Haldiram IPO: Board Discussions Underway to Finalise Issue Size and Timing

Haldiram, a dominant player in India's snacks and sweets segment, has initiated board-level talks to determine the IPO size and timing, as per the news reports. 

The company is in the advanced stages of preparation, targeting a public issue between ₹4,000 crore and ₹5,000 crore by FY26, making it one of the largest FMCG IPOs in India.

Haldiram IPO Preparation Progresses with Valuation in Focus

As per the news reports, the IPO, proposed for 2026, is expected to consist of both fresh issue and offer for sale (OFS) components. The fresh issue is aimed at funding manufacturing expansion, automation, and retail growth, while OFS will offer exits for some promoter group members. The company is reportedly eyeing a valuation of $8-$10 billion, equivalent to ₹66,000 crore to ₹83,000 crore.

Corporate Restructuring Completed in FY25

In June 2025, Haldiram finalised the merger of its Nagpur, Delhi, and Bikaner operations into a single unified entity, Haldiram Snacks Food Pvt Ltd. This strategic consolidation was essential for achieving IPO readiness, streamlining governance, and aligning all revenue, tax, and operational activities under one structure.

Pre-IPO Developments Leading the Way

Earlier, in 2024, Haldiram initiated discussions with investment banks and completed the reorganisation of its international export arm in Dubai. It also focused on improving global logistics and product margins. These steps signal the brand’s commitment towards global FMCG standards.

Read More:LG Electronics India Makes IPO History with Record ₹4.4 Lakh Crore in Subscriptions

Revenue and Operational Snapshot

Haldiram reported revenue of ₹12,800 crore in FY24, up from ₹12,000 crore in FY23. Net profit stood at ₹1,400 crore, with EBITDA of ₹2,580 crore. Retail presence expanded to over 100 outlets. Export revenue contributed 10%, further cementing Haldiram’s global presence.

From Bikaneri Bhujia to Global FMCG Force

Founded in 1937 in Bikaner, the brand has come a long way from its humble sweet shop origins. Having achieved national expansion in the 1990s and global reach by 2015, Haldiram is now on the verge of becoming India’s first major heritage FMCG company to go public.

Conclusion

With a legacy stretching nearly 90 years, Haldiram’s planned IPO marks a turning point in India’s FMCG landscape. The ongoing discussions to finalise issue sizing and timing highlight a pivotal moment as the company aims to join the league of listed Indian food giants.

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