India’s packaged snacks market could be heading for one of its biggest stock market debuts, with Haldiram Snacks Food reportedly preparing for an initial public offering (IPO) of approximately ₹10,000 crore. The company is targeting a listing by late 2027, with a valuation expected to exceed ₹1 lakh crore, as it looks to capitalise on growing demand for packaged foods in India and international markets.
According to a report by The Economic Times, Haldiram Snacks Food has appointed professional services firm EY to oversee preparations for the proposed public offering. The company is also seeking to streamline its organisational structure and strengthen compliance processes ahead of a potential market debut.
The proposed IPO could include a combination of a fresh issue of equity shares and an offer for sale (OFS) by existing shareholders. While the fresh issue would bring additional capital into the business, an OFS would allow existing investors to partially monetise their holdings.
Credits: The Open Press
Haldiram sets IPO preparations in motion
The IPO preparations come after the consolidation of the Haldiram business under a single corporate structure. Haldiram Snacks Food was formed through the merger of Delhi-based Haldiram Snacks and Nagpur-based Haldiram Foods International, bringing two major operations under one umbrella.
The company has reportedly established a project management office to coordinate the preparations, including regulatory compliance, internal restructuring and operational requirements across its business divisions.
An executive familiar with the development indicated that the process could take six to 12 months or longer, given the complexity of the organisation and the need to align different business functions ahead of a public listing.
The preparations signal Haldiram’s intention to move beyond its position as a household snacks brand and strengthen its standing as a large, professionally managed packaged food business.
Global investors back Haldiram’s growth ambitions
The proposed IPO follows a series of investments from prominent international institutional investors, which have significantly increased Haldiram’s profile in the private equity market.
In March and April 2025, Singapore’s Temasek, Alpha Wave Global and UAE-based International Holding Company acquired a combined stake of approximately 15% in Haldiram Snacks Food. The transactions valued the company at around $10 billion, equivalent to approximately ₹85,000 crore at the time.
Following these investments, the promoter Agarwal family retained an approximately 85% stake in the business.
US-based investment firm L Catterton subsequently invested in the company in December 2025, adding to the institutional interest surrounding the packaged food manufacturer.
The participation of global investors highlights the growth potential of India’s consumer and packaged food sector, where established domestic brands are increasingly attracting international capital.
Revenue growth and expansion to drive IPO ambitions
Haldiram’s financial performance will be an important factor in determining its eventual IPO valuation. According to Crisil Ratings, the company reported revenue of ₹7,762 crore during the first half of financial year 2025-26, with an operating margin of nearly 19%.
However, the business also encountered initial operational challenges following the merger of its two major entities. Exports faced additional pressure from US tariffs, highlighting the risks associated with its international operations.
Crisil expects Haldiram to deliver double-digit revenue growth over the medium term. Expansion of its distribution network, increasing exports and the introduction of new packaged food products are expected to support this growth.
The company is also expected to benefit from improved cost management and economies of scale as operations become more integrated.
For Haldiram, expanding beyond its traditional snacks portfolio while strengthening its presence in international markets could prove essential to sustaining growth and justifying its targeted valuation.
Credits: Firstpost
Haldiram joins India’s growing IPO pipeline
Haldiram’s proposed listing comes amid increasing interest in public market offerings among India’s consumer-facing businesses. Several established companies are exploring stock market debuts to unlock shareholder value and fund their next phase of expansion.
Hindustan Coca-Cola Holdings, the bottling business of Coca-Cola in India, is also reportedly considering a public offering estimated at approximately $1 billion.
If Haldiram proceeds with its proposed ₹10,000 crore offering, it could become one of the country’s most closely watched consumer-sector IPOs.
However, the late-2027 listing remains a target rather than a confirmed timeline. The company’s ability to complete its internal restructuring, maintain revenue growth and navigate regulatory requirements will determine how quickly it can move towards the public markets.
