Latest news with #Orkla
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.
Yahoo
14-05-2025
- Business
- Yahoo
Mount Franklin Foods to manufacture Orkla's Bubs candy in US
Mount Franklin Foods has secured the rights to make and distribute Orkla's Swedish candy brand Bubs in the US. The US-based confectionery and snacks business said yesterday (12 May) it will assume 'exclusive responsibility' to produce, distribute and manage the retail sales of Bubs Swedish candy. The deal marks Bubs' "first official entry" into the US, Mount Franklin Foods said. Production will start in July and distribution the following month. "Our retail division is uniquely positioned to scale this brand. From production to shelf, we're ready to meet demand and grow market share," Dave Barnett, SVP of retail sales at Mount Franklin Foods, said. Norway-based food group Orkla acquired Sweden-based confectionery maker Bubs Godis in 2022. Last May, Orkla invested Skr20m (then $1.8m) to expand its Bubs confectionery factory in Sweden. At the time, Orkla said the expansion came amid demand from 'both Swedish and international' customers for the products. Niclas Arnelin, who was Bubs CEO at the time of the sale of the business and is now international expansion director for Orkla's confectionery and snacks arm, said: 'The US is one of the world's largest and most dynamic confectionery markets and partnering with Mount Franklin Foods gives us a trusted, strategic foothold to scale Bubs thoughtfully and long-term.' For El Paso-headquartered Mount Franklin Foods, the deal supports its efforts to 'accelerate its growth strategy through category innovation and global brand partnerships'. The company, produces confectionery, fruit snacks, nut products, mints and snacks under brands such Sunrise Confections, Azar Nut and Element Food Solutions. The company's president and CEO, Enrique Grajeda, described the deal as 'a strategic leap forward for our portfolio and a perfect match for our growth vision'. In August last year, Mount Franklin Foods acquired Stuffed Puffs, a Pennsylvania-based filled-marshmallow maker. "Mount Franklin Foods to manufacture Orkla's Bubs candy in US" was originally created and published by Just Food, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
