One of India’s biggest snack brands, Haldiram is eyeing an Initial Public Offering (IPO) in 18 months. The Haldiram family intends to merge their Nagpur and Delhi-based businesses in the run-up to the IPO to establish a single, consolidated entity. The process has been initiated for the same.
A recent survey by Frost & Sullivan revealed that both Haldiram entities together hold a share of 48.5 percent in the Indian ethnic snacks market.
Earlier this year, chairperson Manohar Lal Aggrawal revealed the company’s plans of entering the stock market and launching an IPO in 2 to 3 years. This will mark one of the biggest IPOs in the country after LIC.
He said, “Due to soaring inflation, almost everything is costlier – from transportation and fuel to raw materials. The cost of edible oil is almost double now, but we have managed to hike prices only by 10-20 percent.” Aggrawal also spoke about the possibility of increasing the prices of Halidram’s products owing to the same.
Haldiram, which was first set up in Rajasthan, has expanded its services across the country over the years and transformed into a billion-dollar entity. Founded by Ganga Bishan Aggrawal, the company presently has more than 70 stores operating in Delhi and Nagpur.
At present, the Delhi-based company is headed by Manohar Lal and Madhusan Aggrawal. The Nagpur-based company is run by Shiv Kisan Aggrawal, the Bikaner unit by Shiv Ratan Aggrawal, and the Kolkata unit by Prabhu Aggrawal.