Haldiram’s, the Bikaner-born namkeen and snacks giant, is working toward a public listing by 2027, with promoters said to be targeting a valuation of over Rs 1 lakh crore and a fresh issue size in the region of Rs 10,000 crore. The Haldiram IPO would be one of the largest consumer-goods listings India has seen in years.
Key Takeaways
- Haldiram’s is reportedly planning an IPO by 2027, targeting a valuation north of Rs 1 lakh crore (roughly $12 billion).
- The proposed fresh issue size is pegged near Rs 10,000 crore, according to current reports.
- The company already sold minority stakes to global investors including Temasek, Alpha Wave Global and Abu Dhabi’s IHC in 2025, at a lower valuation.
- Much of the growth story still runs through Haldiram’s factories in Nagpur, Bikaner, Rohtak and Noida, which run multiple shifts to keep up with demand.
What Is Driving the Haldiram IPO Plan?
Walk into any Haldiram’s plant on a weekday afternoon and the first thing that hits you isn’t the smell of frying bhujia, it’s the noise. Extruders hum, packaging lines clatter, and forklifts move pallets of namkeen toward loading bays in a rhythm that doesn’t really stop. Three shifts, seven days a week, is normal at the bigger units.
That factory-floor reality is the real base of the Haldiram IPO story. Before anyone talks about valuation multiples, someone has to make and pack millions of kilos of bhujia, sev, papad and sweets every month. Haldiram’s runs this across at least half a dozen major manufacturing sites, with Nagpur and Bikaner handling the older, high-volume lines and Noida and Rohtak carrying newer, more automated capacity built for exports.
Output numbers aren’t published in detail, but trade estimates have long put combined group revenue in the Rs 10,000-12,000 crore range, split across the two historic arms of the family business. That production base, not just brand recall, is what’s letting bankers pitch a Rs 1 lakh crore-plus number to potential IPO investors.
A Business Still Split Down the Middle
Here’s the part most casual buyers don’t realise: “Haldiram’s” isn’t one company. The Agrawal family split the business decades ago into two separate groups — one centred on Nagpur and Kolkata, the other run out of Delhi and Noida and generally known as Haldiram Snacks Food. Any Haldiram IPO conversation so far has centred on the larger, Delhi-Noida arm, the one with the stronger export business and the bigger institutional investor interest.
Who Already Owns a Piece of Haldiram’s?
This isn’t the company’s first brush with big capital. In 2025, Haldiram Snacks Food sold a minority stake to a consortium that included Singapore’s Temasek, Alpha Wave Global and Abu Dhabi’s International Holding Company (IHC), in a deal that valued the business at well under today’s reported target. That round itself followed years of on-and-off talks with suitors like Tata Consumer Products, Blackstone and Bain Capital, none of which closed.
| Milestone | Approximate Period | Reported Valuation |
| Tata Consumer Products stake talks | 2023 | $8-10 billion (reported, deal did not close) |
| Temasek, Alpha Wave, IHC minority stake deal | 2025 | Around $10-11 billion |
| Reported Haldiram IPO target | 2027 (planned) | Over Rs 1 lakh crore (~$12 billion) |
Treat the older figures as reported ranges, not audited numbers — private valuations like these rarely come with full disclosure until a formal filing happens.
How Does the Haldiram IPO Size Compare With Rivals?
For a sense of scale, look at how the proposed Haldiram IPO stacks up against the two listed names closest to its business.
| Company | Listing Status | Approx. Market Cap / IPO Size |
| Bikaji Foods International | Listed, Nov 2022 | IPO raised around Rs 881 crore |
| Prataap Snacks (Yellow Diamond) | Listed, 2019 | IPO raised around Rs 500 crore |
| Haldiram’s (proposed) | Planned for 2027 | Fresh issue reportedly near Rs 10,000 crore |
That gap is enormous, and it tells you something about scale. Haldiram’s isn’t just bigger than its listed peers, it’s working in a different weight class altogether, closer to an FMCG major than a regional snacks brand.
The India Angle: Namkeen as a National Habit
What makes this Haldiram IPO plan interesting for ordinary investors isn’t just the number, it’s the product. Namkeen and bhujia sit in nearly every Indian pantry, rural or urban, rich or poor. Unlike a lot of IPO-bound startups selling discretionary convenience, Haldiram’s sells something people buy out of habit, festival after festival, train journey after train journey. That’s the kind of demand that doesn’t swing wildly with the economy, and investment bankers know it’s an easier story to sell to retail investors during an IPO roadshow.
What Happens on the Shop Floor Still Matters Most
Go back to the factory floor, because that’s where any IPO pitch eventually has to prove itself. Automation has crept in at the newer Noida and Rohtak units — continuous fryers, automated weighing and packing lines — but a lot of frying, roasting and quality checks at the older Bikaner and Nagpur plants still leans on experienced hands. Shift supervisors who’ve been there twenty years can tell you by smell if a batch of bhujia oil has turned.
That matters for an IPO prospectus because consistency of quality, at this scale, is the thing that protects margins. A listed Haldiram’s would need to show investors that its plants can keep that consistency while scaling output further, something analysts will dig into closely once a formal IPO filing lands with regulators.
FAQ
When is the Haldiram IPO expected?
Reports point to 2027 as the target year, though no formal filing with SEBI has been made yet, so the timeline could shift.
What valuation is Haldiram’s targeting for its IPO?
Current reports suggest promoters are eyeing a valuation of more than Rs 1 lakh crore, well above the roughly $10-11 billion mark set in the 2025 stake sale.
Who are Haldiram’s current investors?
Temasek, Alpha Wave Global and Abu Dhabi’s IHC hold minority stakes bought in 2025, alongside the founding Agrawal family, which retains control.
Is Haldiram’s one company or two?
It’s historically split into two family-run groups — the Nagpur-Kolkata business and the Delhi-Noida business (Haldiram Snacks Food) — with the latter being the one linked to IPO and investor talks.
How big is Haldiram’s compared to listed snack companies like Bikaji?
Far bigger. Bikaji’s entire 2022 IPO raised under Rs 900 crore, while Haldiram’s is reportedly eyeing a fresh issue close to Rs 10,000 crore.
Conclusion
The Haldiram IPO, if it happens on schedule, would turn a century-old family snacks business into one of India’s biggest consumer listings. But the number that should interest investors most isn’t the valuation, it’s whether the factories behind it can keep producing at the pace and quality that built the brand in the first place.