The Nepalese Billionaire Binod Chaudhary is fostering IPO aspirations in India. He is well-known for his Wai Wai brand of noodles, which competes with ITC's Yippee and market leader Maggi from Nestle.
By 2026, Chaudhary allegedly plans to float the India food division of his conglomerate, Chaudhary Group.
But the specifics of the IPO are still unclear. The instant noodle business in the nation is dominated by Gurgaon-based CG Foods India, which commands a 28 percent market share and brings in around $130 million annually.
The company's aggressive sales target for the current fiscal year is 15%. Should it proceed, CG Foods would be added to the group of food companies that went public in the previous year, which also includes Gopal Snacks and Mukka Proteins.
Bloomberg reports that in the last 12 months, the industry has witnessed the second-highest number of initial public offerings (IPOs) in India.
For the time being, the manufacturer of noodles wants to increase its market share and range of products. After completing the aforementioned goals, Manvendra Shukla, worldwide chief executive officer of CG Foods India Pvt., informed Bloomberg that CG Food "would be ready to go for a sizable listing" in the next two years.
Having been introduced in Kathmandu some forty years ago, Wai Wai is currently the third biggest brand in India. It is well-known for its pre-seasoned noodles, which may be eaten as a snack without having to be cooked. According to the company, this feature hasn't been duplicated in the industry yet.
"Wai Wai Noodles has grown in popularity over the last five years in both tier-two and urban areas. In a recent press conference, GP Sah, Global Business Head of CG Foods, a company founded in Nepal, stated that the brand is expanding at a rate of 20% annually.
