Blackstone Inc. is considering an for Indian glass packaging maker PGP Glass Pvt. in Mumbai that could raise as much as $500 million, according to people familiar with the matter.
Blackstone has selected Axis Bank Ltd., SBI Capital Markets Ltd, and local units of HSBC Holdings Plc, Goldman Sachs Group Inc. and Bank of America Corp. to work on the proposed share sale, the people said, asking not to be identified because the information is private. The company is seeking a valuation of as much as $4 billion, they said.
Deliberations are at an early stage, and details including the valuation and size of the offering could change, the people said. A representative for Blackstone declined to comment while banks didn’t immediately respond to requests for comments.
Share sales in India climbed to a record last year and the pipeline remains strong. Kotak Mahindra Capital Co. and Goldman Sachs Group Inc. estimate that IPO fundraising this year could reach as much as $25 billion, up about 14 per cent from the 2025 high.
PGP Glass, previously known as Piramal Glass specializes in the design, production and decoration of glass packaging for industries including cosmetics and perfumery, food and specialty spirits, and pharmaceuticals, according to its website.
The company has total capacity of about 1,720 metric tons a day and operates across markets including France, Brazil, India, and the UK, the website said.
The company founded as Gujarat Gas Ltd. was renamed as Piramal Glass in 2008 after Piramal Group acquired it. It was delisted from Indian exchanges in 2014.
Blackstone bought the company from the Piramal Group in 2021 at a valuation of about ₹69.88 billion and renamed it as PGP Glass.
For the fiscal year ended March 2025, the company reported a operating income of ₹40.44 billion and a net income of ₹3.05 billion, according to rating agency CareEdge.
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