Haldiram Snacks begins IPO process, eyes ₹10,000 crore listing in late 2027

Haldiram Snacks Food has started preparations for its proposed initial public offering (IPO) and appointed EY to manage the process, according to a report by The Economic Times.

The company is looking at a stock market listing in late 2027. The proposed IPO could be worth around ₹10,000 crore, with the company targeting a valuation of more than ₹1 trillion, the report said.

Haldiram Snacks Food was created through the merger of Delhi-based Haldiram Snacks and Nagpur-based Haldiram Foods International.

An executive familiar with the development told the publication that a project management office (PMO) team had been set up to oversee compliance and coordination between different business functions.

Given the diversified and complex structure of the business, the process is likely to take anywhere from six to 12 months, or more.

Also Read

The proposed IPO is likely to include both an offer for sale (OFS) by existing shareholders and a fresh issue of shares, the news report said.

Haldiram's planned listing comes as India's consumer sector prepares for another major public offering. Coca-Cola India is also planning a stock market listing of its bottling business, Hindustan Coca-Cola Holdings. The proposed issue is estimated to be worth around $1 billion. The beverage maker filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) last week.

Global investors hold stakes in Haldiram

The company has attracted investments from several global investors, including Singapore's Temasek, UAE-based International Holding Company (IHC), Alpha Wave Global and US-based L Catterton.

Temasek, Alpha Wave Global and IHC acquired stakes in the company in March-April 2025. Their investments reflected confidence in India's growing packaged snacks market and the company's plans to expand its presence in international markets, particularly countries with large Indian communities, such as the US and those in West Asia, the news report said.

The investments made during this period marked the largest private equity deal in India's consumer sector at the time. The transactions valued Haldiram Snacks Food at around $10 billion, or approximately ₹85,000 crore.

The three investors together acquired about 15 per cent of the company, while the promoter Agarwal family retained the remaining 85 per cent.

L Catterton invested in the company in December 2025.

Revenue growth and margins remain strong

Haldiram Snacks Food reported revenue of ₹7,762 crore in the first half of the financial year 2025-26, with an operating margin of nearly 19 per cent, according to a report by Crisil Ratings.

The business faced some initial operational challenges following the consolidation of its operations. Its exports were also affected by US tariffs, the ratings agency said.

Crisil expects the company to maintain double-digit revenue growth over the medium term, supported by a wider distribution network, higher exports and new products across categories. Operating margins are also expected to remain stable, backed by better cost management and benefits from higher operating scale, the report said.