The HyFun Foods IPO is still two years away. The Ahmedabad frozen-foods maker, which supplies french fries to McDonald's and KFC, plans to raise up to ₹2,000 crore by late 2028, according to an interview its managing director and group chief executive Haresh Karamchandani gave the Economic Times on 6 October 2026. Work on the issue starts only in mid-2027, and most of it will be fresh shares.
Fresh shares matter here. In a fresh issue the money goes to the company to spend. In an offer for sale it goes to existing shareholders who are selling. According to the same report, the issue would be composed largely of new shares and would pay for capacity expansion.
What HyFun Foods does
It makes frozen potato products. French fries mainly, along with the frozen pizzas and dumplings that quick-commerce apps now stock. Exports to more than 40 countries bring in about three-fourths of revenue today. The company expects that share to drop to roughly half within five years as Indian demand catches up.
Its customer list is the recognisable part. Beyond McDonald's and KFC, HyFun counts the coffee chain Blue Tokai, PVR Cinemas and Wow Chicken among its buyers. Global restaurant chains account for about 40 per cent of its India revenue, a share the company expects to fall to around 30 per cent in two years as it sells more to regional chains, hotels and retail shelves.
On the numbers, HyFun expects revenue to more than double to nearly ₹3,500 crore by the financial year ending March 2028. For context, in October 2025 the company told PTI it was targeting about ₹1,500 crore of revenue in FY26. So the IPO plan rests on the company roughly doubling its sales first.
How big would this be?
At about ₹2,000 crore, HyFun would be the seventh largest of the 20 mainboard IPO plans and filings our tracker has logged this year. That puts it well above the typical ₹300 crore to ₹700 crore issue, and nowhere near the year's giants. You can see the full list of names in the queue on our page for upcoming mainboard IPOs.
One caveat on the size. The figure comes from an interview, not from a filing. Draft papers routinely change the number by the time they reach SEBI, and nothing has been filed yet.
What happens next
Nothing for a while. The sequence the company has described runs like this: finish the new production line, start supplies from it, begin IPO preparations in mid-2027, then approach the market by late 2028. The first public document would be the DRHP, the draft prospectus a company files with SEBI before an IPO. SEBI usually takes one to three months to clear one.
This plan is not new, only firmer. A year ago, in October 2025, HyFun said it would tap the market by 2028 once its new Gujarat facility started supplying. The size and the mid-2027 start date are the fresh parts. We will log the DRHP the day it is filed, and you can follow every filing as it happens in our IPO news feed. The full interview is on the Economic Times site.
