The owners of Haldiram Snacks Pvt Ltd. are considering an initial public offering (IPO) for the food producer and restaurant operator after plans to sell to foreign investors stalled, according to a Bloomberg report.
The Agarwal family is exploring a listing because bids ranging from $8 billion to $8.5 billion did not meet their valuation expectation of around $12 billion, sources revealed anonymously due to the private nature of the information.
In May, Haldiram’s received bids from a Blackstone Inc.-led consortium, which included the Abu Dhabi Investment Authority and GIC Pte, as well as from a consortium led by Bain & Co. and Temasek Holdings Pte, according to local media reports.
The IPO considerations are still in the preliminary stages, and the controlling shareholders might still decide to lower their asking price and proceed with a sale, the sources added.
India has become a hotspot for IPOs, raising approximately $3.9 billion so far this year—double the amount raised during the same period in 2023 and surpassing the combined totals of Hong Kong and Korea, according to data compiled by Bloomberg.
Founded by Ganga Bishan Agarwal in the 1930s in North India, Haldiram’s offers a variety of foods, including sweet and savory snacks, frozen meals, and breads. The company also operates 43 restaurants in and around Delhi, according to its website.
