Blackstone Inc. is considering an initial public offering for Indian glass packaging maker PGP Glass Pvt. in Mumbai that could raise as much as $500 million, according to people familiar with the matter.

Blackstone is in talks with banks about the proposed share sale and is seeking a valuation of as much as $4 billion, the people said, asking not to be identified because the information is private.

Deliberations are at an early stage, and details, including the valuation and size of the offering, could change, the people said. A representative for Blackstone declined to comment.

Share sales in India climbed to a record last year, and the pipeline remains strong. Kotak Mahindra Capital Co. and Goldman Sachs Group Inc. estimate that IPO fundraising this year could reach as much as $25 billion, up about 14% from the 2025 high.

PGP Glass, previously known as Piramal Glass is specializes in the design, production, and decoration of glass packaging for industries including cosmetics and perfumery, food and specialty spirits, and pharmaceuticals, according to its website. The company has a total capacity of about 1,720 metric tons a day and operates across markets including France, Brazil, India, and the UK, the website said.

The company, founded as Gujarat Gas Ltd. was renamed as Piramal Glass in 2008 after Piramal Group acquired it. It was delisted from Indian exchanges in 2014. Blackstone bought the company from the Piramal Group in 2021 at a valuation of about 69.88 billion ($765 million) rupees and renamed it as PGP Glass.

For the fiscal year ended March 2025, the company reported an operating income of 40.44 billion rupees and a net income of 3.05 billion rupees, according to rating agency CareEdge.