Mahle and Schott Pharma weigh India IPOs as local valuations shine

What is on the table

People familiar with the matter say Mahle and Schott Pharma are exploring IPOs of their Indian businesses, with each deal potentially reaching about $400 million. Schott Pharma held talks with investment banks last week on an offering for Schott Pharma India Pvt., and Mahle has invited banks this week to present for roles on a potential listing of its Indian operations.

These discussions are still preliminary, so terms and timing could shift. Both companies are expected to appoint advisers soon, and neither responded to inquiries.

Why India is drawing these deals

India led the world in IPO fundraising last month, driven by a blockbuster share sale from Jio Platforms Ltd., even as new listings slowed elsewhere and investors turned more selective. The US market has largely paused, as focus has shifted toward an anticipated blockbuster transaction involving Anthropic PBC.

Global parents are eyeing India because local subsidiaries often trade at richer valuation multiples, which can unlock value through domestic listings. Investors value Schaeffler India Ltd. at roughly 41x its past 12 months' earnings compared with 32x for Schaeffler AG, while Siemens Ltd. trades near 62x next year's earnings estimates versus about 23x for Siemens AG.

When companies consider strategic moves, informed investors can find fresh opportunities to learn. We're hosting our first ever investor livestream on 11/17 to show you how to use ChatGPT and Claude to invest like a pro, hosted by Briefs Finance CEO Jaspreet Singh. Save your seat.

What the India units actually do

Schott Pharma India makes pharmaceutical glass packaging for drugmakers and other health care clients.

Mahle's India business produces auto parts including filters, engine components and thermal management systems. As of 2025, its footprint spanned 11 manufacturing sites, and its India workforce exceeded 4,600 employees. That year, India was Mahle's fastest-growing region, as revenue climbed over 10% to €455 million ($530 million). Adjusted for currency, revenue rose more than 20%.

The bottom line for investors

If these IPOs proceed, they would add to India's busy equity calendar while testing the valuation gap between local subsidiaries and their European parents. Watch for mandate announcements, draft prospectuses and early price talk to see how that premium translates into deal sizing and pricing power.

Keeping an open mind about market change helps investors sharpen their decision making. On 11/17, our CEO Jaspreet Singh goes live for our first ever investor livestream on how to use ChatGPT and Claude to invest like a pro. Register to join him.