Haldiram Snacks Food has formally started the process of its Initial Public Offer (IPO). The company has appointed EY as ‘Project Management Office’ (PMO) for compliance management and coordination between various departments. An ET report quoted experts as saying that the maker of traditional Indian sweets and namkeens is eyeing a public listing by the end of 2027.
Its issue size is around Rs. 10,000 crore (around $1 billion), while the company is valued at Rs. It is estimated to be more than 1 lakh crore. An official told ET report that the process of public listing has formally started with the PMO (Project Management Office) team. Given the diverse and complex structure of the business, this process can take 6 to 12 months or more.
He further said that the proposed IPO could involve both an offer for sale by existing shareholders and a fresh issue. However, till now there has been no official statement from Haldiram Snacks Food CEO KK Chutani and EY in media reports.
Next year may see another major listing in India’s consumer sector. Coca-Cola India is planning to list its bottling business, Hindustan Coca-Cola Holdings, which is also valued at $1 billion. The beverage company filed its ‘Draft Red Herring Prospectus’ (DRHP) with the Securities and Exchange Board of India (SEBI) last week.
How was the company formed?
Haldiram Snacks Food was formed after the merger of Delhi-based ‘Haldiram Snacks’ and Nagpur-based ‘Haldiram Foods International’. Major global investors investing in the company include Temasek, International Holding Company, Alpha Wave Global and L Catterton. American investor ‘L Catterton’ invested in December 2025. At the same time, Singapore’s Temasek, Alpha Wave Global and UAE’s International Holding Company bought stakes during March-April 2025. These investors bet on India’s fast-growing packaged snacks market. Apart from this, he also aims to accelerate the company’s global expansion plans in countries like America and the Middle East, where a large number of Indians reside.
The investment in March-April last year was the largest ever private equity deal in India’s consumer sector, valuing the snacks maker at $10 billion (Rs 85,000 crore at the time). These three global investors together acquired around 15% stake in ‘Haldiram Snacks Food’, while the company’s founder-promoter Agarwal family held 85% at that time. After the purchase in December, it is not known what stake ‘L Catterton’ had in the company.
Tremendous earnings in the first half
According to a Crisil Ratings report, ‘Haldiram Snacks Food’ reported revenue of Rs 7,762 crore in the first half of FY2026 with an operating margin of around 19%. A CRISIL report states that revenues are expected to grow by 9-10% in FY2026. However, during this period, it may face initial operational challenges related to reduced exports and business consolidation due to American tariffs. Double-digit revenue growth is expected to continue in the medium term due to expansion of distribution network, increase in exports and introduction of new products in various categories (product innovation), the report said. Also, due to cost management and operating leverage, operating margins are also likely to remain intact.
