Indian biscuit giant Anmol Industries gets green light for IPO

25-Sep-2018 - Last updated on 25-Sep-2018 at 15:20 GMT

Anmol Industries has got the go ahead from SEBI to float its IPO. Pic: ©GettyImages/Andrey Tolkachev

The Kolkata-based biscuit producer has received the regulatory nod from the Securities and Exchange Board of India (SEBI) to float its initial public offering (IPO).

Anmol’s IPO will sell investors’ shares worth Rs 750 crore ($110m).

The promoters will sell the majority of the shares, while the investors include Baijnath Choudhary & Family Trust, SKG Land Developers LLP, Delta Nirman LLP, Anmol Hi-Cool LLP and Puneet Mercantiles LLP.

Baijnath Choudhary & Family Trust – which controls an 82.75% stake in Anmol – is held by the promoters.

Edelweiss Financial Services, ICICI Securities and Motilal Oswal Investment Advisors will manage the issue.

Anmol Industries has established a brand presence in northern and eastern India, and is looking to diversify into southern and western markets. According to the DRHP filed by the company, it posted an income of Rs 1,240 crore ($170m) and a net profit of Rs 72 crore ($990k) for the financial year 2016-2017.

Shares of the company are proposed to be listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE).