Trilegal, Khaitan & Co, and Hogan Lovells Cadwalader have been engaged as Anmol Industries IPO legal advisors on the Kolkata-based bakery company’s proposed ₹1,800 crore public offering. Anmol Industries Limited has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering worth up to ₹1,800 crore. The transaction brings together three prominent legal practices across domestic and international capital markets mandates.
Introduction
Anmol Industries Limited has proposed an initial public offering comprising an offer for sale of equity shares aggregating up to ₹1,800 crore. The IPO, with a face value of ₹5 per equity share, is entirely an offer for sale (OFS) of equity shares by the promoter entity Baijnath Choudhary & Family Trust. The company will not issue any fresh shares and will not receive any proceeds from the offering.
Founded in 1994, the Kolkata-based company manufactures and sells biscuits, cookies, and cakes across a portfolio of around 70 brands. Intensive Fiscal Services, ICICI Securities, and IIFL Capital Services have been appointed as the Book Running Lead Managers for the proposed issue.
Deal Value
Anmol Industries Limited has proposed an initial public offering comprising an offer for sale of equity shares aggregating up to ₹1,800 crore. Anmol will neither issue fresh shares nor receive any proceeds from the transaction; the offer represents a sale of existing promoter holdings rather than a fundraise for the company’s operations or expansion.
Legal Teams Involved
Trilegal — Counsel to Anmol Industries
Trilegal is advising Anmol Industries on this IPO. The transaction is being led by Vinay Sirohia (Partner), with support from Vedansh Batwara (Senior Associate) and Associates Lajja Mehta, Anandhakrishnan K, Jasmine Manekshaw, and Vansh Dhoka.
- Vinay Sirohia — Partner
- Vedansh Batwara — Senior Associate
- Lajja Mehta — Associate
- Anandhakrishnan K — Associate
- Jasmine Manekshaw — Associate
- Vansh Dhoka — Associate
Khaitan & Co — Counsel to the Book Running Lead Managers
Khaitan & Co is advising the Book Running Lead Managers — Intensive Fiscal Services Private Limited, ICICI Securities Limited, and IIFL Capital Services Limited — on this IPO. The transaction team consists of Sudhir Bassi (Executive Director – Capital Markets), Thomas George (Partner), Poorvi M Jain (Principal Associate), and Associates Sanjeev Ramakrishnan, Varun Nair, Rupa Veena S, Anveeksha Anand, Shreya Shetty GR, and Ssowmiya Narayan M.
- Sudhir Bassi — Executive Director – Capital Markets
- Thomas George — Partner
- Poorvi M Jain — Principal Associate
- Sanjeev Ramakrishnan — Associate
- Varun Nair — Associate
- Rupa Veena S — Associate
- Anveeksha Anand — Associate
- Shreya Shetty GR — Associate
- Ssowmiya Narayan M — Associate
Hogan Lovells Cadwalader — International Counsel to the BRLMs
Hogan Lovells Cadwalader is acting as the international legal counsel for the Book Running Lead Managers. The transaction is being led by Biswajit Chatterjee (Head of the India Practice and Dubai Office Managing Partner), with support from Aditya Rajput (Senior Associate) and Ajo Jomy (Senior Associate).
- Biswajit Chatterjee — Head of the India Practice and Dubai Office Managing Partner
- Aditya Rajput — Senior Associate
- Ajo Jomy — Senior Associate
Significance and Impact
The proposed IPO marks Anmol Industries’ second attempt to access the public markets; the company had received SEBI approval for a ₹750 crore IPO in 2018 but did not proceed with the listing. The revival at nearly 2.4 times the scale of the earlier attempt reflects the company’s significantly strengthened financial position. Anmol Industries reported a sharp improvement in financial performance, with net profit rising five-fold to ₹191 crore and revenue increasing 28 per cent to around ₹2,100 crore.
In December 2025, Hogan Lovells announced a merger with Cadwalader, Wickersham & Taft to form Hogan Lovells Cadwalader, with the merger completing on 1 July 2026. The Anmol Industries mandate is therefore among the early major Indian capital markets engagements for the newly formed combined firm. The appointment of three firms spanning domestic issuer counsel, BRLM counsel, and international legal advisory reflects the standard architecture now expected on large Indian IPO transactions.
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The ₹1,800 crore proposed IPO of Anmol Industries Limited has drawn a full-strength legal advisory bench, with Trilegal protecting the issuer’s interests, Khaitan & Co steering the BRLMs, and the newly merged Hogan Lovells Cadwalader providing international counsel. The proposed IPO is structured entirely as an offer for sale by the Baijnath Choudhary & Family Trust, the company’s main promoter, which currently holds an 84% stake. All further commercial and regulatory details will become available upon SEBI’s review of the filed DRHP.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. It is based on the details provided and publicly available sources.
