Bharat PET has filed draft papers with capital markets regulator Securities and Exchange Board of India (SEBI) to raise Rs 760 crore through its initial public offering (IPO). The proposed IPO comprises a fresh issue of equity shares aggregating up to Rs 120 crore and an offer for sale (OFS) of shares worth up to Rs 640 crore by promoters. The company may also consider a pre-IPO placement of securities aggregating up to Rs 24 crore. If undertaken, the size of the fresh issue will be reduced accordingly.  

Proceeds from the fresh issue to the tune of Rs 50 crore will be utilised towards repayment of borrowings, Rs 35.8 crore for purchase of machinery and equipment and a portion will be used for general corporate purposes. Equirus Capital and Ambit are the book running lead managers to the issue. 

Incorporated in 1998, Bharat PET is engaged in manufacturing a diversified portfolio of rigid packaging products, including PET bottles and jars, preforms, multi-layer co-extruded bottles, caps and closures, and tin containers.