The Agarwal family, proprietors of Haldiram Snacks, are considering an initial public offering (IPO) for their food manufacturing and restaurant enterprise, as per a Bloomberg report. This comes as negotiations for a foreign sale have hit a standstill.
What Happened: The Agarwal family is pondering over an IPO after bids in the range of $8 billion to $8.5 billion fell short of their valuation expectations of about $12 billion. The company, widely recognized as Haldiram’s, had received bids in May from a consortium spearheaded by Blackstone Inc., which included Abu Dhabi Investment Authority and GIC Pte, and another led by Bain & Co. and Temasek Holdings Pte.
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These IPO considerations are still preliminary, and the controlling shareholders may decide to lower their asking price and proceed with the sale. Meanwhile, India has become a hotspot for IPOs, with approximately $3.9 billion raised this year, which is double the amount raised during the same period in 2023.
Earlier in September 2023, Tata Consumer Products was said to be in talks to acquire the snacks giants. However, both Tata Consumer Products and Haldiram’s had denied the acquisition rumours.
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