Orkla India Set to Launch ₹1,667 Crore IPO, Targeting ₹10,000 Crore Valuation
Orkla India, the owner of renowned spice and condiment brands MTR and Eastern, is poised to open its Initial Public Offering (IPO) on October 29, 2025, aiming for a valuation of approximately ₹10,000 crore. The IPO, valued at ₹1,667 crore, will conclude on October 31, 2025.
IPO Details
The IPO comprises a complete Offer For Sale (OFS) of 2.28 crore equity shares by the promoter and existing shareholders. The price band for the shares is set between ₹695 and ₹730 per share. Anchor investors have the opportunity to submit their bids on October 28, 2025.
Under the OFS, promoter Orkla Asia Pacific Pte Ltd and shareholders Navas Meeran and Feroz Meeran are offloading shares. Currently, Orkla Asia Pacific Pte Ltd and Norwegian industrial investment company Orkla ASA collectively hold a 90% stake in Orkla India, while Navas Meeran and Feroz Meeran each own a 5% stake.
Company Overview
Formerly known as MTR Foods, Orkla India is a multi-category Indian food company offering a diverse range of products, including spices, masalas, ready-to-eat sweets, and breakfast mixes under prominent brands such as MTR, Rasoi Magic, and Eastern. The company has a significant presence in the Indian packaged food market, which was estimated at ₹10.18 lakh crore in FY24, reflecting a compound annual growth rate (CAGR) of 10.8% compared to FY19.
Financial Performance
For the fiscal year ending March 31, 2025, Orkla India reported revenue from operations of ₹2,395 crore. The company achieved a revenue CAGR of 9.2% between 2022 and 2025, with an EBITDA CAGR of 18.6% and a PAT CAGR of 30% during the same period. The PAT margin stood at 11%, and the Return on Capital Employed (ROCE) was 32.7%, with working capital days at 21.
Strategic Developments
In October 2023, Orkla ASA reorganized its Indian operations by creating three business units: MTR, Eastern, and International Business. This restructuring aimed to enhance collective business capabilities and drive sharper growth focus across the units. Sanjay Sharma, then CEO of MTR, was appointed as the CEO of Orkla India, overseeing the operations of the three business units, each with its own independent CEO.
In March 2025, Orkla India further strengthened its corporate governance framework by appointing four non-executive independent directors: Rashmi Joshi, Amit Jain, Shantanu Khosla, and Meena Ganesh. This expansion brought the board to eight members, reinforcing the company’s strategic growth objectives.
With the upcoming IPO, Orkla India aims to capitalize on its strong market position and financial performance to fuel further growth and expansion in the Indian food industry.
