HyFun Foods targets 2028 IPO to fuel frozen-food expansion

HyFun Foods, a supplier to McDonald’s and KFC, is planning an initial public offering (IPO) to raise up to Rs 2,000 crore ($207.7 million) by late 2028. The frozen-foods maker aims to use the proceeds to expand its capacity and focus more on the domestic market. According to CEO Haresh Karamchandani, preparations for the IPO will begin in mid-2027.

The company is betting on a surge in demand for frozen foods such as French fries, pizzas, and dumplings. This growth is driven by the convenience offered to consumers and the rise of quick-commerce platforms. While Indian households have traditionally preferred freshly cooked meals, the industry is now shifting toward frozen foods.

Karamchandani highlighted that the IPO will primarily consist of new shares, indicating the company’s commitment to scaling up operations. The move comes as frozen foods gain popularity in India, marking a significant change in consumer behavior.