Haldiram Snacks Food has formally started preparations for an initial public offering (IPO) that could raise approximately ₹10,000 crore, with a proposed stock market listing in late 2027. The company is targeting a valuation of more than ₹1 lakh crore, potentially making it one of India’s largest consumer-sector IPOs. According to a report by The Economic Times, Haldiram has appointed professional services firm EY to coordinate the preparations and manage compliance-related work ahead of the proposed listing.
The planned IPO comes after Haldiram attracted investments from several major international investors, including Temasek, Alpha Wave Global, International Holding Company and L Catterton. The company is looking to capitalize on India’s expanding packaged snacks market while strengthening its international presence. The proposed public offering is expected to include both a fresh issue of shares and an offer for sale by existing shareholders, although the final structure and timeline have not been confirmed.
Haldiram Formally Begins IPO Preparations
Haldiram Snacks Food has initiated the process of preparing for its public market debut, according to people familiar with the development cited by The Economic Times.
The company has appointed EY to manage a project management office (PMO) responsible for coordinating different business functions and overseeing compliance requirements.
The preparations are expected to be complex because Haldiram operates across several product categories, business functions and distribution channels.
An executive familiar with the development indicated that the preparation process could take between six and 12 months, or potentially longer.
The company is targeting a listing in late 2027, with the proposed IPO estimated at approximately ₹10,000 crore.
However, the offering remains at an early preparation stage. Haldiram has not announced a final issue size, official listing date or definitive valuation through a public offer document.
Proposed IPO Could Value Haldiram Above ₹1 Lakh Crore
Haldiram is reportedly targeting a valuation exceeding ₹1 lakh crore, equivalent to more than ₹1 trillion.
This would represent an increase from the approximately $10 billion valuation, or around ₹85,000 crore at the time, associated with major private equity investments in 2025.
The proposed ₹10,000 crore IPO could include two components:
- Fresh issue: Haldiram could issue new shares to raise capital for the business.
- Offer for sale (OFS): Existing shareholders could sell a portion of their holdings to public investors.
A fresh issue would bring additional funds into the company, potentially supporting expansion, manufacturing capacity and international operations.
An OFS, by contrast, would allow existing investors and shareholders to monetize part of their investments.
The final balance between these components will be important for investors evaluating the offering.
Global Investors Have Already Invested in Haldiram
Haldiram has attracted substantial interest from international investment firms.
Its major investors include Singapore-based Temasek, UAE-based International Holding Company (IHC), Alpha Wave Global and US-based L Catterton.
Temasek, Alpha Wave Global and IHC acquired stakes during March and April 2025. Their combined investment transactions valued Haldiram Snacks Food at approximately $10 billion, or around ₹85,000 crore at the time.
The three investors collectively acquired approximately 15% of the company, while the promoter Agarwal family retained around 85% at that stage.
L Catterton subsequently invested in the company in December 2025. Its precise ownership position following that investment has not been publicly established in the reports.
The participation of international investors reflects confidence in India’s packaged food market and Haldiram’s potential to expand beyond its established domestic customer base.
For these investors, the proposed IPO could eventually provide an opportunity to realize returns on their investments.
Haldiram’s Revenue Reached ₹7,762 Crore in First Half of FY26
Haldiram’s financial performance will be an important factor in determining investor interest in the proposed IPO.
According to a Crisil Ratings report cited by The Economic Times, Haldiram Snacks Food recorded revenue of ₹7,762 crore during the first half of financial year 2025-26.
The company also reported an operating margin of nearly 19% during the period.
Crisil expected revenue to increase by approximately 9-10% in FY26, although the company faced initial operational challenges following the consolidation of its businesses.
Exports were also affected by US tariffs, adding pressure to international sales.
The ratings agency expects Haldiram to maintain double-digit revenue growth over the medium term, supported by several factors.
| Financial indicator | Reported figure |
|---|---|
| H1 FY26 revenue | ₹7,762 crore |
| H1 FY26 operating margin | Nearly 19% |
| FY26 revenue growth estimate | 9-10% |
| Proposed IPO size | ₹10,000 crore |
| Target valuation | Above ₹1 lakh crore |
| Expected listing | Late 2027 |
The company’s ability to sustain revenue growth and protect its operating margins will be closely watched by potential IPO investors.
Product Innovation and International Expansion Could Support Growth
Haldiram operates in several segments of India’s packaged food industry, including traditional snacks, namkeen, sweets, ready-to-eat products and frozen food.
Its established brand recognition gives it access to a large domestic customer base.
However, the company is also looking to expand its international business, particularly in markets with substantial Indian diaspora populations.
The United States and countries in the Middle East are important potential growth markets for Indian packaged food brands.
Crisil expects Haldiram’s expanding distribution network, higher exports and new products across different categories to support its medium-term growth.
The company could also benefit from operating efficiencies as its consolidated business expands.
At the same time, international expansion brings challenges involving distribution costs, local competition, regulatory requirements and changing consumer preferences.
Haldiram will need to manage these factors while maintaining the product quality and pricing that have helped establish its brand in India.
Haldiram IPO Adds to India’s Upcoming Consumer-Sector Listings
Haldiram’s proposed IPO comes as several major consumer businesses explore opportunities to enter India’s public markets.
One notable example is Hindustan Coca-Cola Holdings, the bottling business associated with Coca-Cola India, which is also preparing for a potential stock market listing.
Its proposed offering has been estimated at approximately $1 billion.
The potential listings highlight growing interest in India’s consumer and food businesses among institutional investors.
India’s packaged food market has attracted companies seeking to benefit from urbanization, changing consumption patterns, expanding retail distribution and increasing demand for branded products.
For public-market investors, established consumer brands can offer exposure to businesses with recurring demand and extensive distribution networks.
However, valuation will remain an important consideration, particularly when companies seek to enter the market at prices reflecting substantial future growth expectations.
The Bigger Picture
Haldiram’s IPO preparations represent a significant development for India’s consumer industry. The company has built a recognizable brand in snacks and packaged foods, attracted major international investors and expanded its operations through the consolidation of its Delhi and Nagpur businesses.
A proposed valuation above ₹1 lakh crore would place substantial expectations on its future performance. Investors will want to understand how much growth can come from domestic consumption, international expansion, new product categories and improved operating efficiency.
The IPO will also provide an opportunity to examine the financial strength of a major Indian food brand through greater public disclosure. However, the proposed issue is still under preparation, and its valuation, structure and timing could change before the final offer documents are filed.
Looking Ahead
The next 12 months will be important for Haldiram as it works through compliance requirements, financial preparations and coordination across its business operations. EY’s involvement in the project management process indicates that the company has started laying the groundwork for a potential public listing. Investors will be watching for further information about the proposed issue size, shareholder participation and financial performance.
If the company successfully completes its planned IPO in late 2027, it could become one of India’s most closely watched consumer-sector listings. Its ability to sustain double-digit growth, expand internationally and maintain strong operating margins will be central to whether public-market investors support a valuation exceeding ₹1 lakh crore.
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