New Delhi-based Bharat PET has filed its draft red herring prospectus with SEBI to raise up to Rs 760 crore through an initial public offering (IPO), as it looks to capitalise on growing demand for packaging across industries.
The offering comprises a fresh issue of Rs 120 crore and an offer-for-sale (OFS) worth Rs 640 crore by existing promoters. Eight promoters, including Deepak Gupta, Ankur Gupta and Rahul Gupta, are set to pare stakes as part of the OFS. The company may also raise up to Rs 24 crore in a pre-IPO round, which will be adjusted against the fresh issue size.
Capex, Debt Repayment in Focus
Proceeds from the fresh issue will be deployed towards expansion and balance sheet strengthening. Bharat PET plans to allocate Rs 50 crore for repayment of borrowings and Rs 35.8 crore for purchasing new machinery and equipment. The remaining funds will be used for general corporate purposes.
The company operates as an integrated packaging solutions provider, manufacturing a wide range of products including PET bottles and jars, preforms, multi-layer co-extruded bottles, caps and closures, as well as tin containers.
With manufacturing facilities spread across Delhi, Haryana, Gujarat and Jammu, the company caters to a diversified set of industries. While its primary focus remains the agrochemical sector, it also serves segments such as food and beverages, pharmaceuticals, paints, industrial chemicals and liquor.
Strong Client Base, Competitive Landscape
Bharat PET's client roster includes several well-known names such as Tata Consumer Products, Daawat Foods, Dhanuka Agritech and PI Industries, among others. This diversified customer base provides some insulation against demand fluctuations in any single sector.
However, the company operates in a competitive space, going up against listed peers like Mold-Tek Packaging, Shaily Engineering Plastics and Time Technoplast — all of which have established market positions and scale advantages.
Growth Momentum Remains Robust
Financially, Bharat PET has posted strong growth in recent periods. For the financial year ended March 2025, the company reported a net profit of Rs 36.7 crore, up 30.6% from Rs 28.2 crore in the previous year. Revenue from operations rose 27% year-on-year to Rs 332.9 crore. The momentum appears to have continued into the current fiscal, with the company clocking Rs 33.3 crore in profit on revenue of Rs 226.8 crore in the six months ended September 2025.
The proposed listing comes at a time when India's IPO market is witnessing renewed activity, with mid-sized companies tapping public markets to fund expansion and provide exits to early investors. Investment banks Equirus Capital and Ambit have been appointed as the book-running lead managers for the issue.
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