Packaging supplier Chemco plans US$180M IPO to fund capex, reduce debt
The proposed Chemco IPO would be a major packaging sector offering in India, adding to a growing list of manufacturers tapping strong investor demand for industrial listings.
INDIA – Chemco Plastic Industries, a supplier to Coca-Cola, PepsiCo and Bisleri, is planning a ₹1,500 crore (US$180 million) initial public offering with a mix of primary and secondary share sales, as the packaging manufacturer joins a growing pipeline of industrial companies tapping India’s rebounding IPO market.
The proposed IPO, first reported by Moneycontrol on 4 September 2026, will see primary capital allocated to capex requirements and debt reduction, with Equirus, Axis Capital and 360ONE working on the deal.
The company reported operating income of ₹939 crore (US$112 million) in FY25, up 22 percent from ₹768 crore a year earlier, with profit after tax growing to ₹61.9 crore (US$7.4 million).
Chemco’s Client Portfolio and Manufacturing Footprint
The company manufactures rigid and flexible plastic packaging products including PET preforms, bottles, jars, containers, caps, shrink films and stretch wraps.
Apart from Coca-Cola, PepsiCo and Bisleri, its client roster includes Nestlé, Procter & Gamble, Dabur, Parle Agro, Britannia, Godrej, Marico, Reckitt, Hindustan Unilever, Amul, Cipla, Johnson & Johnson and Danone.
Established in 1996 by polymer engineer Ramawatar Saraogi, Chemco processes more than 1.25 lakh tonnes of plastic polymers annually across 23 locations in India, the UAE, Bahrain and Saudi Arabia.
The business is currently led by managing director Vaibhav Saraogi.
Strong Industrial IPO Pipeline and Investor Demand
Chemco’s IPO plans come amid strong investor interest in manufacturing and industrial businesses.
The ₹650 crore (US$77.8 million) IPO of Tempsens Instruments was subscribed more than 184 times in August, while hydraulic fittings manufacturer Hy-Tech Engineers’ ₹136 crore (US$16.3 million) offering received bids over 244 times.
Lumino Industries’ ₹700 crore (US$83.8 million) IPO was subscribed around 124 times and listed at a premium of more than 30 percent.
The response to these offerings has encouraged more industrial companies to accelerate listing plans as India’s IPO market rebounds after a relatively slow start to 2026.
Chemco’s proposed IPO would make it one of the larger packaging sector offerings in India, joining a growing pipeline of manufacturing and industrial companies looking to tap the market following strong investor demand for recent share sales in the sector.
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