Indian biscuit and cake producer Anmol Industries has submitted draft documents for an initial public offering (IPO) that could raise as much as Rs18bn ($187.4m).
In its draft red herring prospectus filed with India’s Securities and Exchange Board (SEBI), the company said the proposed IPO would consist entirely of an offer for sale of equity shares, each with a face value of Rs5.
Baijnath Choudhary & Family Trust is the sole shareholder offering shares in the transaction.
Anmol Industries will not issue new equity under the plan, meaning it will not receive any proceeds from the offering.
Up to half of the net issue may be reserved for qualified institutional buyers (QIBs).
Non-institutional investors are expected to receive no less than 15%, while retail individual investors will be allocated a minimum of 35% of the net offering.
The filing brings Anmol Industries’ plans for a stock market listing back into focus after an earlier proposal in 2018 was abandoned, despite the company having obtained SEBI approval.
At the time, the biscuit manufacturer intended to raise approximately $110m to support growth in southern and western India.
Founded in 1994, Anmol Industries sells biscuits, cookies and cakes under a portfolio of 70 brands, according to information on its website.
The Kolkata-based group operates seven production facilities located in Bihar, Odisha, Uttar Pradesh and West Bengal.
As of 31 March, its installed annual capacity stood at 360,965 for biscuits and cookies and 16,372 for cakes across those sites.
The company’s brand portfolio includes Anmol, Dream Lite, Butter Bake and Marie Plus. Its products are also exported to 31 countries and territories.
For the fiscal year ending 31 March, Anmol Industries reported a 28% increase in operating revenue to approximately Rs21bn. Profit after tax rose sharply to Rs1.91bn.
The market is forecast to expand to $7.44bn and 3,211.1 million kg by 2030.
Those forecasts indicate a compound annual growth rate (CAGR) of 3.4% in US dollar terms and 4.4% in local currency, while volume is expected to grow at a CAGR of 1.5% between 2025 and 2030.
Cookies and other sweet biscuits make up the largest share of India’s category, accounting for around 84.5% of sales value and 89.4% of sales volume in 2025.