IB Group, an Indian agribusiness company focused on poultry and livestock and owns Drools Pet Food Pvt Ltd, has held meetings with investment banks for a proposed initial public offering, according to three people familiar with the matter.
The company, based in Rajnandgaon, Chhattisgarh, held pitch meetings with merchant banks including Axis Capital, JM Financial and Nuvama Investment Banking to formalize its public market debut, one person said, asking not to be identified because the information is private.
“Details regarding the valuation and the size of the stake sale have not been determined and the meetings are preliminary in nature,” the second person said.
An IPO could make IB Group the largest listed poultry company in India. The company claimed a turnover of ₹16,000 crore in FY26, according to its corporate data. Its flagship operation, Abis Foods and Proteins Pvt, reported revenue of ₹13,014 crore in FY25, according to an Icra report from March 2025.
Its closest rival, Venkateshwara Hatcheries Pvt, or VH Group, reported combined group revenue of ₹13,427 crore in the same period, a Care Ratings report from January 2026 said. VH Group’s publicly traded unit, Venky’s (India) Ltd, in which the promoter holds a 52% stake, recorded standalone revenue of ₹3,727 crore in FY26.
“IB Group has been since at least 2023, when it began reviewing its financial reporting and governance structures to align with market regulations,” the third person said. “During that period, the management engaged with advisers to assess a share sale, before growth and capacity expansion led to the current discussions with investment banks.”
In 2023, IB Group appointed three independent directors to its board including RS Sodhi, former managing director of Gujarat Cooperative Milk Marketing Federation, known for , and Kishor Kharat, former managing director of IDBI Bank.
“Now, the focus is on establishing a banking syndicate before filing a draft prospectus,” the third person added.
Representatives for IB Group, Axis Capital, JM Financial and Nuvama did not respond to requests for comment.
Protein business
IB Group, founded in 1985 and led by managing director Bahadur Ali, operates a protein business that encompasses poultry feed manufacturing, broiler farming, hatcheries and processed chicken distribution. It has a collaboration with genetics company Aviagen Group in the US to source breeding stocks for the domestic market.
Its presence in dairy, edible oils and pet food is under the Abis brand and includes Drools, a domestic pet food brand that has attracted capital from private equity firm and a minority stake investment from Nestlé SA.
It operates a retail network under the Laziz brand to distribute processed chicken to consumers.
India’s poultry sector is moderately competitive, with large, vertically integrated corporations operating alongside smaller regional businesses. The major companies include IB Group, VH Group, Bharati Poultry Pvt, Godrej Agrovet Ltd, Mulpuri Group, RM Group, Simran Farms Ltd, Skylark Group, Sneha Group and Suguna Foods Pvt.
A listing by IB Group would provide institutional investors with additional exposure to the country’s livestock supply chain.
India’s poultry market is set for a decade of high growth. According to a report by global market research and strategic consulting firm IMARC, India’s poultry industry was valued at ₹2.63 trillion in 2025 and is projected to reach ₹8.43 trillion by 2034, expanding at a compounded annual growth rate of 13.8%.