Indian snacks maker Balaji Wafers plans to sell shares in the business to fund expansion.

A source within the company who did not wish to be named said the group is looking to float 10% of its shares by the end of July. Balaji is hoping to raise around US$44m.

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The company plans to open a new plant in Uttar Pradesh and is eyeing locations for further investment in southern India.

Balaji had been lining up an IPO by December but the move was delayed while company was working on a new plant in Indore in the central state of Madhya Pradesh, which in now operational. The investment gave Balaji its third plant, already having two in its home state of Gujarat.
 

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