Haldiram’s could launch IPO as sale talks stall: Plans at ‘preliminary’ stage - Hindustan Times
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Haldiram’s could launch IPO as sale talks stall: Plans at ‘preliminary’ stage

Jun 12, 2024 02:11 PM IST

Haldiram IPO: The IPO is being considered by Agarwal family “as bids in the region of $8 billion to $8.5 billion didn’t meet its valuation expectations."

Owners of Haldiram Snacks Pvt Ltd- the Agarwal family- are exploring a possible initial public offering (IPO) for the food producer and restaurant operator. This comes as plans to sell the snacks maker to foreign investors stalled, Bloomberg reported citing people in the know.

Haldiram IPO: A view shows packets of snacks on the shelves inside a Haldiram's restaurant in Mumbai, India.(Reuters)
Haldiram IPO: A view shows packets of snacks on the shelves inside a Haldiram's restaurant in Mumbai, India.(Reuters)

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The IPO is being considered by the Agarwal family “as bids in the region of $8 billion to $8.5 billion didn’t meet its valuation expectations of about $12 billion”, the report added. Earlier, it was reported that Haldiram’s received bids in May from a Blackstone Inc.-led consortium featuring Abu Dhabi Investment Authority and GIC Pte. It also got bids from another group led by Bain & Co. and Temasek Holdings Pte, reports claimed.

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The report said that IPO considerations are preliminary and controlling shareholders may still decide to lower their asking price and proceed with a sale.

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Haldiram's was founded by Ganga Bishan Agarwal in the 1930s and sells a range of foods from sweet and savory snacks to frozen meals and breads. The company also runs 43 restaurants, as per its website.

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