Haldiram’s Nagpur and Delhi may reunite for IPO after youngest brother tastes success with Bikaji

It smells like snacking season in stock markets with namkeen maker Haldiram’s gearing up for its market debut shortly after its competitor Bikaji dished out its shares through an initial public offering (IPO). As Haldiram’s Delhi unit continues to lead the savoury market with bhujia to bhakarwadi, Haldiram’s Nagpur has expanded into beverages as well. Now reports are hinting at a possible reunion of the two separate units that operate from different regions, to mark the brand’s arrival in the stock market.

Family reunion on the cards?

A report by CNBC suggests that the merger will be completed ahead of an IPO, which the company seeks to launch in the next 18 months. Discussions have already started, and the process should be complete within a year, if everything works out as planned. The original Haldiram’s founded in 1937 by Ganga Bishan Agarwal, was split in three between four of his grandsons in 1980.

The bhujia empire’s game of thrones

The oldest son got control over western and southern India with Haldiram’s Nagpur, while the north was taken over by the two brothers after him through the Delhi unit. The youngest son got the east by setting up a base in Kolkata, and remains estranged as he wasn’t happy with the deal which restricted him from selling products in territories controlled by his brothers. He finally founded his own brand Bikaji in 1995, which recently launched an IPO of its own.

Cornflakes maker Kellog’s also wants a bite

The Delhi and Nagpur entities together are an empire worth $3 billion, and even American cereal giant Kellog’s has been keen on buying a stake in the business. The Haldiram siblings might be buoyed by the successful IPO launched by their youngest brother’s brand Bikaji, which received bids worth Rs 55 crore, against an issue size of Rs 2 crore. Their business is also a lot bigger, with a Rs 9,000 crore revenue in FY22, compared to Rs 1,600 crore for Bikaji.