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The snacks major has appointed EY to oversee IPO preparations, with the proposed issue likely to comprise a fresh share sale and an offer for sale by existing investors. The listing could take place in late 2027.
Haldiram Snacks Food is gearing up for a major stock market debut, with the company targeting an initial public offering (IPO) of around Rs 10,000 crore in late 2027 at a valuation of more than Rs 1 lakh crore.
The snacks maker has appointed consulting firm EY to oversee its IPO preparations and manage the project management office (PMO), according to media reports. The company has also established a dedicated team to coordinate compliance requirements and work across business functions ahead of the proposed listing.
The preparatory exercise is expected to take between six and 12 months, or potentially longer, given the scale and complexity of its operations.
The proposed IPO is likely to comprise a combination of a fresh issue of shares and an offer for sale (OFS) by existing investors. While the final issue size, structure and valuation will be determined closer to the listing, the proposed Rs 10,000 crore offering could rank among India’s biggest consumer-sector IPOs.
Haldiram’s IPO plans follow a series of investments by global institutional and private equity investors in the company.
In 2025, Singapore’s Temasek, UAE-based International Holding Company (IHC) and Alpha Wave Global acquired stakes in Haldiram Snacks Food, collectively valuing the business at approximately $10 billion, or around Rs 85,000 crore.
More from BusinessThe three investors together acquired nearly 15 per cent of the company, while the promoter Agarwal family retained an 85 per cent stake. US-based investment firm L Catterton subsequently invested in the company in December 2025.
The proposed public offering could provide an exit or partial liquidity opportunity for existing shareholders while allowing Haldiram to tap public markets for fresh capital.
Haldiram’s financial performance will be closely watched as it moves towards its proposed listing.
According to a Crisil Ratings report, Haldiram Snacks Food recorded revenue of Rs 7,762 crore in the first half of FY26, with operating margins of nearly 19 per cent.
Crisil projected revenue growth of 9-10 per cent for FY26, factoring in initial operational challenges following business consolidation and lower exports due to the impact of US tariffs.
The ratings agency expects the company to sustain double-digit revenue growth over the medium term, supported by an expanding distribution network, higher exports and product innovation. Operating margins are also expected to remain stable, aided by cost management and operating leverage.
The IPO preparations follow the consolidation of Delhi-based Haldiram Snacks and Nagpur-based Haldiram Foods International into Haldiram Snacks Food, bringing the businesses under a unified corporate structure.
With a proposed Rs 10,000 crore IPO and a valuation target exceeding Rs 1 lakh crore, Haldiram is positioning itself for one of India’s most closely watched consumer-sector stock market debuts.
