Blackstone Taps Axis Capital, Bank of America and HSBC for PGP Glass IPO

Private equity firm Blackstone has begun preparations for a public listing of its glass packaging portfolio company PGP Glass, lining up global and domestic investment banks to manage the transaction. 

Banker Appointments and Fundraising Plans 

As per The Economic Times report, Axis Capital, Bank of America and HSBC have been appointed as lead bankers for the proposed initial public offering of PGP Glass, formerly known as Piramal Glass.  

The company, which is fully owned by Blackstone, is expected to raise between $400 million and $500 million through the listing. As per Bloomberg report, Blackstone was evaluating the IPO at a valuation of around $4 billion. 

Ownership Background and Acquisition History 

Blackstone acquired Piramal Glass from the Ajay Piramal family in 2020 at an enterprise valuation of about $800 million.  

The transaction was advised by Axis Capital and Bank of America, both of which have now been appointed again for the proposed public issue.  

Piramal Glass was incorporated in 1974 as Gujarat Glass, acquired by the Piramal Group in 1984, and later went through multiple restructurings, mergers and listings before being delisted from stock exchanges in July 2014. 

Operations, Footprint and Revenue Mix 

PGP Glass Private Limited specialises in the design, production and decoration of glass packaging for customers in the cosmetics and perfumery, food and specialty spirits, and pharmaceuticals sectors.  

The company operates manufacturing facilities in India and Sri Lanka with an aggregate capacity of 1,720 tonnes per day, supported by 12 furnaces and 70 production lines.  

It maintains offices and warehousing facilities across France, Germany, Turkey, Spain, Brazil, India, the UAE, the UK and Sri Lanka, and serves clients in more than 50 countries. About 77% of its sales are generated from high-end cosmetics and specialty spirits. 

Read More: The Whole Truth Raises $51 Million in Series D Round to Push Profitability and IPO Readiness! 

Conclusion 

With banker appointments in place and a targeted raise of up to $500 million, the planned IPO of PGP Glass marks Blackstone’s next step in monetising the global glass packaging business following its 2020 acquisition. 

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