Haldiram IPO plans are taking shape as the packaged snacks maker prepares for a stock market debut. The company has appointed EY to manage the proposed public issue. It is targeting a listing in late 2027, according to a media report.
The proposed Haldiram IPO could be worth around Rs 10,000 crore, with the company targeting a valuation of more than Rs 1 trillion. The company has also established a project management office (PMO) to oversee compliance and coordinate activities across business functions.
Haldiram Snacks Food was formed through the merger of Delhi-based Haldiram Snacks and Nagpur-based Haldiram Foods International. Given its complex business structure, preparations for the listing could take six to 12 months or longer, an executive familiar with the development told the publication.
The proposed issue is expected to include an offer for sale (OFS) by existing shareholders and a fresh issue of shares.
Key Highlights:
- Haldiram is targeting a late 2027 stock market listing.
- The proposed IPO could raise around Rs 10,000 crore.
- The company is targeting a valuation of more than Rs 1 trillion.
Global Investors Hold Stakes in Haldiram
Haldiram has attracted investments from 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. Together, they purchased around 15% of the business, while the promoter Agarwal family retained an 85% stake.
The investments valued Haldiram Snacks Food at approximately $10 billion, or Rs 85,000 crore. The transactions also marked the largest private equity deal in India's consumer sector at the time. L Catterton subsequently invested in the company in December 2025.
The investments reflected confidence in India's packaged snacks market and Haldiram's international expansion plans, particularly in the US and West Asia.
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Haldiram Reports Strong Revenue and Operating Margins
Haldiram Snacks Food reported revenue of Rs 7,762 crore in the first half of FY26, with an operating margin of nearly 19%, according to Crisil Ratings.
The company faced initial operational challenges following the consolidation of its businesses. Its exports were also affected by US tariffs.
However, Crisil expects the company to maintain double-digit revenue growth over the medium term. A wider distribution network, higher exports and new product launches are expected to support growth.
Operating margins are also expected to remain stable, supported by better cost management and benefits from increased operating scale.
