Indian snack giant Haldiram in talks of IPO launch

Indian Snack giant Haldiram is considering going for an IPO after receiving unsatisfactory bids from foreign investors. Bids were offered in the range of $8 billion to $8.5 billion and failed to meet the $12 billion valuation expecatation. The Agarwal family is exploring the option of an IPO. However the talks are in a preliminary stage and the controlling shareholders would be deicding the ask price.

The Company received bids in the month of May from investors such as Blackstone Inc- led consortium featuring Abu Dhabi Investment Authority and GIC Pte. It was also approached by another group led by Bain &Co. and Temasek Holdings Pte. 

Founded in 1937 by Ganga Bishan Agarwal, Haldiram is into the business of packaged foods and snacks- Haldiram Food International and Haldiram Snacks. With a presence in over 40 restaurants in Delhi, Haldiram sells a variety of foods, sweets and savoury snacks.  

Previous attempts have been made to acquire the food chain by Venture capitalists firms such as Warburg Pincus, General Atlantic and Bain Capital. But, none of these materialised, which made the Agarwal family consider the option of an IPO launch. 

India has seen a considerable increase in the number of IPO launches, with approximately $3.9 billion being raised in 2024, almost double the amount as compared to 2023.