Indian biscuit and cake manufacturer Anmol Industries has filed draft papers for an IPO, aiming to raise up to Rs18bn ($187.4m).
In its draft red herring prospectus submitted to the Securities and Exchange Board of India (SEBI), the group said the planned flotation is structured as an offer for sale of equity shares. It carries a face value of Rs5 per share.
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Baijnath Choudhary & Family Trust is the only selling shareholder.
The Kolkata-headquartered business said it will issue no fresh equity and generate no capital proceeds from the transaction.
Qualified institutional buyers (QIBs) may be allocated up to 50% of the net offering.
Non-institutional bidders are slated to receive at least 15%, while retail individual bidders will secure a minimum of 35% of the net allocation.
The move revives Anmol Industries’ public listing plans following an attempt in 2018, which was shelved despite securing clearance from SEBI.
Through that offering, the business had sought to generate around $110m to finance its expansion across southern and western India.
Established in 1994, Anmol Industries markets biscuits, cookies, and cakes through a line-up of 70 brands, according to its website.
The company has seven manufacturing sites across Bihar, Odisha, Uttar Pradesh, and West Bengal.
As of 31 March, Anmol Industries had installed annual capacity across the sites of 360,965 for biscuits and cookies, as well as 16,372 for cakes.
The company markets products under brands including Anmol, Dream Lite, Butter Bake and Marie Plus. The group also exports to 31 markets.
For the fiscal year ended 31 March, Anmol Industries’ operational revenue grew 28% to roughly Rs21bn. Profit after tax surged during the same period to reach Rs1.91bn.
According to figures from Global Data, Just Food’s parent, the total biscuit market in India – comprising cookies (sweet biscuits) and savoury biscuits – stood at $6.30bn (Rs549.4bn) with a sales volume of 2,980.3 million kg last year.
It is projected to reach $7.44bn and 3,211.1 million kg by 2030.
The projections represent a compound annual growth rate (CAGR) of 3.4% in US dollars (4.4% in local currency) and a volume CAGR of 1.5% between 2025 and 2030.
Cookies and sweet biscuits account for the vast majority of the category in India, representing approximately 84.5% of overall sales value and 89.4% of total sales volume in 2025.
