Haldiram Snacks Pvt Ltd., a popular Indian snack maker, is considering going public through an initial public offering (IPO) after facing challenges with selling to foreign investors. The Agarwal family, the owners of Haldiram, had initially received bids ranging from $8 billion to $8.5 billion, which fell short of their valuation target of $12 billion, as reported by Bloomberg.
Sources, who preferred to remain anonymous, revealed that Haldiram’s had received bids in May from a consortium led by Blackstone Inc., the Abu Dhabi Investment Authority, and GIC Pte, as well as another consortium led by Bain & Co. and Temasek Holdings Pte. Despite the interest from investors, the IPO plans are still at a preliminary stage, and the controlling shareholders have the option to adjust their asking price and proceed with a sale.
India has emerged as a hotbed for IPOs, with the country raising approximately $3.9 billion this year alone. This amount is double the funds raised during the same period in 2023 and surpasses the combined totals of Hong Kong and Korea, according to data from Bloomberg.
Haldiram’s, founded by Ganga Bishan Agarwal in the 1930s in North India, offers a wide range of food products, including sweet and savory snacks, frozen meals, and bread. The company also operates 43 restaurants in and around Delhi.
As the IPO plans for Haldiram’s progress, it reflects the growing trend of Indian companies turning to the public markets for fundraising and expansion opportunities. With the potential IPO on the horizon, investors and consumers alike will be watching closely to see how this iconic Indian brand navigates the next phase of its growth journey.
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