India’s most beloved snacks and sweets brand, Haldiram is preparing for one of the largest FMCG IPOs in India’s history, potentially valuing the company between USD 8–10 billion (INR 66,000–83,000 crore).
Founded nearly a century ago in 1937 in Bikaner, Rajasthan, Haldiram’s has transformed from a regional mithai shop into a multinational packaged food empire — with products spanning namkeens, sweets, frozen foods, quick-service restaurants, and exports to over 80 countries.
After years of restructuring and consolidation across its regional entities (Nagpur, Delhi, and Bikaner divisions), the company is finally in the advanced stages of preparing for Haldiram IPO, aligning with its goal of becoming a global Indian FMCG brand on par with Britannia and Nestlé India.
Haldiram IPO Update
| Detail | Description |
|---|---|
| Company Name | Haldiram’s Group (Haldiram Snacks Food Pvt. Ltd.) |
| Industry | FMCG, Packaged Food, Namkeen & Sweets |
| Founded | 1937 (Bikaner, Rajasthan) |
| Founder | Shri Ganga Bishan Agarwal (“Haldiram Ji”) |
| Current Promoters | Agarwal Family |
| Haldiram IPO Size (Expected) | INR 4,000–5,000 crore |
| IPO Type | Fresh Issue + Offer for Sale (OFS) |
| Use of Proceeds | Expansion of manufacturing plants, automation, retail expansion, and debt reduction |
| Haldiram IPO Dates (Expected) | 2027 |
Haldiram IPO News
September 2025 — Haldiram IPO Mandates & Advisor Appointment
Haldiram in talks with bankers for its much-anticipated IPO. The company’s board begins discussions to finalize the issue size and timing, aiming for an INR 4,000–5,000 crore public issue in FY26. Reports suggest the IPO will include both a fresh issue to fund plant expansions and a partial OFS by promoter family members to improve share liquidity. Valuation talks currently peg the company at USD 8–10 billion (~INR 66,000 to 83,000 crore), making it one of the most valuable private FMCG firms in India.
June 2025 — Pre-IPO Corporate Reorganization
The company completed the long-awaited merger of its regional divisions — Nagpur, Delhi, and Bikaner — into a single unified holding structure. This corporate consolidation eliminates decades-long internal silos and streamlines governance, tax structure, and brand ownership under Haldiram Snacks Food Pvt. Ltd.
The reorganization was a pre-requisite for Haldiram IPO readiness, aligning operations under one P&L statement for SEBI filing.
2024 — Early IPO Discussions & Market Buzz
Reports surfaced that Haldiram’s had begun preliminary IPO discussions with investment banks, exploring a valuation near INR 70,000 crore (USD 8.4 billion). Analysts noted that the Haldiram IPO could provide a direct FMCG play for investors, as most comparable Indian food brands (Nestlé, Britannia, ITC Foods) trade at high earnings multiples.
The same year, the company consolidated its export arm in Dubai and restructured its product distribution to improve international logistics and margins.
2022–2023 — Leadership Transition & Brand Unification
A new group executive committee was formed with professional management hires in finance, operations, and marketing — marking Haldiram’s gradual transition from family-led to corporate governance. The company also unified packaging, marketing, and digital branding across India under one identity for the first time.
This period also saw an 11% CAGR in revenue driven by packaged foods and frozen exports.
Haldiram IPO News (2020–2021) — Pandemic Resilience & E-Commerce Acceleration
While traditional retail suffered, Haldiram’s pivoted aggressively toward e-commerce and D2C sales, partnering with Amazon, Flipkart, BigBasket, and Blinkit. The brand launched its official e-store and introduced frozen snack lines (parathas, samosas) for modern trade and export markets.
Despite logistical disruptions, Haldiram’s retained its profitability — with FY21 revenue near INR 9,900 crore — underscoring the strength of its brand loyalty.
2019 — Family Merger Plans Announced
The Agarwal family publicly confirmed plans to merge Haldiram’s Delhi, Nagpur, and Bikaner businesses under a unified holding structure, settling long-standing internal operational separations. This strategic intent set the foundation for the company’s eventual IPO-readiness and global investor appeal.
2000s–2010s — Global Expansion & FMCG Transformation
During the 2000s, Haldiram’s transitioned from being a sweets-and-namkeen brand to a packaged FMCG conglomerate, setting up factories in Nagpur, Noida, and Gurgaon. Exports expanded to 80+ countries, including the U.S., U.K., Canada, Australia, and the Middle East.
By 2015, Haldiram became the largest Indian snacks brand by value, surpassing PepsiCo’s Lay’s and Kurkure in market share within India.
1990s — National Expansion
The 1990s marked the era of pan-India dominance. Haldiram’s opened flagship outlets in Delhi and Nagpur, introduced vacuum-packed namkeens, and began experimenting with automation to scale manufacturing.
1937–1980s — Founding Legacy
Haldiram’s traces its roots to 1937, when Shri Ganga Bishan Agarwal (“Haldiram Ji”) opened a small sweet and bhujia shop in Bikaner, Rajasthan. The family’s proprietary recipe for Bikaneri Bhujia became an instant local sensation, setting the foundation for what would evolve into a global snacks empire. By the 1980s, Haldiram’s had firmly established itself as a household name in North and Central India.
📊 Financial Highlights
| Metric | FY24 | FY23 |
|---|---|---|
| Revenue | 12,800 | 12,000 |
| EBITDA | 2,580 | 2,000 |
| Net Profit | 1,400 | 1,200 |
| Export Revenue Share | 10% | 8–10% |
| Retail Stores (QSR) | 100+ | 65+ |
A Defining FMCG IPO
Haldiram IPO marks a rare blend of heritage and scale — combining an iconic 90-year-old brand with a modern FMCG growth story.
Analysts view this offering as:
- A benchmark for family-led FMCG professionalization,
- A direct consumer-brand play in India’s fast-growing snacks market (~INR 80,000 crore industry size), and
- A potential value re-rating for homegrown packaged food companies.
If the Haldiram IPO materializes in 2026, the company will become India’s first major heritage FMCG brand to go public, joining the ranks of Britannia, Nestlé, and ITC — but with a uniquely Indian flavor.
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