Top Indian Snack Maker Haldiram’s Weighs IPO as Sale Talks Stall

The owners of Haldiram Snacks Pvt Ltd. are exploring a possible initial public offering for the food producer and restaurant operator as plans to sell it to foreign investors have stalled, people familiar with the matter said.

The Agarwal family is considering a listing as bids in the region of $8 billion to $8.5 billion didn’t meet its valuation expectations of about $12 billion, according to the people, who asked not to be identified discussing private information.

The company known as Haldiram’s received bids in May from a Blackstone Inc.-led consortium featuring Abu Dhabi Investment Authority and GIC Pte ...