Firstly, let’s dive into the latest buzz in the business world. Haldiram‘s, the renowned food producer and restaurant operator, is reportedly considering an initial public offering (IPO). Why, you ask? Well, it seems their plans to sell stakes to foreign investors have hit a roadblock.

The Agarwal family, the owners of Haldiram Snacks Pvt Ltd., had high hopes for a valuation of around $12 billion. However, the bids they received fell short, ranging only from $8 billion to $8.5 billion. This information comes from sources who wish to remain anonymous due to the private nature of the matter.

Back in May, Haldiram‘s attracted bids from a consortium led by Blackstone Inc., which included the Abu Dhabi Investment Authority and GIC Pte. Another bid came from a group led by Bain & Co. and Temasek Holdings Pte, as reported by local media.

Now, the IPO considerations are still in the early stages. The controlling shareholders might still opt to reduce their asking price and proceed with the sale. However, a representative for Haldiram’s chose to remain silent on the matter.

Interestingly, India has become a hotspot for IPOs. So far this year, the country has raised about $3.9 billion, doubling the amount from the same period in 2023. This figure even surpasses the combined total of Hong Kong and Korea, according to data compiled by Bloomberg.

Haldiram’s, a legacy brand founded by Ganga Bishan Agarwal in the 1930s in North India, offers a wide range of food products. From sweet and savory snacks to frozen meals and breads, they have it all. Plus, they operate 43 restaurants in and around Delhi, as per their website.