Haldiram Eyes Rs 10,000 Crore IPO In 2027, Targets Rs 1 Lakh Crore Valuation

Haldiram Snacks Food has started preparations for a major stock market listing, with the company planning an initial public offering (IPO) worth around Rs 10,000 crore in late 2027. The snacks maker is targeting a valuation of more than Rs 1 lakh crore, which could make it one of India's biggest consumer-sector listings.

The company has appointed consulting firm EY to oversee its IPO preparations and manage the process. It has also set up a dedicated project management team to handle regulatory requirements and coordinate work across its different business divisions.

The preparation process is expected to take six to 12 months or longer, given the size and structure of the business. The proposed IPO could include a fresh issue of shares as well as an offer for sale (OFS) by existing investors. The final issue size, share sale structure and valuation will be decided closer to the listing. The company has not yet filed its draft IPO papers with market regulator SEBI.

Haldiram's IPO plans follow major investments by global investors. In March and April 2025, Singapore's Temasek, UAE-based International Holding Company (IHC) and Alpha Wave Global acquired a combined stake of around 15 per cent in the company. Their investment valued the business at approximately $10 billion, or Rs 85,000 crore at the time. The promoter Agarwal family retained an 85 per cent stake. US-based investment firm L Catterton also invested in the company in December 2025.

The company's financial performance will be important as it prepares for the listing. According to Crisil Ratings, Haldiram Snacks Food reported revenue of Rs 7,762 crore in the first half of FY26, with operating margins of nearly 19 per cent.

Crisil expects revenue to grow 9-10 per cent in FY26, partly affected by initial challenges following the business merger and lower exports due to US tariffs. However, it expects double-digit growth over the medium term, supported by wider distribution, higher exports and new products.

Haldiram Snacks Food was formed by combining Delhi-based Haldiram Snacks and Nagpur-based Haldiram Foods International under one company.

The proposed listing comes as other major consumer businesses also prepare to enter the stock market. Coca-Cola India's bottling business, Hindustan Coca-Cola Holdings, is separately planning a public issue estimated at around $1 billion.