Wai Wai
Wai Wai noodles maker Binod Chaudhary aims to list India unit by 2026
Nepalese billionaire Binod Chaudhary, who made it big selling instant noodles, is seeking to list his conglomerate Chaudhary Group’s India food unit by 2026.
The Gurgaon-based firm, known for its Wai Wai brand of noodles, a rival to market leader Maggi from Nestle Ltd. and ITC Ltd.’s Yippee, “would be ready to go for a sizable listing” in the next two years.
The firm is seeking to roll out new products and acquire smaller firms in the noodle-related industry, Manvendra Shukla, global chief executive officer at CG Foods India Pvt., said in an interview, as quoted by Business Standard.
The listing plans for the firm, which has a 28% share in the local instant noodles market and an annual revenue of 8 billion rupees ($96.2 million), are still in the early stages of discussion, he added. It aims to grow its revenue by 15% this year.
CG Foods India’s initial public offering plans follow a rush among food makers, including packaged food products maker Gopal Snacks Ltd. and animal protein maker Mukka Proteins Ltd., that have gone public in the past year.
The sector has seen the second-highest number of IPOs in India in the past 12 months, data compiled by Bloomberg News show.
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