Haldiram's kicks off $1B IPO preparations, eyes $10B valuation
What's the story
Haldiram Snacks Food, a leading manufacturer of traditional Indian sweets and snacks, has kicked off the process for its initial public offering (IPO). The company is eyeing a public listing by late 2027 with an estimated issue size of ₹10,000 crore. This would value the company at over ₹1 lakh crore. The IPO will include an offer for sale by existing shareholders and a fresh issue of shares.
Strategic partnership
Process could take 6 to 12 months
Haldiram's has appointed Ernst & Young (EY) as the project management office for compliance management and cross-function coordination.
An executive familiar with the development said, "The process for the public listing has begun formally with the PMO (project management office) process team."
Given the diversified and complex structure of Haldiram's business, this process could take anywhere from six to 12 months or even longer.
Investor interest
Haldiram Snacks food and major investors
Haldiram Snacks Food was formed after the merger of Delhi-based Haldiram Snacks and Nagpur's Haldiram Foods International.
The company has attracted major global investors such as Temasek, International Holding Company, Alpha Wave Global, and L Catterton.
These investments have significantly enhanced its growth potential in India's booming packaged snacks market.
Revenue growth
Revenue growth expectations for FY26
According to a report by CRISIL Ratings, Haldiram Snacks Food posted a revenue of ₹7,762 crore in the first half of FY26 with an operating margin close to 19%.
The company's revenue is expected to grow by 9-10% in FY26 amid initial operational challenges related to business consolidation and lower exports impacted by US tariffs.