New Delhi, June 15 -- 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 poul...