Exclusive | Parle-G biscuit maker in talks with banks for potential IPO, sources say

One of India’s most iconic consumer brands may be inching toward the public markets. Sources with direct knowledge told CNBC-TV18 that Parle Products, the Mumbai-based maker of Parle-G biscuits, has initiated conversations with at least five investment banks for a potential initial public offering.

Among the banks approached are Kotak Mahindra Bank, JM Financial, and Axis Bank, sources said. Formal pitches are expected to progress by mid-May, though discussions remain at an early stage.

When contacted, a Parle Products spokesperson said: “We are focused on running and growing the business. Like any company of our scale, we evaluate ideas from advisors that can create value. Nothing as of now.”

Sources added that the proposed transaction is likely to be entirely secondary, meaning existing shareholders would sell their stakes rather than the company raising fresh capital. No primary issuance is being considered at this stage.

Parle Products remains one of India’s largest unlisted companies. Founded in 1929 by the Chauhan family in Mumbai, the business is now led by the third generation—Vijay, Sharad, and Raj Chauhan—and is 100% promoter-owned.

The company reported total income of around ₹16,191 crore for the financial year ended March 2025.

Rival Britannia Industries, which is publicly listed, reported FY25 revenue of ₹17,943 crore, retaining its position as India’s largest biscuit and confectionery company by revenue.

A Parle listing would bring the country’s two biggest biscuit makers into direct comparison on public markets for the first time.

India’s biscuit, cookies, and crackers market was valued at ₹1.16 lakh crore in 2025 and is projected to reach ₹1.64 lakh crore by 2030, growing at a CAGR of 6.8%, according to India Brand Equity Foundation. The market is also shifting, with consumers moving beyond glucose biscuits toward cookies and premium variants such as oats, nuts, and low-sugar products.

Parle-G remains the company’s flagship product and was ranked the world’s top-selling biscuit brand in 2020 by Nielsen. Its portfolio also includes Monaco, KrackJack, Hide & Seek, Melody, and Mango Bite.

A secondary-only IPO would mean proceeds go entirely to the Chauhan family rather than the company. Such structures are common among legacy, family-owned FMCG firms seeking partial liquidity while retaining control.

The size and timing of the proposed IPO remain unclear. CNBC-TV18 will continue to track developments.