Indian Biscuit Maker Anmol Industries Files for $188 Million IPO
Indian biscuit maker Anmol Industries has filed draft papers for an initial public offering worth up to 18 billion rupees ($187.87 million), according to documents submitted on Friday. The Kolkata-based company, founded in 1994, makes biscuits, cookies and cakes across 70 brands and exports its products to 31 countries.
The IPO will involve an offer for sale by the Baijnath Choudhary & Family Trust, Anmol’s largest investor with an approximately 84% stake. The company will not issue new shares and will not receive any proceeds from the offering. Anmol reported a five-fold increase in net profit to 1.91 billion rupees for the year ended March 31, while revenue rose 28% to about 21 billion rupees.
Anmol competes with listed companies including Britannia, ITC and Mrs. Bectors Food Specialities in India’s packaged food market. The filing comes as India’s IPO activity gains momentum after a relatively subdued first half of the year. Anmol had previously received regulatory approval for a 7.5 billion-rupee IPO in 2018 but ultimately did not proceed with the listing.
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