NEW DELHI—The firm behind India’s biggest coffee chain, Coffee Day Enterprises Ltd., said Friday it plans to go public and raise $181 million, as it looks to solidify its presence in a country whose growing cafe culture has drawn global giants such as Starbucks Corp. and Dunkin’ Brands Inc.

Coffee Day Enterprises, which runs Cafe Coffee Day outlets across the country, didn’t specify the size of the stake it is selling. Previous estimates have valued company at nearly $1 billion. A company spokeswoman declined to elaborate.

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