Biscuit maker Anmol Industries files for $188 million IPO
Anmol Industries has embarked on its journey to the stock market with an initial public offering planned at a valuation of up to 18 billion rupees. Established in 1994 and predominantly owned by the Baijnath Choudhary & Family Trust holding 84%, t...
By Reuters |
ETMarkets.com
Indian biscuit maker Anmol Industries has filed for an initial public offering worth up to 18 billion rupees ($187.87 million), draft papers showed on Friday.
The Baijnath Choudhary & Family Trust, Anmol's top investor with a roughly 84% stake, is the sole selling shareholder in the IPO. Anmol is not selling any new shares and will not receive proceeds.
Founded in 1994, Kolkata-based Anmol has a portfolio of biscuits, cookies and cakes offered through 70 brands and also exports to 31 countries.
Anmol's net profit jumped five-fold to 1.91 billion rupees in the year ended March 31, while revenue rose 28% to about 21 billion rupees.
It competes with listed rivals such as Britannia, ITC and Mrs. Bectors Food Specialities in the world's most populous country.
The IPO filing comes as primary market activity in India picks up pace after a muted first half of the year.
Anmol had attempted to go public in 2018 through a 7.5 billion rupee IPO and had received market regulator approval, but did not go through with the plan.
Intensive Fiscal Services, ICICI Securities and IIFL Capital Services are managing the offering.
The Baijnath Choudhary & Family Trust, Anmol's top investor with a roughly 84% stake, is the sole selling shareholder in the IPO. Anmol is not selling any new shares and will not receive proceeds.
Founded in 1994, Kolkata-based Anmol has a portfolio of biscuits, cookies and cakes offered through 70 brands and also exports to 31 countries.
Anmol's net profit jumped five-fold to 1.91 billion rupees in the year ended March 31, while revenue rose 28% to about 21 billion rupees.
It competes with listed rivals such as Britannia, ITC and Mrs. Bectors Food Specialities in the world's most populous country.
The IPO filing comes as primary market activity in India picks up pace after a muted first half of the year.
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Anmol had attempted to go public in 2018 through a 7.5 billion rupee IPO and had received market regulator approval, but did not go through with the plan.
Intensive Fiscal Services, ICICI Securities and IIFL Capital Services are managing the offering.
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