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Time of India
21 hours ago
- Business
- Time of India
Orkla India files for IPO, no fresh issue
Representative image BENGALURU: Orkla India, formerly known as MTR Foods, filed its draft red herring prospectus (DRHP) with Sebi for an initial public offer (IPO) consisting entirely of an offer for sale of up to 2.2 crore equity shares. There is no fresh issue component in the proposed IPO. Its heritage brand, MTR Foods, spans 100 years of serving authentic Indian cuisine. According to the DRHP filed, the offering will consist of secondary share sales by the company's promoter and shareholders. The promoter entity, Orkla Asia-Pacific, will offload up to 2 crore shares, while existing shareholders Navas Meeran and Feroz Meeran will each sell up to 11.4 lakh shares. Orkla India was rebranded from MTR Foods following restructuring and internal mergers. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Entrepreneur
a day ago
- Business
- Entrepreneur
MTR-Eastern Owner Files Papers for IPO, NSDL Gearing for Listing in July
Orkla India, the owner of food brands MTR and Eastern, has submitted preliminary documents with SEBI and the NSDL is reportedly preparing for its much-anticipated initial public offering (IPO) in July 2025. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Orkla India, the owner of food brands MTR and Eastern, has submitted preliminary documents with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) on Tuesday. According to the draft red herring prospectus (DRHP) filed by the company, the public listing will be a complete offer for sale (OFS) of 2.28 crore equity shares. These shares will be sold by the share selling promoters, Orkla Asia Pacific Pte Ltd, including other shareholders Navas Meeran and Feroz Meeran. Because of the nature of the IPO, the company will not raise any funds from the listing, with all the funds raised going to the shareholders selling their shares. As per its equity composition, 10 per cent of the company is equally owned by shareholders Navas Meeran and Feroz Khan, while Orkla Asia Pacific Pte Ltd and its parent company, Norwegian Industrial Group Orkla ASA). Formerly known as MTR Foods, Orkla India is a company with diversified offerings with products including spices, ready-to-eat meals, and breakfast mixes under the brands MTR and Eastern. ICICI Securities, Citigroup Global Markets India, JP Morgan India, and Kotak Mahindra Capital Company will be the book running lead managers (BRLMs) for the IPO. The broader food processing industry in India (including packaged foods) hit INR 30.5 trillion, which is approximately USD 370 billion in 2024, and is expected to reach INR 65.2 trillion by 2033 with a compound annual growth rate (CAGR) of approximately CAGR 8.4% per cent, according to imarc. The packaged food segment itself stood at INR 28 trillion in 2023, projected to rise to INR 61 trillion by 2032 with a CAGR of approximately 9.1 per cent, accorsding to Research and data. NSDL The National Securities Depository (NSDL) is reportedly preparing for its much-anticipated initial public offering (IPO) in July 2025, according to a Bloomberg report citing people familiar with the matter. According to the report, NSDL is aiming to raise close to INR 3421.6 crore (USD 400 million). With the markets regulator SEBI already giving the nod for its public listing last year, the report says processes necessary internally are speeding up. NSDL, being a SEBI-registered market infrastructure institution (MII), has played a key role in the dematerialisation of securities in Indian capital markets. The institution also provides essential electronic infrastructure for the dematerialization process as well as electronic settlement of trades in the Indian securities market. The listing will be a full offer for sale (OFS), with existing shareholders such as DBI Bank, the National Stock Exchange of India (NSE), and State Bank of India (SBI) selling their shares. Since the public listing is fully OFS, NSDL will not raise any funds through the listing. NSDL reported total revenue from operations at INR 1,268.24 crore in FY24, with 37.3 per cent of the said revenue coming from its depository services.
