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Haldiram Snacks Pvt Ltd., the renowned food producer and restaurant operator, is considering an initial public offering (IPO) following unsuccessful attempts to sell to foreign investors, as per a Bloomberg report. The Agarwal family, who owns Haldiram’s, is exploring the listing option after bids ranging from $8 billion to $8.5 billion fell short of their desired valuation of approximately $12 billion.
In May, Haldiram’s received bids from a consortium led by Blackstone Inc., including the Abu Dhabi Investment Authority and GIC Pte, as well as a separate consortium led by Bain & Co. and Temasek Holdings Pte. However, these offers did not meet the family’s valuation expectations, leading to the current contemplation of an IPO.
Sources familiar with the matter, who requested anonymity due to the private nature of the information, indicated that IPO discussions are still in their early stages. The controlling shareholders have not ruled out the possibility of lowering their asking price and proceeding with a sale if necessary.
India has emerged as a hotspot for IPOs, raising approximately $3.9 billion so far this year—double the amount raised during the same period in 2023 and surpassing the combined totals of Hong Kong and Korea. This surge in IPO activity highlights the growing investor interest in the Indian market.
Haldiram’s, founded by Ganga Bishan Agarwal in the 1930s in North India, has a rich legacy and offers a diverse range of products, including sweet and savory snacks, frozen meals, and breads. The company also operates 43 restaurants in and around Delhi, cementing its position as a beloved brand in the region.
As Haldiram’s explores the IPO route, the company’s future steps will be closely watched by investors and market analysts, eager to see how this iconic brand navigates the dynamic landscape of the Indian IPO market.
