Haldiram kicks off IPO process, eyes $1 billion public float in 2027

New Delhi: Haldiram Snacks Food has formally initiated the process for its initial public offering, and mandated EY for the project management office for compliance management and cross-function coordination, people directly aware of the development said.

The manufacturer of traditional Indian sweets and namkeens is considering a public listing in late 2027, with an estimated issue size of ₹10,000 crore (close to $1 billion) at a valuation of more than ₹1 lakh crore, they said.

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"The process for the public listing has begun formally with the PMO (project management office) process team. Given the diversified and complex structure of the business, the process is likely to take anywhere from six to 12 months, or more," an executive said.

The proposed IPO is expected to comprise an offer for sale by existing shareholders and a fresh issue of shares, he added. Emails sent to Haldiram Snacks Food chief executive KK Chutani and EY seeking comment remained unanswered at press time Wednesday.

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India's consumer sector is set to see another mega listing next year, with Coca-Cola India planning a listing for its bottling business, Hindustan Coca-Cola Holdings, also pegged at $1 billion. The beverage maker filed its draft red herring prospectus with Securities and Exchange Board of India last week. Haldiram Snacks Food was formed after the merger of Delhi-based Haldiram Snacks and Nagpur's Haldiram Foods International.

Global marquee investors in the company include Temasek, International Holding Company, Alpha Wave Global and L Catterton. US investor L Catterton made the investment in December 2025, while Singapore's Temasek, Alpha Wave Global, and UAE-based International Holding Company acquired stakes through March-April 2025, betting on India's exploding packaged snacks market as well as aimed at fast-tracking the latter's global expansion plans in key large Indian diaspora countries such as the US and the Middle East.

The investment in March-April last year was the largest private equity deal in the consumer sector in India, valuing the snacks maker at $10 billion (at the time ₹85,000 crore). Together, the three global investors acquired about 15% in Haldiram Snacks Food, with founder-promoter Agarwal family holding 85% at the time. L Catterton's holding in the company after the December purchase could not be ascertained.

According to a report by Crisil Ratings, Haldiram Snacks Food posted revenue of ₹7,762 crore in the first half of fiscal 2026, with an operating margin close to 19%. Revenue is expected to grow 9-10% in fiscal 2026 amid initial operating challenges pertaining to consolidation of the business and lower exports impacted by the US tariffs, the Crisil report said.

"Double-digit revenue growth is expected to sustain over the medium term driven by expanding distribution network, increasing exports and product innovation across categories. Operating margins are expected to sustain driven by cost management and operating leverage," it said.