Time of India
2 days ago
- Business
- Time of India
Orkla India files IPO papers with Sebi
New Delhi: Orkla India, which owns spices and condiments brands MTR and Eastern, has filed preliminary papers with markets regulator Sebi for an initial public offering (IPO). The company's IPO is a complete offer for sale (OFS) of 2.28 crore equity shares by promoter and other shareholders, according to the draft red herring prospectus (DRHP) filed on Tuesday. Under the OFS, promoter Orkla Asia Pacific Pte and shareholders Navas Meeran and Feroz Meeran are offloading shares. At present, the promoters -- Orkla Asia Pacific Pte Ltd and Norwegian industrial investment company Orkla ASA -- hold 90 per cent stake, while Navas Meeran and Feroz Meeran own 5 per cent stake each in the company. Since it is an OFS, the company will not receive any proceeds from the IPO and the entire money will go to the selling shareholders. Orkla India, formerly known as MTR Foods , is a multi-category Indian food company. It manufactures products such as spices and masalas, ready-to-eat sweets and breakfast mixes, under prominent brands such as MTR, Rasoi Magic, and Eastern. The company sells its products under the brands MTR and Eastern. According to Technopak report, the Indian packaged food market was estimated at Rs 10.18 lakh crore in FY24, reflecting a CAGR of 10.8 per cent compared to FY19. ICICI Securities, Citigroup Global Markets India, JP Morgan India, and Kotak Mahindra Capital Company are the book-running lead managers to the issue. In March, Orkla India appointed four independent directors as part of restructuring of its board. PTI
Mint
2 days ago
- Business
- Mint
MTR Foods owner Orkla India files draft papers for IPO, to sell 2.28 cr shares
Orkla India, the parent company of food brands like MTR Foods and Eastern Condiments, has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) for an initial public offering (IPO), which will consist solely of an offer-for-sale (OFS) of 2.28 crore shares by the promoter entity, Orkla Asia Pacific Pte and other shareholders, Navas Meeran and Feroz Meeran. This means that the IPO will not raise any fresh capital for Orkla India and all proceeds from the share sale will go only to the selling shareholders. While the company has not officially disclosed the issue size, a person with direct knowledge of the matter said it could be in the range of ₹3,200-3,500 crore. Orkla India declined to comment on the projected issue size. Orkla Asia Pacific Pte Ltd and Norwegian industrial investment firm Orkla ASA—collectively hold a 90% stake in the company. Navas Meeran and Feroz Meeran hold 5% stake each. Orkla ASA entered India by acquiring ready-to-eat food maker MTR in 2007 and spicemaker Eastern Condiments in 2020. Also read: More Retail raises ₹400 crore ahead of 2026 IPO There has been a significant consolidation in the packaged food market as large players acquire brands to expand their portfolio and enhance presence. Patanjali Ayurved acquired a bankrupt Ruchi Soya Industries in FY20, ITC purchased Sunrise Foods in FY21, Orkla India acquired Eastern Condiments in FY2121, Tata Consumer Products bought Capital Foods and Organic India in FY24 and Wipro Consumer Care and Lighting acquired the Kerala-based packaged food brand Brahmins last fiscal. Orkla has appointed ICICI Securities, Citigroup Global Markets India, JP Morgan India and Kotak Mahindra Capital Company to help manage the share sale. Orkla ASA's shares fell 2.87% to 111.6 Norwegian Krone (NOK) on Wednesday. Orkla India's decision to launch an IPO, solely through an offer for sale, signifies a broader trend among MNCs in India. This move allows MNCs to monetize their investments and capitalize on the robust valuations currently prevalent in the Indian market, reflecting a strategic shift to unlock shareholder value. Also read: Dry Fruit brand Bolas eyes ₹900 crore in first PE round to fuel expansion In recent times, long-time investor British American Tobacco (BAT) sold a partial stake in ITC while Hyundai's South Korean parent offloaded some stake in the Indian unit in its IPO last year. Over the last year, Conagra Brands announced the sale of its controlling stake in India's Agro Tech Foods while Japan's Sumitomo Wiring Systems sold a 4.4% stake in Samvardhana Motherson International. Other transactions include Whirlpool's 24% stake sale in its Indian arm and Fairfax's group entity Fairbridge Capital (Mauritius) Ltd selling about 8.5% stake in Thomas Cook India. In February, Mint exclusively reported that ITC Ltd is in early discussions with Orkla to acquire its Indian businesses—MTR and Eastern Condiments—for about $1.4 billion, citing people familiar with the matter. While it did not drop its IPO plans, the company was also exploring options in the private markets. Formerly known as MTR Foods, Orkla India offers a range of products including spices, masalas, ready-to-eat sweets, and breakfast mixes under brands such as MTR, Rasoi Magic and Eastern. MTR Foods and Eastern lead the market for ready-to-cook foods and spices in Andhra Pradesh, Karnataka, Tamil Nadu and Kerala. MTR Foods also sells several products in North America, West Asia, Japan and some South-East Asian countries. MTR's South Indian range of products is a key category in many international markets. According to a Technopak report, the Indian packaged food market was estimated at ₹10.18 lakh crore in FY24, growing at a CAGR of 10.8% from FY19. After the launch of the MTR brand in the food space in 1950 by the Bengaluru-based Maiya family, MTR Foods has gone through several rounds of diversification, before becoming a top player in the spices and ready-to-cook space in South India. MTR and Eastern are the two main businesses under Orkla India. Also read: Farmley raises $40 mn in series C funding round led by L Catterton In FY25, the company reported ₹2,455 crore in total income, higher than ₹2,387 crore a year earlier, according to the draft red herring prospectus. It posted a profit of ₹255 crore, up from from ₹226 crore in FY24. MTR Foods and Eastern Condiments got three-fourths of their sales from southern states in 2024. However, competition in the spices and ready-to-cook space is increasing with more brands and unorganized players coming in.
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Business Standard
2 days ago
- Business
- Business Standard
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.
