德国企业马勒集团和肖特制药股份公司正在探讨其印度业务的首次公开募股（IPO），每家公司募资额最高可达4亿美元，知情人士透露，此举旨在利用其印度同行在当地上市所享有的溢价估值。
German companies, Mahle GmbH and Schott Pharma AG, are exploring initial public offerings of their Indian businesses that could raise as much as $400 million each, according to people familiar with the matter, as multinational firms seek to tap the premium valuations commanded by their locally listed peers.
知情人士称，肖特制药高管上周与投资银行会面，商讨肖特制药印度私人有限公司的潜在IPO事宜；汽车零部件制造商马勒则于本周邀请银行就其印度业务的潜在上市进行路演推介。这些人士因讨论属私密性质而要求不具名。他们表示，肖特和马勒预计将很快委任顾问。
Schott Pharma executives met with investment banks last week for a potential IPO of Schott Pharma India Pvt., while auto-parts maker Mahle has invited banks to pitch for roles on a possible listing of its Indian operations this week, the people said, asking not to be identified because the discussions are private. Both Schott and Mahle are expected to appoint advisers soon, they said.
知情人士称，磋商处于早期阶段，潜在发行的规模、架构和时间表等细节均可能发生变化。马勒和肖特制药的代表未回应置评请求。
Deliberations are at an early stage and details including the size, structure and timing of the potential offerings could change, the people said. Representatives for Mahle and Schott Pharma didn’t respond to requests for comment.
得益于Jio Platforms Ltd.的大型股份出售，印度上月成为全球IPO募资额最高的市场，而其他地区的融资放缓，投资者变得更加挑剔。即使在美国，IPO也已近乎停滞，市场聚焦于即将到来的Anthropic PBC大型交易。多家跨国公司的印度子公司交易估值倍数显著高于其海外母公司，提供了通过当地股份出售释放价值的机会。
India was the top global market for IPO fundraising last month, thanks to the blockbuster share sale of Jio Platforms Ltd., just as fundraising slows elsewhere with investors becoming more selective. IPOs have slowed to a near standstill even in the US, where the market is focused on the coming megadeal of Anthropic PBC. The Indian units of several global companies trade at significantly higher valuation multiples than their overseas parents, offering an opportunity to unlock value through local share sales.
例如，舍弗勒印度有限公司的市盈率（基于过去12个月盈利）约为41倍，而母公司舍弗勒股份公司约为32倍。西门子有限公司（印度）的市盈率（基于未来一年预期盈利）约为62倍，而其德国母公司西门子股份公司约为23倍。
Schaeffler India Ltd., for instance, trades at about 41 times trailing 12-month earnings, compared with 32 times for parent Schaeffler AG. Siemens Ltd., meanwhile, trades at about 62 times one-year forward earnings, compared with roughly 23 times for its German parent Siemens AG.
据公司网站介绍，肖特制药印度为制药企业及其他医疗客户生产药用玻璃包装产品。
Schott Pharma India manufactures pharmaceutical glass packaging products for drugmakers and other health-care customers, according to the company website.
公司官网显示，Mahle生产包括滤清器、发动机部件和热管理系统在内的汽车产品。根据其年报，截至2025年，该公司在印度拥有11个生产基地，雇员超过4600人。印度是该公司当年增长最快的地区，销售额增长超过10%，达到4.55亿欧元（5.3亿美元）。按汇率调整后计算，收入增长超过20%。
Mahle makes automotive products including filters, engine components and thermal-management systems, the company website showed. The company has 11 production locations and employed more than 4,600 people in India as of 2025, according to its annual report. India was the company’s fastest-growing region that year, with sales rising more than 10% to €455 million ($530 million). On a currency-adjusted basis, revenue increased more than 20%.