmbH and Schott Pharma AG emerging as the latest candidates exploring initial public offerings (IPOs) in Mumbai.
People familiar with the matter indicated that both Stuttgart-based automotive component maker Mahle and Mainz-based medical glass specialist Schott Pharma have initiated discussions with prospective advisers and investment banks to structure market debuts. Each entity is evaluating transactions that could raise between $300 million and $400 million, potentially injecting up to $800 million of fresh equity and secondary paper into the Indian primary market.
Mahle Revives Mumbai Listing Ambitions
Mahle GmbH, one of the world's largest automotive technology suppliers, is revisiting plans to list its Indian business after temporarily putting an IPO on hold in 2024. The company has established a substantial manufacturing footprint across India, operating multiple production facilities and employing over 4,600 people.
India has consistently ranked among Mahle's fastest-expanding operational geographies. In 2025, the group's Indian revenue rose more than 10% to €455 million (approximately $530 million), with currency-adjusted growth surpassing 20%. The company's local portfolio spans engine components, filtration systems, and thermal-management infrastructure, alongside newly commissioned e-compressor manufacturing lines in Coimbatore aimed at electric vehicle battery cooling and range preservation.
A Mumbai listing would allow Mahle to capitalise on strong domestic demand for tier-1 auto component manufacturers, which trade at substantial price-to-earnings multiples on the BSE and NSE compared to European benchmarks.
Schott Poonawalla Eyes $400 Million Market Debut
In parallel, Schott Pharma AG is preparing a domestic share sale for SCHOTT Poonawalla, its high-margin Indian joint venture. The company has invited merchant bankers to submit pitches for a potential $400 million issue.
SCHOTT Poonawalla is the dominant player in India’s pharmaceutical packaging ecosystem, controlling an estimated share of over 50% in the domestic injectable packaging market. Its product suite includes:
- Cartridges designed for auto-injector pens and GLP-1 delivery systems
- Prefillable glass syringes engineered for biologic therapies
- High-purity vials and ampoules for vaccines and critical injectable medicines
- Contract development and regulatory packaging support services
The shareholding pattern for SCHOTT Poonawalla comprises Schott Pharma holding a 50% controlling interest, private equity major TPG Growth holding 35% alongside co-investor Novo Holdings, and billionaire Adar Poonawalla's Serum Institute of India retaining a minority stake. The proposed transaction is anticipated to incorporate both a fresh issue of shares to fund capacity expansions and an offer for sale (OFS) enabling existing stakeholders to partially trim their holdings.
The Dalal Street MNC Valuation Premium
The dual moves by Mahle and Schott reflect a well-established structural trend where global parent companies leverage Indian public markets for strategic deleveraging and valuation arbitrage. Indian equity indices have provided deep institutional liquidity, bolstered by steady domestic mutual fund inflows via systematic investment plans (SIPs) and strong appetite from foreign institutional investors.
Recent and Prospective MNC Listings in India:
- Hyundai Motor India: Set a historic precedent by completing the nation's largest-ever IPO, raising $3.3 billion through a pure offer-for-sale structure.
- Industrial & Technology Peers: Global corporations such as LG Electronics, Carraro SpA, and Tenneco Inc. have evaluated or completed market debuts for their Indian operations.
- Consumer & FMCG Pipeline: Major consumer subsidiaries, including Hindustan Coca-Cola Holdings, Pernod Ricard India, and Carlsberg India, have conducted preliminary reviews regarding prospective local listings.
For Indian retail and institutional investors, the potential listings of Mahle and Schott Poonawalla would provide direct exposure to essential nodes in global supply chains—ranging from automotive electrification components to sterile biologics packaging—reinforcing Dalal Street's emergence as a premier venue for multinational capital allocation. Formal draft red herring prospectuses (DRHPs) for both issues are expected to be submitted to the Securities and Exchange Board of India (SEBI) once book-running lead managers are formally appointed.
