Haldiram's IPO 2026 — Date, Price Band, Valuation & Complete Preview

By IPOMarket Editorial Team · Last reviewed: June 6, 2026

Disclaimer: This article is for informational purposes only and does not constitute investment advice. IPO investments are subject to market risks. Please read the offer document carefully and consult a SEBI-registered investment advisor before investing.

Haldiram's IPO 2026: India's biggest snacks brand eyes a stock market debut

The Haldiram's IPO is the listing every Indian investor wants to see. The 87-year-old maker of Bhujia, namkeen and sweets — the brand that owns close to 40% of India's savoury snacks market — is moving toward what would be the largest FMCG IPO in the country's history, with a target valuation of $10-12 billion (about ₹85,000-1,00,000 crore).

There is one important catch, and we will not bury it: Haldiram's has not yet filed its DRHP with SEBI. This is a preview built on public filings, investor announcements and credible media reports. Treat the size, valuation and timing below as informed estimates, not confirmed facts.

📋 Status as of June 2026: Haldiram's has NOT yet filed its DRHP with SEBI. This article is based on publicly available information, investor reports, and media sources. IPO date, price band, and issue size are estimates only. We will update this page as soon as official filings are made.

Haldiram's IPO 2026 — Key Details at a Glance

For where this sits among other large names heading to market, see our IPO pipeline tracker and upcoming IPOs list.

From a Bikaner shop in 1937 to India's #1 snacks brand

Haldiram's began in 1937 when Ganga Bishan Agarwal started selling bhujia from a small shop in Bikaner, Rajasthan. Nearly nine decades later the Agarwal family runs a snacking empire that stretches across general trade, modern trade, quick commerce, e-commerce, and a chain of restaurants and QSR outlets. The product range now spans namkeen, sweets, frozen foods, dairy and beverages, and the brand reaches consumers in 80-plus countries.

The corporate plumbing was the real blocker to a listing, and it has now been fixed. The Delhi and Nagpur businesses, run by different branches of the family for years, were merged into a single entity — Haldiram Snacks Food Private Limited — under an NCLT-approved scheme in 2023. That gives the company one clean profit-and-loss statement, which is what a SEBI filing needs.

The $1.5 billion pre-IPO fundraise

The clearest signal that a listing is coming is the money that has already gone in. Over 2025 Haldiram's brought in two marquee global investors:

• Temasek, Singapore's sovereign wealth fund, picked up roughly a 10% stake for about $1 billion in March 2025, a deal that valued the company near $10 billion. The Competition Commission of India cleared it in May 2025.
• IHC of Abu Dhabi, alongside Alpha Wave Global, invested about $500 million for around a 9% stake, also in early 2025.

Together that is close to $1.5 billion of pre-IPO capital from two of the world's most sophisticated investors. Beyond the cash, their presence does two things: it sets a valuation benchmark near $10 billion that the IPO will be priced against, and it creates investors who will eventually want an exit route — which an IPO provides.

Financials: the numbers behind the valuation

Reported figures vary across sources because the merged entity is relatively new, but the broad picture is consistent:

• FY24 revenue: ₹12,500-14,000 crore
• EBITDA margin: ~20-21%
• Revenue CAGR: ~16-17% over the last five years
• FY25 revenue (estimated): ~₹16,000 crore at mid-teens growth
• Stated FY30 ambition: ₹20,000 crore

A ~20% EBITDA margin on a base above ₹13,000 crore puts Haldiram's in serious FMCG territory — comparable to listed packaged-foods majors. Yes, the company is solidly profitable; snacks at this scale and these margins generate strong, steady cash. That profitability is a big part of why investors are comfortable underwriting a double-digit-billion valuation.

Why an IPO now?

Several threads are converging:

• The restructuring is done. The 2023 merger created the single, filing-ready entity that an IPO requires.
• Pre-IPO investors need an exit. Temasek and IHC did not buy in to hold forever; a public listing is the natural liquidity event.
• The market is hot. India's primary market has been running near record highs, a favourable backdrop for a large consumer issue.
• Quick commerce is a tailwind. Impulse snacking suits 10-minute delivery, and platforms like Blinkit, Swiggy Instamart and Zepto now drive a meaningful and growing slice of Haldiram's sales.

The market opportunity

Haldiram's competes in an Indian savoury-snacks market estimated at over ₹1,00,000 crore and still growing as packaged snacking penetrates smaller towns. The company's roughly 40% share of branded savoury snacks gives it scale no rival comes close to. Quick commerce — already around a fifth of sales by some estimates — is reshaping how those snacks reach buyers, and Haldiram's heritage range plus frozen and ready-to-eat lines map neatly onto that channel.

