Orkla India, parent of Indian ready-to-eat brand MTR Foods, set a price band of 695 to 730 rupees per share for its initial public offering, targeting a valuation of Rs 10,000 crore ($1.14 billion) at the upper end, according to Reuters calculations.
The India unit of the Norwegian branded consumer goods group Orkla will launch its IPO for retail investors on October 29, it said in a newspaper advertisement.
Anchor investors can submit their bids a day earlier, on October 28, the advertisement showed.
The company, which makes packaged foods ranging from breakfast mix to spices and meals, filed draft papers in June.
Orkla Asia Pacific, among the company’s biggest shareholders, and part of what is known as “promoters or promoters group” in India will sell 20.6 million shares in the IPO.
Other existing shareholders, including Navas Meeran and Feroz Meeran, chairman and vice chairman at the retail and property conglomerate Meeran Group, will sell 1.1 million shares each.
The IPO does not include a fresh issue of shares.
Brands owned by Orkla India include MTR, condiments brands Eastern and Rasoi Mix and Laban jelly-candy.
Its consolidated profit grew about 13% in the financial year ended March 2025 at 2.56 billion rupees, while revenue rose 1.6% to 23.95 billion rupees.
Orkla India counts Tata Consumer Products and Dabur India among its listed rivals.
Reuters
