Haldiram Initiates Mega ₹10,000 Crore IPO Process Targeting Over ₹1 Lakh Crore Valuation

Haldiram Snacks Food Private Limited, India’s quintessential ethnic snacks and sweets powerhouse, has officially initiated preparations for an Initial Public Offering (IPO) that could hit domestic bourses by late 2027. According to reports, the proposed issue is pegged at around ₹10,000 crore (close to $1 billion to $1.2 billion), aiming for a target enterprise valuation exceeding ₹1 lakh crore.

The packaged food giant has mandated global consultancy EY to manage the Project Management Office (PMO) responsible for internal restructuring, regulatory compliance, and cross-functional coordination. Due to the company's multi-layered supply chain and large distribution network, market watchers indicate that pre-filing groundwork will take anywhere between 6 to 12 months before a Draft Red Herring Prospectus (DRHP) is formally submitted to the Securities and Exchange Board of India (SEBI).

Offer Structure and Shareholding

The planned public offering will likely be structured as a balanced combination of a fresh issue of shares and an Offer for Sale (OFS) by existing shareholders.

The founding Agarwal family currently holds an estimated 80% to 85% equity stake in the unified business. The remaining holding is held by marquee global institutional backers who acquired minority stakes in 2025 at an initial valuation benchmark of approximately $10 billion.

Key Institutional Investors in the Unlisted Entity:

• Temasek Holdings: Singapore’s sovereign fund picked up an approximate 10% stake in early 2025 for roughly $1 billion.
• Alpha Wave Global & International Holding Company (IHC): The Abu Dhabi-based conglomerate and the global investment firm jointly invested around $500 million for a combined minority stake.
• L Catterton: The consumer-focused private equity firm backed by LVMH also acquired an unlisted equity slice in late 2025.

The Corporate Consolidation Behind the Debut

The market debut represents the culmination of a decade-long restructuring process. Historically, the Haldiram business operated as bifurcated entities managed by separate branches of the promoter family: Haldiram Snacks headquartered in Delhi and Haldiram Foods International based out of Nagpur.

Under a National Company Law Tribunal (NCLT)-approved scheme, both businesses merged into Haldiram Snacks Food Private Limited, creating a consolidated balance sheet and unified operational command. Today, the brand commands over 500 product lines across savouries, sweets, frozen foods, ready-to-eat meals, and dairy products, distributing across domestic general trade, modern trade, and quick-commerce channels, along with exports spanning more than 80 countries.

Robust Financial Profile

Haldiram approaches the public market from a position of consistent profitability, standing apart from many new-age venture-funded firms seeking listings.

According to data compiled by CRISIL Ratings, the company registered:

• FY25 Operating Performance: Haldiram Snacks Food posted a revenue from operations of ₹12,977 crore in FY25, accompanied by a Profit After Tax (PAT) of ₹1,195 crore, yielding a net PAT margin of 9.2%.
• H1 FY26 Run-Rate: In the first half of FY26, the company recorded top-line revenue of ₹7,762 crore, sustaining healthy operating margins near 19% on the back of operating leverage and procurement efficiencies.

Significance for Indian Capital Markets

At a targeted valuation of over ₹1 lakh crore, the Haldiram issue is primed to become the largest FMCG market debut in Indian history.

The closest listed domestic benchmark is Bikaji Foods International, which operates at a market capitalisation of roughly ₹14,000 crore. A successful listing of Haldiram will offer institutional and retail investors direct exposure to the dominant player in India's ₹45,000+ crore savoury snacks market, where Haldiram holds an undisputed category lead.

The announcement also adds to a bustling pipeline of high-profile consumer offerings headed to Dalal Street, arriving hot on the heels of Hindustan Coca-Cola Holdings, the bottling arm of Coca-Cola India, which submitted its preliminary DRHP to SEBI for a $1-billion listing.