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Punjab-based FMCG player Cremica Foods is preparing to raise Rs 600–700 crore through an initial public offering (IPO), with plans to use the proceeds to expand its retail footprint, strengthen international operations and widen its product portfolio.
The company is targeting a listing in the next financial year. The proposed issue is likely to comprise a combination of fresh equity and an offer for sale (OFS). The Bector family currently holds around 90% of the company, with the IPO expected to result in a dilution of about 25–26%, Chairman and Managing Director Akshay Bector said in media reports.
“We are not looking at a very big raise. We are looking at ₹600-700 crore at the IPO maximum, which should result in a dilution of about 25-26%,” Bector said.
Based on the proposed issue size, Cremica Foods could be valued at around Rs 1,500–2,000 crore. Nearly half of the IPO may comprise secondary sales, while the primary issue could raise around Rs 350 crore, which the company plans to deploy towards expansion.
Cremica Foods expects to close the current financial year with revenue of around Rs 450 crore and EBITDA of approximately Rs 70 crore. According to Bector, revenue is expected to grow by around 20% by the end of the next financial year, while EBITDA could increase to Rs 120 crore.
The company’s roots go back to 1978, when Rajni Bector started the business as a backyard venture in Ludhiana, Punjab, making ice cream, bread and bakery products. Over the years, the business diversified into biscuits, bakery products and condiments before being divided among the three Bector siblings.
Following a family settlement, the biscuit and bakery operations were separated from the condiments business, with Anoop and Ajay Bector taking charge of the former, while Akshay Bector retained the condiments business. Cremica Foods now operates across condiments, foodservice and packaged foods.
International expansion is expected to form a major part of Cremica’s next growth phase. “We are on the verge of internationalizing the business,” Bector said.
International expansion is emerging as a key growth driver for Cremica Foods, with the company partnering with exporters to supply products to the UK. Initial shipments are expected to commence around December-January. It is also working with global QSR customers to secure approvals for supplying products to additional markets.
The company is focusing on the UK, Middle East and Southeast Asia, with the UK and Southeast Asian markets already at an advanced stage. Cremica expects to serve around 5,000–6,000 restaurants outside India and estimates that its international business could contribute approximately Rs 150 crore to revenue in the first year.
Alongside its global expansion, Cremica is broadening its portfolio beyond its traditional ketchup, sauces and condiments. Its product range includes ketchup, sauces, mayonnaise, sandwich spreads, salad dressings, syrups, dessert toppings and gravies. The company has also introduced vegetarian mayonnaise and Opera crisps, while its Sandwich Mayonnaise range is available in tandoori, mint, tangy pickle and korma variants.
Cremica operates one of India’s largest tomato ketchup production lines and is the country’s largest producer of ketchup portion packs, with a capacity to pack around 4 million sachets a day. Following the IPO, the company plans to diversify further into snacks, pickles and ready-to-eat products.
“The brand ownership with Bector Food Industries actually includes a few more categories. Snack Foods is one of them, pickles, snack food, ready to eat exported snacks, etc. We will be getting into those categories post the IPO,” Bector said.
Cremica Foods has built a strong presence in the foodservice segment, supplying products to major QSR chains such as McDonald’s, KFC and Domino’s. The business took shape in 1996 through a 50:50 joint venture with Golden Roads, set up to supply liquid condiments to McDonald’s in India.
The HoReCa (hotels, restaurants and catering) segment accounted for around 70–75% of Cremica’s revenue in FY26, while retail contributed approximately 10%.
The company is now working to increase its retail share and reduce its reliance on institutional sales. Cremica currently reaches around 220,000 outlets, according to Bector, with smaller pack sizes helping it expand into middle-class households and smaller retail outlets. The company estimates that its portion packs and brand presence enable it to reach around four to five million consumers each day.
With the proposed IPO proceeds planned for expansion, Cremica aims to diversify beyond its foodservice-led condiment business. International markets, wider retail distribution and expansion into new packaged-food categories are expected to drive the company’s next phase of growth.