How Haldiram's compares to listed peers

The Indian market gives investors clear reference points to price a snacks-and-foods business:

At a $10-12 billion (~₹85,000-1,00,000 crore) target, Haldiram's would list well above Bikaji Foods — its nearest pure-play rival — but below Britannia. That framing matters: the IPO will be benchmarked against Bikaji's and Britannia's price-to-sales and EV/EBITDA multiples, not against the headline valuation alone.

Is the $10-12 billion ask fair?

This is where caution is warranted. On roughly ₹14,000 crore of revenue, a $10-12 billion valuation implies a price-to-sales multiple in the region of 6-7x. Bikaji trades richly too, so a premium for the market leader is defensible — Haldiram's has the bigger brand, wider distribution and higher share. But the same valuation also means the listing is unlikely to leave much of the easy "listing pop" that draws short-term investors. Historically, reports have noted a gap between the family's valuation ambition (toward $12 billion) and some earlier bids (nearer $8 billion), so the final price band will tell you which side won.

The risks worth weighing

• No DRHP yet. Without a filing, the timeline is genuinely uncertain and could slip into 2027.
• Family complexity. Multiple Agarwal branches and a recently merged structure make ownership and governance more intricate than a single-founder company.
• Valuation expectations. A $12 billion ask against a history of lower bids leaves limited room for listing-day upside.
• Rising competition. D2C and challenger brands — Too Yumm, Bingo, Lay's — keep pressure on shelf share and margins.
• High base. Sustaining mid-teens growth on a ₹14,000-crore-plus base is harder than it was on a smaller one.

Grey market premium (GMP)

There is no GMP for the Haldiram's IPO, and there cannot be one yet — grey market activity only begins in the days before an issue opens, and Haldiram's has not even filed its DRHP. Ignore any "Haldiram GMP" numbers doing the rounds; they are not real. We will track it on our live GMP page once an issue is actually on the calendar.

Should you watch this IPO?

Yes — but watch is the operative word. Haldiram's is a genuinely rare asset: the dominant brand in a huge, growing category, profitable, globally backed, and finally structured for a listing. For long-term investors who want a play on Indian consumption, it belongs firmly on the watchlist.

The discipline is to wait for the DRHP and the price band before forming a view on value. A great company at the wrong price is still a poor entry, and at a double-digit-billion valuation the margin for error narrows. See how 2026's listings have actually performed on our 2026 IPO performance page, keep an eye on other consumer names through our pre-IPO and unlisted shares page, and when an issue does open, compare where to apply on our best brokers for IPO page.

Frequently Asked Questions

When will the Haldiram's IPO come? There is no confirmed date. As of June 2026, Haldiram's has not filed its DRHP with SEBI. Based on the timeline of its 2025 pre-IPO fundraise and reported banker discussions, a listing is widely expected in the 2026-2027 window. A firm date and price band will only be known after the DRHP is filed and SEBI issues its observations.

What is the Haldiram's IPO valuation? The IPO is reported to target a valuation of $10-12 billion (about ₹85,000-1,00,000 crore). For context, Temasek's March 2025 investment valued the company near $10 billion. That would make it India's largest FMCG IPO to date.

Who are Haldiram's investors? The Agarwal family remains the majority promoter. The two large pre-IPO institutional investors are Temasek (~10% stake, about $1 billion) and IHC of Abu Dhabi with Alpha Wave Global (~9% stake, about $500 million), both from early 2025.

How does Haldiram's compare to Bikaji Foods? Bikaji Foods is Haldiram's closest listed competitor, with a market value around ₹14,000 crore. Haldiram's is several times larger by revenue and market share, so at a $10-12 billion target it would list well above Bikaji — though investors will price it against Bikaji's and Britannia's valuation multiples.

Is Haldiram's profitable? Yes. Haldiram's is reported to earn an EBITDA margin of around 20-21% on FY24 revenue of roughly ₹12,500-14,000 crore, with revenue growing at about 16-17% a year. It is a strongly profitable, cash-generative business.

Last reviewed: June 6, 2026 by IPOMarket Editorial Team. We update this article as Haldiram's progresses from its pre-DRHP stage toward an official SEBI filing, a price band and a listing. Bookmark this page or subscribe to IPO alerts to be notified the moment the DRHP is filed.

Disclaimer: This article is for informational purposes only and is not investment advice. IPO investments carry market risk. Read the offer document carefully and consult a SEBI-registered investment advisor before investing.