Anmol Industries files ₹1,800 cr IPO selling family trust shares
Biscuit maker Anmol Industries, based in Kolkata, just filed for a ₹1,800 crore ($188 million) IPO.
The catch? Only existing shares held by the Baijnath Choudhary & Family Trust (which owns 84% of Anmol) are up for sale, so the company itself won't get any new funds from this move.
This is their second shot at an IPO after an earlier attempt didn't work out in 2018.
Profits up fivefold to ₹191 cr
Anmol has been on a growth streak: profits jumped five times in the year ended March 31 to ₹1.91 billion, and revenue climbed 28% to ₹21 billion.
They sell 70 brands of biscuits, cookies, and cakes across India and export to 31 countries.
With India's stock market buzzing lately, Anmol will be competing with big names like Britannia and ITC if all goes well.
The IPO is being managed by Intensive Fiscal Services, ICICI Securities, and IIFL Capital Services.