German auto parts maker Mahle said to revisit IPO for India unit

German auto parts maker Mahle GmbH is revisiting plans for an initial public offering of its Indian business, according to people familiar with the matter.

Mahle has held early discussions with potential advisers about a share sale in Mumbai, the people said, asking not to be identified because the information is private. The company is likely to appoint banks and begin preparations for the IPO soon, they said.

The offering could raise about $300 million to $400 million, the people said. Deliberations are ongoing, and details including the size of the potential listing could change, they added.


Mahle had considered taking its Indian business public in 2024, but didn’t proceed at the time. A representative for Mahle said the company doesn’t comment on market speculation.

If the deal proceeds, Mahle would join a growing group of multinational companies seeking to tap India’s equity markets, where strong investor demand and attractive valuations have encouraged global firms to list their local businesses.

Hyundai Motor Co., LG Electronics Inc., Carraro SpA and Tenneco Inc. have listed their Indian units in Mumbai in recent years. Others, including Hindustan Coca-Cola Holdings Pvt., Pernod Ricard India Pvt. and Carlsberg India Pvt., have been reported to be evaluating potential listings.

Mahle has 11 production locations in India and employed more than 4,600 people there 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 an exchange-rate-adjusted basis, revenue increased more than 20%, the report showed. The company manufactures a range of automotive products, including filters, engine components and thermal-management systems.