Haldiram Begins IPO Preparations, Targets ₹10,000 Crore Public Offering in 2027

India’s iconic snacks and sweets manufacturer is preparing for a potential stock market debut in late 2027, with an estimated valuation exceeding ₹1 lakh crore and EY appointed to oversee the IPO preparation process.

Haldiram Snacks Food, one of India’s most recognised names in the packaged snacks and traditional foods industry, has formally initiated preparations for its proposed initial public offering (IPO). The company is reportedly targeting a stock market listing in late 2027, with the proposed issue estimated at approximately ₹10,000 crore.

According to reports, the company has appointed professional services firm EY to establish and manage a Project Management Office (PMO), which will oversee compliance requirements and coordinate activities across different business functions as it prepares for the public offering.

The proposed listing could value Haldiram Snacks Food at more than ₹1 lakh crore, placing it among India’s most prominent consumer-sector IPO candidates.

IPO May Include Fresh Issue and Offer for Sale

The proposed public offering is expected to include a combination of a fresh issue of shares and an Offer for Sale (OFS) by existing shareholders.

While a fresh issue would enable the company to raise capital for business requirements and expansion, the OFS component would provide existing investors with an opportunity to partially monetise their holdings.

Given the company’s extensive business operations and consolidated corporate structure, the preparation process could take between six and 12 months or longer.

However, the company has not yet announced an official IPO date, issue structure or final valuation.

Global Investors Strengthen Haldiram’s Growth Ambitions

Haldiram’s proposed public listing follows significant interest from international investment firms.

The company has attracted investments from prominent global players, including Singapore-based Temasek, UAE-based International Holding Company (IHC), Alpha Wave Global and US-based L Catterton.

Temasek, IHC and Alpha Wave Global acquired stakes in Haldiram Snacks Food during March-April 2025. These investments valued the business at approximately $10 billion, equivalent to around ₹85,000 crore at the time.

Together, the three investors acquired approximately 15% of the company, while the promoter Agarwal family retained the remaining 85% at that stage. L Catterton subsequently invested in the business in December 2025.

The investments reflect international investor interest in India’s expanding packaged food market and Haldiram’s ambitions to strengthen its presence in overseas markets, particularly the US and Middle East.

Revenue Performance Supports Expansion Plans

Haldiram’s financial performance provides further context to its proposed market debut.

According to Crisil Ratings, the company recorded revenue of ₹7,762 crore during the first half of FY2026, with operating margins close to 19%.

Revenue growth for the full financial year was projected at 9-10%, although the business faced initial operational challenges following the consolidation of its operations. Exports were also affected by US tariffs.

Crisil expects the company to sustain double-digit revenue growth over the medium term, supported by an expanding distribution network, higher exports and product innovation across categories.

Cost management and operating leverage are also expected to support profitability as the business scales.

India’s Consumer Sector Prepares for More Mega Listings

Haldiram’s IPO preparations come at a time when India’s consumer and FMCG sector is attracting considerable interest from public market investors.

Coca-Cola India’s bottling business, Hindustan Coca-Cola Holdings, is also preparing for a proposed public listing, with an estimated offering size of approximately $1 billion. The company has reportedly filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI).

The potential listings underline the growing appetite for established consumer businesses with strong distribution networks, recognisable brands and opportunities for domestic and international expansion.

What Haldiram’s IPO Could Mean for India’s FMCG Landscape

A potential listing would represent an important milestone for Haldiram, a business that has grown from its traditional Indian snacks and sweets heritage into a major packaged food player.

With international investors already on board and its business expanding across markets, the proposed IPO could bring greater visibility to the company’s operations and long-term growth ambitions.

For India’s capital markets, a public offering of this scale would also highlight the increasing prominence of homegrown consumer brands in the country’s evolving investment landscape.

While late 2027 remains the proposed listing timeline, the next phase of IPO preparation will be crucial in determining the final issue structure, valuation and market debut.

Source- Business Standard – Haldiram begins IPO preparations, Economic Times – Haldiram targets $1 billion public float , Crisil Ratings – Official Website, SEBI – Official Website