India’s iconic snacks empire, Haldiram’s, is intensifying preparations for a blockbuster initial public offering (IPO), with promoters eyeing a market debut within 18-24 months at a valuation of $10-12 billion (₹83,000-1,00,000 crore). This follows the 2023 merger of its Delhi and Nagpur units into Haldiram Snacks Foods Pvt Ltd and recent stake sales totaling $1.5 billion to global investors like Singapore’s Temasek, Abu Dhabi-based IHC, and Alpha Wave Global. As the ethnic snacks market surges at 8.63% CAGR to ₹1,01,811 crore by 2033, Haldiram’s—holding 40% share—is positioning for a listing that could rival Bikaji Foods’ 2023 debut, which doubled in value post-IPO.
For investors tracking consumer IPOs, F&B entrepreneurs, and market watchers in India’s $3.9 billion 2025 IPO pipeline, Haldiram’s prep signals confidence in its ₹9,000 crore FY22 revenue base and global exports to 100+ countries. With quick commerce and premiumization driving growth, the IPO could fund international expansion and QSR chains. Let’s unpack the timeline, financials, and strategic moves.
IPO Timeline: 18-24 Months, Post-Stake Sales and Merger
Haldiram’s IPO journey gained momentum after the 2023 merger of its Delhi (Haldiram Foods International) and Nagpur (Haldiram Snacks) entities, creating a consolidated platform with ₹9,000 crore FY22 revenue. Promoters, the Agarwal family, are now finalizing pre-IPO stake sales, with Temasek’s $1 billion for 10% in March 2025 setting a $10 billion benchmark. Additional 5% sales for $500 million are in talks, potentially raising $1.5 billion total to fund growth.
Expected milestones:
| Milestone | Timeline | Details |
|---|---|---|
| Stake Sales Completion | Q4 FY25-Q1 FY26 | Temasek (10%), IHC/Alpha Wave (9%); $1.5B total |
| DRHP Filing | Mid-2026 | Post-merger audits; targets $10-12B valuation |
| IPO Launch | 2026-2027 (18-24 months from now) | Fresh issue + OFS; similar to Bikaji’s structure |
| Listing Target | BSE/NSE | Post-Bikaji success; 40% ethnic snacks share |
The family holds 100% pre-IPO, with sales diluting to ~80-85% post-rounds.
Financial Snapshot: ₹9,000 Cr Revenue, 40% Market Share
Haldiram’s FY22 revenue hit ₹9,000 crore, blending packaged snacks (70%), QSRs (20%), and exports (10%) to 100+ countries. With 40% share in organized ethnic snacks (₹46,571 crore market in 2024), it’s poised for 8.63% CAGR to ₹1,01,811 crore by 2033.
Growth levers:
- Quick Commerce: 20% revenue from Blinkit/Zomato; impulse buys drive 15% CAGR.
- Premiumization: Protein-enriched bhujia, frozen meals; exports up 25% YoY.
- QSR Expansion: 100+ outlets; ₹1,800 crore chain revenue target by 2027.
At $10-12B valuation, P/S multiple of 1.1-1.3x FY22 revenue aligns with Bikaji’s 2x post-IPO.
Strategic Moves: Post-Merger Restructuring and Global Push
The 2023 merger unified operations, resolving family disputes and enabling scale—Nagpur’s West/South dominance with Delhi’s North/East strength. Recent investments:
- Temasek ($1B for 10%): March 2025; values at $10B, funds US/West Asia exports.
- IHC/Alpha Wave (9%): March 2025; $500M for global footprint.
IPO proceeds could fuel 200+ QSRs and ₹20,000 crore revenue by 2030.
Implications: A Snacks IPO Blockbuster in Pipeline?
For investors, Haldiram’s could yield 20-30% listing gains like Bikaji, tapping ₹3.9B 2025 IPO wave. F&B Sector: Accelerates premiumization, with quick commerce at 20% revenue. Global Angle: Exports to 100 countries position it for $2-3B overseas by 2027.
Risks: Family dynamics and valuation expectations ($12B ask vs. $8-8.5B bids).
Conclusion: Haldiram’s IPO Prep – From Bhujia to Billions
Haldiram’s ramped-up IPO preparations—post-merger and $1.5B investments—eye a $10-12B listing in 18-24 months, capitalizing on 40% snacks dominance and quick commerce surge. With ₹9,000 crore revenue and global ambitions, it could be 2026’s biggest consumer IPO, blending legacy with modernity.
