German firms Mahle GmbH and Schott Pharma AG are exploring initial public offerings of their Indian subsidiaries, each potentially raising up to $400 million. Schott Pharma executives met with investment banks last week, while Mahle invited banks to pitch for its Indian operations listing this week. Both companies are expected to appoint advisers soon, though details remain preliminary.
The move comes as India remains a top global market for IPO fundraising, with local units of multinationals trading at significantly higher valuation multiples than their overseas parents. For example, Schaeffler India trades at 41 times trailing earnings compared to 32 times for its German parent, while Siemens Ltd. trades at 62 times forward earnings versus 23 times for Siemens AG. Schott Pharma India produces pharmaceutical glass packaging, while Mahle manufactures automotive components including filters and thermal-management systems.
Mahle operates 11 production locations in India, employing over 4,600 people as of 2025, with sales rising more than 10% to €455 million ($530 million) — its fastest-growing region.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing