Haldiram Snacks Prepares for Mega IPO, Eyes INR 10,000 Crore Valuation in 2027
Haldiram Snacks Food has kicked off the groundwork for its expected IPO, choosing EY as the book running lead manager and aiming for a listing by the end of 2027. The company is rumoured to be contemplating an IPO of about INR 10,000 crore at a valuation of more than INR 1 lakh crore.
With the appointment of EY to oversee the process, Haldiram Snacks Food has begun preparing for its anticipated IPO. In late 2027, the firm is considering going public. The company is aiming for a valuation of over INR 1 trillion, and the IPO might be worth roughly INR 10,000 crore.
The companies Haldiram Snacks of Delhi and Haldiram Foods International of Nagpur merged to form Haldiram Snacks Food. Compliance and coordination across several business functions were overseen by a staff from the project management office (PMO).
Investors Betting High on Haldiram
Several foreign investors have shown interest in Haldiram, including Temasek of Singapore, Alpha Wave Global of the United States, and International Holding Company (IHC) of the United Arab Emirates. Between March and April of 2025, Temasek, Alpha Wave Global, and IHC all bought shares in the business. They were bullish on the packaged food market in India, which they invested in. Not only that, but Haldiram is already plotting an expansion into foreign markets, especially in the United States and other West Asian nations with sizable Indian populations.
At the time, their investments were the biggest private equity deal in India's consumer industry. Haldiram Snacks Food was valued at about $10 billion, or about INR 85,000 crore, in the trades. With their combined investment, the three investors got 15% of the business, leaving the promoter, the Agarwal family, with 85%. In December 2025, L Catterton made an investment in the business.
The procedure could take six to twelve months, or even longer, due to the complicated and diverse nature of Haldiram's business. An OFS from current owners and a new issuance of shares are both components of the anticipated IPO.
Financial Outlook of Haldiram
Crisil Ratings revealed that Haldiram Snacks Food had an operating margin of about 19% and a revenue of INR 7,762 crore in the first half of the financial year 2025-26. After its operations were consolidated, the company encountered some early operational difficulties. The ratings agency also noted that US tariffs had an impact on its exports. Crisil predicts that, in the medium to long run, the company's sales will continue to expand by double digits.
A more extensive distribution network, increased exports, and new items in several categories will all contribute to this expansion. With improved cost management and the advantages of increased operating scale, the research predicted that operating margins will also remain stable.
Major Firms Eyeing Indian IPO
Haldiram's anticipated listing coincides with the consumer sector's preparation for an additional substantial public offering in India. Hindustan Coca-Cola Holdings, the bottling division of Coca-Cola India, is also preparing to go public. The proposed offering has a value of almost $1 billion. Last week, the beverage producer submitted its planned red herring prospectus (DRHP) to SEBI.
