Haldiram’s IPO Date, Valuation, Investors and Latest News: DRHP Not Yet Filed

Key market update (8 November 2026): Haldiram’s has not filed a draft prospectus (DRHP) with SEBI, and we found no report of a filing as of 8 November 2026. The most recent IPO reports date from late 2025, when the board was said to be discussing an issue of ₹4,000 to ₹5,000 crore. Since then, L Catterton has bought a minority stake, cleared by the CCI in February 2026.

Haldiram’s IPO overview

The Haldiram’s IPO is one of the most awaited consumer listings in India. However, it is still a plan, not a filing. Haldiram Snacks Food Pvt Ltd, the merged company behind the brand, has sold minority stakes to four outside investors since March 2025. Those deals valued the business at about $10 billion, according to multiple reports.

Reports in September and October 2025 said the family had started meeting bankers and that the board was discussing the size and timing of an IPO. Nevertheless, no DRHP, price band or date exists. This page tracks what is on record, what is only reported, and what investors can work out from public numbers. For other consumer names in the pipeline, see our Hindustan Coca-Cola IPO page and the full rumored IPOs list.

Haldiram’s IPO details: what we know so far

In short, almost every IPO number on other sites today is an estimate. The first hard numbers will come only with the DRHP.

Haldiram’s IPO latest news and timeline

• 2022 to 2024: Sale talks with Tata Group and later a Blackstone-led group do not close. In June 2024, Bloomberg reported bids of $8 to $8.5 billion against the family’s hope of about $12 billion, and the family began to consider a listing.
• March 2025: Temasek buys a stake of about 9 to 10% for roughly $1 billion, valuing the company near $10 billion (reported).
• March to April 2025: IHC of Abu Dhabi and Alpha Wave Global join at the same valuation. CEO Krishan Kumar Chutani confirms the merger of the Delhi and Nagpur businesses into Haldiram Snacks Food (reported).
• September 2025: Reports say the founders are meeting bankers for an IPO of about $1 billion.
• October 2025: Reports say the board is discussing an issue of ₹4,000 to ₹5,000 crore at a valuation of $8 to $10 billion.
• 18 December 2025: L Catterton announces a strategic partnership and a minority stake (PTI). Terms are not disclosed.
• February 2026: The CCI approves L Catterton’s acquisition of shares in Haldiram Snacks Food (confirmed).
• 8 November 2026: No DRHP filing reported.

About Haldiram’s and the merger

Haldiram’s began as a sweet shop in Bikaner in 1937. Over the decades, the family split into separate businesses, including those run from Delhi and Nagpur. The Delhi unit, Haldiram Snacks Pvt Ltd, and the Nagpur unit, Haldiram Foods International Pvt Ltd, have now merged into Haldiram Snacks Food Pvt Ltd. The Delhi family holds about 56% and the Nagpur family about 44% of the merged company, according to Outlook Business.

As a result, there is now one company that can file for an IPO. That structure matters, because a listing needs a single set of audited accounts and one board. Other family-run snack companies, such as the listed Bikaji Foods, are separate businesses.

The product range covers namkeen, sweets, frozen foods, ready meals and restaurants. Frost & Sullivan estimated India’s organised traditional snacks market at about ₹17,900 crore in 2022 to 2023, with Haldiram’s holding roughly 40% (as cited by Outlook Business).

Haldiram’s financials: what is public

Haldiram Snacks Food is a private company, so there are no audited group accounts in the public domain yet. Still, the two old entities filed accounts with the Registrar of Companies. Business databases show the following.

In addition, Outlook Business, citing Tofler, reported that combined revenue from operations rose 46% from ₹7,151 crore in FY21 to ₹10,479 crore in FY23, with profit above ₹1,000 crore. Other reports put FY24 group revenue at ₹12,800 crore to ₹14,000 crore, with an EBITDA margin of about 20 to 21% (reported, not audited group figures).

Therefore, investors should treat any group revenue figure as approximate until the DRHP gives restated, consolidated accounts for at least three years.

Who owns Haldiram’s: the pre-IPO investors

Together, the first three investors hold about 15%, according to Outlook Business. The rest is with the Agarwal family. Consequently, an IPO would give these investors a public price and a way to sell later. Business Standard reported in April 2025 that the company was likely to go public within 24 months.

Haldiram’s valuation math

No price band exists, so there is no IPO valuation. Even so, the reported figures can be put in rupees. We convert at the rupee’s close of 93.89 per dollar on 6 November 2026 (PTI).

For comparison, listed rival Bikaji Foods reported FY26 revenue of ₹2,994 crore and an EBITDA margin of 13.7%. Prataap Snacks reported FY26 revenue of ₹1,725 crore and profit of ₹97 crore (reported). Haldiram’s is several times larger than both. Moreover, its reported EBITDA margin of 20 to 21% is well above Bikaji’s. Those two facts are why the valuation talk is high.

On the other hand, a reported issue of ₹4,000 to ₹5,000 crore would be small against a ₹90,000 crore-plus company. That would put only about 4 to 5% of the company in public hands (Calculated). The final split between fresh issue and offer for sale will decide how much money goes into the business.

Haldiram’s vs listed snack companies

Haldiram’s also explored buying Prataap Snacks in January 2024, according to Reuters. We have not found any report that a deal was signed.

What could change the plan

• Family alignment: two family branches now share one company, so both must agree on timing, size and who sells.
• Valuation: the family wanted about $12 billion in 2024, while bids came in lower. Public investors will compare the price with listed FMCG and snack companies.
• Accounts: the DRHP must present clean, consolidated restated figures after the merger. That work can take time.
• Market mood: large consumer issues depend on steady markets and foreign investor demand.

Haldiram’s IPO review: what it means for investors

For now, there is nothing to apply for and no grey market premium. Any GMP or price you see quoted for Haldiram’s today is not based on an offer document. The useful steps are simpler. First, watch for a DRHP on SEBI’s public issues filings page. Second, check the restated group accounts and the use of proceeds when it appears.

A strong brand and high margins may suit investors who want exposure to Indian packaged foods. However, a high entry valuation could limit gains for those who buy at the IPO. This is not investment advice.

Haldiram’s IPO: frequently asked questions

Disclaimer: This article tracks reported IPO plans and is for information only. It is not investment advice. Companies can change or drop plans, sizes and dates. Wait for the DRHP, RHP and official exchange notices before making any decision. Data as of 8 November 2026.