One of India’s biggest snack brands, Haldiram is eyeing an Initial Public Offering (IPO) in 18 months, suggest reports. According to CNBC- TV18, 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 for the same has also reportedly been initiated. 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. In an interview with CNBC- TV18, Manohar Lal Aggrawal spoke about the company’s expansion plans amid soaring inflation.
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.
In the book titled ‘Bhujiya Barons: The Untold Story of How Haldiram Built a Rs 5000 Crore Empire’, written by Pavitra Kumar, the author explained the expansion and business model of the company. Ganga Bishan, at a young age, thought to experiment with Bhujiya and made it from flour rather than besan. He started selling this snack at his father’s snack store. Soon, he received an overwhelming response from the people and his idea was a hit.
Gradually, with the help of his sons and grandsons, the business expanded and thrived in Kolkata, Nagpur and Delhi, as well as international markets. 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.
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