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Packaged foods firm Orkla India files DRHP for IPO, sees market growing
Orkla India has filed a draft red herring prospectus (DRHP) with the market regulator for a complete offer for sale (OFS), said the packaged foods company on Wednesday.
The company's promoters Orkla Asia Pacific, Navas Meeran and Feroz Meeran will offload 22 million shares in the initial public offering (IPO), according to the DRHP. Shareholders will get the entire proceeds and the company, which was formerly known as MTR Foods, will not receive any proceeds from the OFS.
India's packaged food market is projected to grow at a compound annual growth rate of 11.0 per cent to reach Rs 17.12 trillion by FY29, according to its DRHP. The market was worth Rs 10.18 trillion in FY24, reflecting a CAGR of 10.8 per cent compared to FY19.
'The high growth is driven by rising disposable incomes, urbanisation, lifestyle changes, nuclearisation, and a growing workforce, particularly among women. The packaged food market remains stable throughout the year, as demand is primarily driven by regular consumption rather than seasonal fluctuations,' said the DRHP. Orkla has two brands: MTR and Eastern Spices.
Urban areas account for 65-70 per cent of packaged food demand in India. Rural markets are gaining traction due to rising income, improved infrastructure and greater media penetration. Additionally, various brands are making efforts to extend their distribution in rural markets and improve product availability, said Orkla.
The MTR brand was established in 1924 and it has the exclusive rights to the MTR brand (for processed packaged foods and beverages). Its FY25 revenue from operations was Rs 23,94.71 crore.
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