South Korean global food giant Lotte Wellfood Co. Ltd. is reportedly weighing an Initial Public Offering (IPO) for its Indian ice cream and food business, a move that could open a new chapter in the company’s international growth strategy and offer a rare opportunity for investors to participate in a fast-growing consumer brand in one of the world’s largest markets
The journey that set the stage for this potential IPO began in 2017, when South Korean confectionery major Lotte Confectionery (now renamed Lotte Wellfood) acquired 100% of Ahmedabad-based ice cream maker Havmor Ice Cream Ltd. The deal was worth ₹1,020 crore (about USD 158 million) in an all-cash transaction, marking a landmark entry into India’s frozen dessert business.
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The share purchase agreement was signed on 23 November 2017, bringing Havmor’s ice cream business wholly under Lotte’s ownership.
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Havmor, founded in 1944, had built a vast distribution network with products sold through 30,000 dealers and over 150 SKUs across multiple Indian states.
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Post-acquisition, Lotte aimed to use Havmor’s strong regional presence — especially in western and northern India — as a springboard for national expansion.
This deal not only gave Lotte a solid foothold in India’s ₹5,000–₹6,000 crore ice cream market, it also combined global expertise with deep local brand resonance — a strategic asset ahead of any future IPO.
Merger of Lotte India and Havmor
In August 2024, Lotte Wellfood announced the merger of its two Indian subsidiaries: Lotte India (confectionery and snacks) and Havmor Ice Cream, to form an integrated business unit often referred to internally as One India.
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The merger, completed in 2025, streamlined operations across manufacturing, logistics, and sales functions.
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The unified entity aims to become a dominant food and snack business with complementary categories — ice cream, confectionery, and snacks — under a single management structure.
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Industry reports suggest annual revenues could approach ₹3,000 crore by FY27, driven by accelerated market penetration and new product launches, including the Korean snack Pepero.
The strategic purpose of this merger is clear: simplify the business structure, unlock operational synergies, and build scale ahead of a possible IPO — something global conglomerates often do to present a cleaner, more investible company to capital markets.
Key Brands Under Lotte India
Lotte India has built a strong presence in the Indian consumer market through its popular confectionery and snack brands. The company is widely known for products such as Lotte Choco Pie, Coffy Bite, Lotte Eclairs, and Lotte Caramilk, which have strong recall among Indian consumers. Along with confectionery, Lotte has also been expanding its portfolio in newer categories, leveraging both its global expertise and local manufacturing capabilities. After the merger with Havmor, the combined business now includes Havmor Ice Cream, one of India’s well-recognized ice cream brands, giving Lotte a stronger and more diversified product lineup across confectionery, snacks, and frozen desserts.
Korean Companies Listing in India
India’s capital markets are now attracting major Korean companies to list their India businesses and unlock value with public investors.
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Hyundai Motor India Ltd. successfully listed its shares on the Indian stock exchanges in October 2024 after a blockbuster IPO, making it one of the biggest foreign-backed public offerings in the country.
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Following Hyundai’s debut, LG Electronics India Ltd. also launched its IPO in October 2025. The IPO opened for subscription from 7–9 October 2025 and the shares were listed on Indian exchanges on 14 October 2025. The listing delivered strong gains for investors, with its stock debuting significantly above the issue price.
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Unlike these, Samsung Electronics has clearly stated it currently has no plan to pursue an IPO for its Indian business, choosing to focus on local growth and other strategic initiatives instead.
This backdrop shows that foreign multinational companies are increasingly considering India as a strong listing destination, and if Lotte Wellfood’s Indian ice cream unit moves ahead with an IPO, it will follow this emerging trend.
Next Steps for Lotte Wellfood’s India IPO
If Lotte Wellfood decides to move ahead with an IPO for its Indian ice cream and food business, the process will follow the standard IPO route. The company will first appoint investment bankers or merchant bankers to manage valuation, structuring, and execution. After that, it will finalize the IPO structure, deciding whether it will be a fresh issue, offer for sale (OFS), or a combination of both. Once the structure is ready, Lotte will file the Draft Red Herring Prospectus (DRHP) with SEBI for regulatory review. After SEBI provides its observations and grants approval, the company will file the Red Herring Prospectus (RHP) containing final details such as issue size and pricing. Only then will the IPO be officially announced, including the price band, subscription dates, and investor quota allocations, and it will open for public subscription.
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