Haldiram's snacks is mulling a possible initial public offering for the food producer and restaurant operator, as plans to sell it to foreign investors have come to an halt, reported The Economic Times. As per the report, the Aggarwal family is considering a listing as bids in the region of $8 billion to $8.5 billion didn’t meet its valuation expectations of about $12 billion
The Economic Times report further said that the IPO considerations are preliminary and the controlling shareholders may still decide to lower their asking price and proceed with a sale.
Earlier media reports suggested that a consortium led by Blackstone, the world’s largest private equity fund, along with Abu Dhabi Investment Authority (ADIA) and GIC of Singapore, submitted a non-binding bid to acquire a controlling stake in Haldiram Snacks Food Pvt Ltd.
As per Bloomberg, in India, $3.9 billion was raised through IPO this year which is twice the fund raised during the same period in 2023 and more than Hong Kong and Korea combined.
Haldiram's was started in the 1930s in North India by Ganga Bishan Agarwal. It sells a range of foods from sweet and savory snacks to frozen meals and breads and runs 43 restaurants in and around Delhi
Also watch: Blackstone & partners look to buy up to 76% stake in Haldiram snacks valuing the business at around $8 bn