Haldiram IPO: Haldiram Snacks begins listing process, eyes Rs 10,000 crore issue in late 2027

The Haldiram IPO process has started. Haldiram Snacks Food, the snacks and sweets maker controlled by the Agarwal family, has begun preparing for a stock market listing of about Rs 10,000 crore in late 2027, the Economic Times reported on Thursday 12 November, as relayed by Business Standard. The company is targeting a valuation above Rs 1 lakh crore, Upstox said, also citing the ET report.

What happened

Business Standard said an executive familiar with the development told the Economic Times that Haldiram has appointed EY to manage the process. A project management office has been set up to oversee compliance and coordination between business functions. Upstox, which also relayed the ET report, said the people familiar with the matter described EY as mandated for the project management office. Neither report names investment bankers.

The issue is likely to combine an offer for sale by existing shareholders with a fresh issue of shares, according to Business Standard. The paper said the process is likely to take six to 12 months or more because of the business’s “diversified and complex structure”. Business Standard’s report carries no statement from Haldiram Snacks Food.

Key numbers

• Issue size: about Rs 10,000 crore, according to the Business Standard account of the ET report.
• Valuation target: more than Rs 1 lakh crore, per Upstox.
• Listing target: late 2027, after a process of six to 12 months or more, per Business Standard.
• Ownership: the Agarwal family retains about 85%, while Temasek, Alpha Wave Global and IHC together bought about 15% in March and April 2025 at a valuation of about $10 billion (Rs 85,000 crore), per Business Standard.
• Financials: Crisil Ratings put revenue at Rs 7,762 crore in the first half of FY2025-26 with an operating margin of nearly 19% (Business Standard), and at Rs 12,977 crore of revenue and Rs 1,195 crore of profit after tax in FY2024-25 (Upstox).

How Haldiram Snacks Food was formed

Business Standard said Haldiram Snacks Food was formed by merging Delhi-based Haldiram Snacks and Nagpur-based Haldiram Foods International. Upstox said the company was incorporated in 2022 by combining the packaged food businesses of the Haldiram Delhi and Haldiram Nagpur groups, and that, according to its website, it offers more than 500 products and variants in more than 80 countries.

Among its outside investors, Temasek came in during the 2025 round, and Business Standard said L Catterton invested in December 2025 without giving the stake size. Our E-commerce and retail hub covers other consumer groups, including listed packaged-food and beverage names such as Marico and Varun Beverages. For another large Indian fundraise in the news this week, see our report on the Bajaj Finance QIP launch.

What it means for Haldiram’s investors

The reports do not say which shareholders would sell in the offer for sale. Upstox said its page does not name any existing shareholders selling. Business Standard cited Crisil Ratings as expecting double-digit revenue growth over the medium term, helped by wider distribution, higher exports and new products, with stable operating margins. It listed two challenges: initial operational difficulties after the consolidation, and the effect of US tariffs on exports.

What happens next

The Haldiram IPO is not expected before late 2027. Neither report gives a date for a draft prospectus filing. Business Standard noted that Hindustan Coca-Cola Holdings, the bottling arm of Coca-Cola India, filed its draft red herring prospectus with SEBI last week for an issue estimated at about $1 billion, so the packaged food and beverage pipeline is already moving. Haldiram has not publicly commented in the reports reviewed.