Orkla India to Launch ₹1,660 Crore IPO Between October 29 and 31

Orkla India Limited, the Indian arm of Norway’s Orkla ASA and parent company of household brands like MTR Foods, Eastern Condiments, and Rasoi Magic, is all set to launch its initial public offering (IPO) between October 29 and October 31, according to multiple sources cited by Moneycontrol.

The anchor book for the issue is expected to open on October 28, while the red herring prospectus will be filed shortly, industry sources confirmed.

IPO Valuation and Structure

At the upper end of the price band, the post-money valuation of Orkla India’s IPO is estimated to be around ₹10,000 crore ($1.13 billion). The issue will be a complete offer for sale (OFS) of 2.28 crore equity shares, translating to a 16.6% stake dilution.

The issue size is expected to be around ₹1,660 crore, with the sale including stakes from promoter Orkla Asia Pacific Pte Ltd and shareholders Navas Meeran and Feroz Meeran.

“The IPO, fully structured as an OFS, means that no fresh funds will go to the company. The entire proceeds will go to selling shareholders,” sources told Moneycontrol.

As of now, Orkla Asia Pacific and Orkla ASA together hold 90% of Orkla India, while Navas and Feroz Meeran each hold 5% stakes.

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Regulatory Approvals and Lead Managers

Orkla India had received SEBI’s approval on September 15 after filing its draft red herring prospectus (DRHP) in July 2025.

The book-running lead managers to the issue are:

• ICICI Securities

• Kotak Mahindra Capital

• Citigroup Global Markets India

• JP Morgan India

Legal advisory for the issue is being handled by Shardul Amarchand Mangaldas & Co.

Orkla India’s Journey and Business Focus

Orkla entered India in 2007 by acquiring MTR Foods, marking its first major investment in the Indian packaged food market. Five years later, it strengthened its presence by acquiring Kerala-based Eastern Condiments.

In 2023, the company restructured its Indian operations by consolidating MTR, Eastern, and its international business units under one umbrella — Orkla India.

Today, Orkla India operates as a multi-category food company, offering a wide portfolio of products such as spices, masalas, ready-to-eat sweets, and breakfast mixes.

According to Technopak, India’s packaged food market was valued at ₹10.18 lakh crore in FY24, growing at a CAGR of 10.8% since FY19, showing huge potential for brands like Orkla.

Global Context and Market Comparisons

The Orkla India IPO is part of a growing trend of multinational companies (MNCs) tapping into India’s robust equity markets.

This move comes soon after LG Electronics India’s successful ₹11,607 crore IPO, which saw the stock soar 48% on debut, becoming the best-performing billion-dollar IPO in India.

Similarly, Hyundai Motors India and Carraro India have already entered the market, while Carlsberg India, Tenneco India, and Versuni (formerly Philips Domestic Appliances) are preparing their listings.

Parent Company and Future Strategy

Parent firm Orkla ASA, headquartered in Oslo, Norway, is a diversified industrial investment company engaged in branded consumer goods, aluminium products, and financial investments. The firm is listed on the Oslo Stock Exchange with a market cap of $10.6 billion as of October 22.

In its latest annual report, Orkla ASA outlined the 2024–2026 strategy for its Indian arm, focusing on strengthening leadership in core segments and driving innovation across product categories.

“The focus going forward will be to strengthen Orkla India’s market positions in spices and spice blends, while introducing innovations in breakfast, sweets, and ready-to-eat meals. The company will continue to seek value-creating investments through disciplined capital expenditure and M&A,” the report stated.

Key Highlights

• IPO size: ₹1,660 crore (entirely offer for sale).

• Valuation: ₹10,000 crore ($1.13 billion).

• Promoters: Orkla Asia Pacific Pte and Orkla ASA.

• Stake dilution: Around 16.6%.

• IPO dates: October 29–31 (Anchor: October 28).

• Category: Packaged foods and condiments.

• Lead managers: ICICI Securities, Kotak, Citigroup, and JP Morgan.

Conclusion

The Orkla India IPO marks another major MNC listing on Indian exchanges, signaling continued investor appetite for strong consumer brands in India’s growing packaged food sector. With iconic names like MTR Foods and Eastern Condiments, the company is well-positioned to attract strong institutional and retail participation during its public offering.

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