German Auto Parts Maker Mahle Said To Revive IPO Plans For India Business

German automotive components maker Mahle GmbH is revisiting plans to list its Indian business in Mumbai, with the proposed initial public offering (IPO) potentially raising USD 300 million to USD 400 million, according to a media report citing people familiar with the matter.

The report said Mahle has held preliminary discussions with potential advisers for the proposed share sale. The company is likely to appoint investment banks and begin preparations for the IPO soon, although discussions are at an early stage and the details of the offering could change.

Mahle had considered taking its Indian business public in 2024 but did not proceed with the plan at the time. A company spokesperson said Mahle does not comment on market speculation, according to the report.

If the proposed listing moves ahead, Mahle would join a growing number of multinational companies tapping India’s equity markets through listings of their local operations. Strong investor demand and relatively attractive valuations have encouraged several global companies to explore the Indian capital markets.

Rising Interest From Global Companies
Hyundai Motor, LG Electronics, Carraro SpA and Tenneco Inc. have listed their Indian businesses in Mumbai in recent years. Other multinational companies, including Hindustan Coca-Cola Holdings, Pernod Ricard India and Carlsberg India, have also reportedly been evaluating potential listings.

Mahle has 11 production facilities in India and employed more than 4,600 people in the country as of 2025, according to its annual report. India was the company’s fastest-growing region during the year, highlighting the increasing importance of the market to its global operations.

The company’s sales in India rose more than 10 per cent to €455 million in 2025, equivalent to around USD 530 million. On an exchange-rate-adjusted basis, revenue growth exceeded 20 per cent, the annual report showed.

Mahle manufactures a range of automotive components, including filters, engine components and thermal-management systems. A potential IPO could provide the company with access to India’s deepening capital markets while giving public-market investors an opportunity to participate in its expanding local operations.