HyFun Foods Plans ₹2,000 Crore IPO by 2028 as Supplier to McDonald’s and KFC Ramps Up Growth.

HyFun Foods, the Ahmedabad-based supplier of frozen French fries and snacks, has announced plans for a substantial IPO targeting INR 2,000 crore (approximately USD 207.7 million) by late 2028. The preparations for this IPO will commence in mid-2027, signaling a robust long-term capital expenditure strategy. The offering will primarily consist of fresh equity, which reflects the company’s commitment to expanding its operational capacity significantly. It plans to finance a major greenfield plant in Gujarat with INR 1,000 crore and an additional INR 500 crore facility in Madhya Pradesh, which could double its potato processing capacity from 350,000 to 700,000 tonnes per annum.

The IPO comes amidst a marked domestic pivot for HyFun, which has historically capitalized on export-driven revenue but aims to significantly boost its domestic market presence. With projected revenue growth from INR 1,450 crore in FY26 to almost INR 3,500 crore by FY28, the company is targeting a broader customer base, including regional restaurant chains and retail buyers. This strategic shift is backed by changing consumer behavior trends in India, where an increasing number of households are opting for frozen food options made available through quick-commerce platforms. The macroeconomic tailwinds favoring the expansion of the Indian food services industry further support HyFun’s ambitious growth plans.

For Indian investors, the forthcoming HyFun Foods IPO represents a unique opportunity to engage with the burgeoning quick-service restaurant (QSR) sector in India without directly investing in individual restaurant brands. However, potential investors should carefully consider the associated risks, including execution challenges and supply chain volatility, as the firm scales its revenue. Timing is also crucial, as competition in the market may intensify leading up to the IPO’s launch. Overall, HyFun Foods’ long-term growth narrative offers a compelling case for investors looking to capitalize on trends within the Indian food industry.

Source: The Economic Times

(Expert Note: This report was prepared by the Wealthova IPO team.)