The Haldiram IPO is now formally in the works. Haldiram Snacks Food has started preparing for a stock market listing in late 2027, as per an Economic Times report on 12 November 2026. The issue could be about ₹10,000 crore, at a valuation above ₹1 lakh crore.
The company has not filed its DRHP yet. That is the draft offer document a company files with SEBI before an IPO. So there is no price band, date or final size for now. The figures come from people aware of the plan who spoke to ET. Haldiram and EY did not reply to the paper's emails.
What the report says
Haldiram has hired EY to run a project management office for the IPO. This team will handle compliance and keep the different business teams working together. An executive told ET the process could take six to 12 months, or longer, because the business is large and complex.
The IPO is expected to have two parts. A fresh issue would bring new money into the company. An offer for sale (OFS) would let existing shareholders sell some of their shares. The report does not say how the money would be split between the two, or who would sell.
| Detail | What we know so far |
|---|---|
| Company | Haldiram Snacks Food |
| Possible issue size | About ₹10,000 crore (close to $1 billion) |
| Target valuation | Above ₹1 lakh crore |
| Issue type | Fresh issue and OFS (split not known) |
| Listing target | Late 2027 |
| IPO process | Run by EY |
| DRHP | Not filed yet |
Who owns Haldiram now
Haldiram Snacks Food was formed by merging Delhi's Haldiram Snacks with Nagpur's Haldiram Foods International. The founding Agarwal family is the promoter.
In March and April 2025, Temasek, Alpha Wave Global and the UAE's International Holding Company bought about 15% between them. The Agarwal family kept the other 85%. That deal valued the company at about $10 billion, or ₹85,000 crore at the time. ET calls it the biggest private equity deal in India's consumer sector until then.
US investor L Catterton came in later, in December 2025. Its stake is not known. Early investors often sell part of their holding through the OFS, but the report does not say whether any of these four will.
How the business is doing
Haldiram makes namkeens, sweets and other packaged snacks. Its revenue was ₹7,762 crore in the first half of 2025-26, as per Crisil Ratings. The operating margin was close to 19%.
Crisil expects revenue to grow 9% to 10% in 2025-26. Merging the businesses caused some early problems, and US tariffs hurt exports. Over the next few years, Crisil expects double-digit growth from wider distribution, more exports and new products.
How big a ₹10,000 crore IPO would be
An issue of this size would put Haldiram among India's biggest IPOs. Of 113 mainboard IPOs so far in 2026, only two were bigger: Jio Platforms and NSE. Since January 2025, six mainboard IPOs have crossed ₹10,000 crore. None of them was a food or snacks company.
| IPO | Opened | Issue size |
|---|---|---|
| Jio Platforms | 21 October 2026 | ₹30,188 crore |
| NSE | 17 September 2026 | ₹22,562 crore |
| Tata Capital | 6 October 2025 | ₹15,511 crore |
| HDB Financial Services | 25 June 2025 | ₹12,500 crore |
| LG Electronics India | 7 October 2025 | ₹11,607 crore |
| ICICI Prudential AMC | 12 December 2025 | ₹10,603 crore |
Some simple arithmetic helps here. A ₹10,000 crore issue at a ₹1 lakh crore valuation would cover about 10% of the company. The ₹1 lakh crore target is about 18% above what the 2025 deal valued it at.
Another consumer name in the queue
Haldiram is not the only big consumer company heading to the market. Hindustan Coca-Cola Holdings, Coca-Cola's India bottler, filed its DRHP with SEBI last week. That issue is also pegged at about $1 billion.
What happens next
The next real step is the DRHP. It will show the exact size, the fresh issue and OFS split, who is selling and what the money is for. SEBI usually takes one to three months to review a draft. On the timeline in the report, that filing is still some months away.
Until then, any size or valuation you read is a report, not a company figure. We will cover the DRHP when it is filed. Dated issues are on our upcoming mainboard IPO list.
