HyFun Foods Plans $208 Million India IPO
HyFun Foods, a supplier to global restaurant chains including McDonald’s and KFC, plans to raise up to ₹20 billion ($207.7 million) through an initial public offering in India by late 2028. The frozen-food maker expects to begin preparations for the IPO in mid-2027, with most of the issue comprising new shares to fund capacity expansion and strengthen its focus on the domestic market.
Demand for frozen foods such as French fries, pizzas and dumplings is growing in India as consumers increasingly seek convenience and quick-commerce platforms expand. HyFun currently earns around three-fourths of its revenue from exports to more than 40 countries, but expects the export share to decline to about half over the next five years as domestic demand increases.
HyFun expects its revenue to more than double to nearly ₹35 billion by fiscal 2028, supported by new capacity and rising demand from restaurant chains, hotels and retailers. Global restaurant chains currently account for around 40% of its domestic revenue, but that share is expected to fall to about 30% as local sales expand. The company also counts Blue Tokai, PVR Cinemas and Wow Chicken among its customers.
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