Haldiram Snacks Food has reportedly begun preparations for an initial public offering (IPO) that could raise approximately ₹10,000 crore, with a stock market listing targeted for late 2027.
According to The Economic Times, the packaged food company has appointed EY to oversee the preparations and is seeking a valuation exceeding ₹1 lakh crore.
The proposed offering could combine a fresh issue of equity shares with an offer for sale (OFS) by existing shareholders.
Haldiram Snacks Food was formed through the merger of Delhi-based Haldiram Snacks and Nagpur-based Haldiram Foods International.
The company has reportedly established a project management office to coordinate compliance requirements and activities across its business divisions.
An executive familiar with the development said preparations could take six to 12 months or longer because of the company's complex organisational structure.
The proposed listing follows substantial investments from global institutional investors.
Singapore's Temasek, Alpha Wave Global and the UAE-based International Holding Company acquired a combined stake of approximately 15% during March and April 2025.
The transactions valued Haldiram Snacks Food at around $10 billion, equivalent to approximately ₹85,000 crore at the time.
The promoter Agarwal family retained the remaining 85% stake.
US-based investment firm L Catterton subsequently invested in December 2025.
Haldiram Snacks Food reported revenue of ₹7,762 crore during the first half of the financial year 2025-26, according to Crisil Ratings.
Its operating margin stood at nearly 19%. The ratings agency noted that the company faced initial operational challenges following the merger, while US tariffs affected exports.
As per the report, Crisil expects double-digit revenue growth over the medium term, supported by a broader distribution network, international expansion and new product launches.
Improved cost management and economies of scale are expected to support operating margins.
The proposed IPO comes amid broader interest in public listings among India's consumer businesses.
Hindustan Coca-Cola Holdings, Coca-Cola India's bottling business, is also reportedly pursuing a public offering estimated at approximately $1 billion.
Haldiram's listing plans remain subject to further preparations and regulatory processes.
