In 1937, a small snack business in Bikaner, Rajasthan, began building a reputation around one of the region’s best-loved foods: bhujia. Nearly nine decades later, Haldiram’s has become a widely recognised name in Indian packaged foods, and the consolidated snacks business is reportedly preparing for a possible initial public offering (IPO) in 2027.
The reported IPO could involve an issue of approximately ₹10,000 crore and a valuation of more than ₹1 lakh crore. These are preliminary expectations reported by people familiar with the preparations, not a final issue price, confirmed valuation or announced public offer.
How Haldiram’s began in Bikaner
Haldiram’s origins are associated with Ganga Bhishan Agarwal, popularly known as Haldiram Ji. The family enterprise grew from traditional savoury snacks in Bikaner, where bhujia already had a strong local identity. Its achievement was to develop a recognisable business around that product and expand its appeal beyond the region.
Bhujia was a familiar food, but selling it consistently to more customers required dependable preparation, quality and distribution. The company’s later success illustrates how a regional speciality can develop into a national consumer brand without abandoning its original appeal.
Expansion beyond Rajasthan
As the business developed, different branches of the Agarwal family established operations in cities including Kolkata, Nagpur and Delhi. These businesses grew their own manufacturing and distribution networks and served different markets.
It is important to distinguish the historical Haldiram’s brand from the modern consolidated corporate entity. The businesses associated with different family branches were not always a single company. Their eventual restructuring helped create a larger packaged-food enterprise.
Packaging changed the scale of the business
A key step in the growth of traditional namkeen businesses was the shift from loose snacks sold through local shops to branded packaged products distributed over longer distances.
Packaging protects food, helps maintain consistency and allows products to be stocked in grocery shops, supermarkets and other retail channels. For Haldiram’s, this made it possible for consumers far from Bikaner to buy familiar snacks under a recognisable name.
The product portfolio also widened beyond bhujia to include sev, mixtures, sweets and other packaged foods. A broader range of products helped the business serve different tastes and purchasing occasions.
How Haldiram Snacks Food was formed
The modern Haldiram Snacks Food business emerged from the combination of the Delhi-based Haldiram Snacks operations and Nagpur-based Haldiram Foods International. The consolidation brought significant packaged-food operations together under a larger corporate structure.
For prospective institutional investors, a consolidated business can provide a clearer view of sales, profitability, manufacturing operations and governance than a collection of separate family-run entities.
Why global investors took notice
In 2025, major international investors acquired stakes in the company. Investors associated with the business include Singapore’s Temasek, International Holding Company, Alpha Wave Global and L Catterton.
Transactions in March and April 2025 reportedly valued the snacks business at approximately $10 billion, equivalent to about ₹85,000 crore at the time. The interest reflects the scale of India’s packaged-food market, the strength of established brands and opportunities to expand distribution at home and abroad.
Investment from large financial institutions does not guarantee that an IPO will occur or that a particular valuation will be achieved. Public-market investors would independently assess the company’s performance and prospects.
What the financial numbers show
According to figures attributed to Crisil Ratings in recent reporting, Haldiram Snacks Food recorded revenue of approximately ₹7,762 crore in the first half of FY2025–26, with an operating margin close to 19%.
These figures demonstrate the scale of the packaged-food operation. They also show why manufacturing efficiency, distribution costs, export performance and product innovation matter to its future growth.
Like other food manufacturers, the business faces changes in raw-material prices, competition, evolving consumer preferences and the cost of expanding its distribution network.
Haldiram’s presence beyond India
Indian snacks have found customers in international markets, particularly among overseas Indian communities and consumers interested in regional cuisines. Haldiram’s products are sold through international distribution channels, giving the brand opportunities beyond its domestic market.
International expansion requires compliance with local food regulations, labelling standards, import rules and product-quality expectations. Sustained growth therefore depends on building dependable supply chains rather than relying solely on brand recognition.
What is known about the potential 2027 IPO?
Recent reporting indicates that Haldiram Snacks Food has initiated preparations for a possible public listing in late 2027. EY has reportedly been engaged to coordinate a project management office covering compliance and work across different functions.
The potential issue size is estimated at around ₹10,000 crore, and the indicative valuation exceeds ₹1 lakh crore. Reports suggest that the transaction could include both a fresh issue of shares and an offer for sale by existing shareholders.
These details remain subject to change. The company has not publicly announced a final IPO prospectus, price band or offer timetable. Investors should not interpret the proposed valuation as a guaranteed market value or the reported issue size as money already raised.
What would an IPO mean for the company?
A public listing could give Haldiram Snacks Food access to a wider pool of investors and potentially provide liquidity to some existing shareholders. It would also bring additional public disclosure obligations and scrutiny of financial performance, governance and strategy.
Whether new capital is raised for the company would depend on the final split between fresh shares and shares sold by existing investors. A fresh issue provides proceeds to the company, while an offer for sale generally provides proceeds to the selling shareholders.
Lessons from a family business built over generations
Haldiram’s history demonstrates the value of a product customers genuinely enjoy, consistent quality, strong distribution and gradual expansion into related categories. It also shows how traditional Indian food can compete in organised consumer markets without losing its regional identity.
The next chapter will be shaped not just by a potential IPO but by the company’s ability to grow profitably, maintain consumer trust, compete effectively and manage the responsibilities of a larger corporate structure.
From a Bikaner snack shop to a business attracting global investment, the journey is remarkable. The proposed ₹1 lakh crore valuation may become an important milestone, but the enduring story is the transformation of a familiar Indian snack into a large consumer enterprise.
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