Wai Wai Maker CG Corp Global Sets Sight on India's Primary Market Amid IPO Frenzy

CG Corp Global, the multi-national conglomerate based in Nepal, is all set to enter India's primary market as the IPO frenzy continues to play out in the country. The group, known for its instant noodle brand Wai Wai, is reportedly looking to raise funds ahead of its planned listing of its Indian division.

The conglomerate plans to use the pre-IPO funds to expand its operations, as per a report by Bloomberg. The group will then "hopefully" list its Indian subsidiary in the first quarter of 2026, according to Binod Chaudhary, chairman of CG Corp Global.

Wai Wai has strong competitors in the Indian region with Nestle's Maggie and ITC's Yippee as its major rivals. The Kathmandu-based noodle brand holds a 28 per cent share of the Indian instant noodles market and recorded an annual revenue of Rs 800 crore ($95.5 million). Meanwhile, the conglomerate is already planning to extend its reach in central and eastern Europe and is exploring opportunities to acquire food and beverage companies in the region. According to the report, the brand is also planning to increase its investments in Sri Lanka and is eyeing a 15 per cent boost in its annual revenue figure.

Besides fast food, the conglomerate also has a strong presence in the infrastructure sector. It is perhaps the latest company to show interest in India's booming primary market.

As per data by Bloomberg, more than 90 companies in the consumer sector have announced their listing plans this year alone. Binod Chaudhary, Nepal’s sole billionaire, initially built his wealth through the sale of Wai Wai noodles before diversifying into various other sectors, including automobiles, hospitality and infrastructure.

India's IPO Frenzy

India is currently witnessing a booming IPO market, which is quite evident from the total number of companies getting listed in the market and significant subscription figures.

However, the market watchdog, the Securities and Exchange Board of India (Sebi) has already raised its concerns over the euphoria being played out in the primary market. As per Sebi's recent study, more than 50 per cent of the investors sell their shares within a week of listing.