Latest news with #MTRFoods
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
Mint
3 days ago
- Business
- Mint
Orkla India IPO: MTR Foods owner files DRHP with SEBI for public offer
MTR Foods IPO: Orkla India, which markets its products under our brands MTR and Eastern, filed its draft red herring prospectus with the market regulator Securities and Exchange Board of India (SEBI) to raise funds via an initial public offering (IPO). The proposed IPO by Orkla India is entirely an offer for sale (OFS) of up to 2.28 crore shares by the promoter and other selling shareholders of the company. Orkla Asia Pacific Pte, Navas Meeran and Feroz Meeran are among the shareholders offloading stake via the OFS. Given the OFS nature of the Orkla IPO, the entire proceeds will go to the selling shareholders, and the company will not receive anything. Under the Orkla India IPO, 50% of the offer is reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs) and 35% for the retail bidders. Orkla, formerly known as MTR Foods, is a multi-category Indian food company, specialising in South Indian cuisine. It offers various products for breakfast, lunch, snacks, dinner, beverages and desserts. The key product categories include spices and convenience Foods. Its products are marketed under its brands MTR and Eastern. According to the Technopak Report, quoted in the DRHP, in Fiscal 2024, Orka India was one of the top four companies in terms of revenue from operations among select leading spices and convenience food peers. The company held approximately 22.2% market share in the Indian branded spices exports segment in Fiscal 2024. Meanwhile, Eastern has maintained its position as India's largest exporter of branded spices for 24 consecutive years. ICICI Securities, Citigroup Global Markets India, JP Morgan India, and Kotak Mahindra Capital Company are the book-running lead managers to the issue. Orkla India IPO shares are proposed to be listed on the BSE and the National Stock Exchange (NSE). Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
