Business News : Haldiram's Snacks Foods has started the formal process for its Initial Public Offer (IPO). The company has appointed EY as its Project Management Office (PMO) to manage compliance and coordination between various departments. The maker of traditional Indian sweets and snacks is eyeing a public listing by the end of 2027, an ET report said citing sources.

The issue size is estimated to be around Rs 10,000 crore (about $1 billion), while the company's valuation is estimated to be over Rs 1 lakh crore. The public listing process has formally started with the PMO (Project Management Office) team, an official told ET. Given the diverse and complex structure of the business, the process can take 6 to 12 months or more.

He further said that the proposed IPO could include both an offer for sale by existing shareholders and a fresh issue of shares. However, there has been no official statement from Haldiram Snacks Foods CEO KK Chutani or EY so far in media reports.

Another major listing can be seen in India's consumer sector

Next year could see another major listing in India's consumer sector. Coca-Cola India plans to list its bottling business, Hindustan Coca-Cola Holdings, which is also valued at $1 billion. The beverage company filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) last week.

How was the company formed?

Haldiram Snacks Foods was formed through the merger of Delhi-based Haldiram Snacks and Nagpur-based Haldiram Foods International. Major global investors in the company include Temasek International Holding Company, Alpha Wave Global and L Catterton. US investor L Catterton invested in December 2025.

Singapore-based Temasek, Alpha Wave Global and UAE-based International Holding Company bought the stake during March-April 2025. These investors have bet on India's fast-growing packaged snack market. He also aims to accelerate the company's global expansion plans in countries like the US and the Middle East, where a large number of Indians live.

The investment, made in March-April last year, was India's largest ever private equity deal in the consumer sector, valuing the snack maker at $10 billion (Rs 85,000 crore at the time). These three global investors together bought around 15% stake in Haldiram Snacks Foods, while the company's founder-promoter, the Agarwal family, held 85% at the time. It is not known how much L Catterton's stake in the company was after the purchase in December.

Strong earnings in first six months

According to a CRISIL Ratings report, Haldiram Snacks Foods reported revenue of Rs 7,762 crore in the first half of FY2026, with an operating margin of around 19%. The CRISIL report states that revenues are expected to grow by 9-10% in FY2026. However, the period may also face initial operational challenges related to business consolidation and decline in exports due to US tariffs. The report said double-digit revenue growth is expected to continue in the medium term due to expansion of distribution network, increase in exports and product innovation in various categories. Operating margins are also expected to remain strong due to cost management and operating leverage.