MTR parent Orkla India files draft papers for IPO

Orkla India, the parent firm of popular spices brands MTR and Eastern, filed draft papers for an initial public offering (IPO) with Indian market regulator Sebi on Tuesday.

The public offering comprises entirely an offer-for-sale of up to 22.8 million equity shares by promoters and shareholders.

The promoters of the company, Orkla Asia Pacific Pte, and shareholders Navas Meeran and Feroz Meeran will sell shares in the offer-for-sale.

The proceeds from the IPO will go entirely to the selling shareholders.

Promoters Orkla Asia and Norwegian industrial investment firm Orkla ASA hold a 90% stake in the firm, while the Meerans hold a 5% stake.

Incorporated in 1924, The portfolio of Orkla India, earlier known as MTR Foods. includes a wide range of products such as sambar masala, chicken masala, puliogare masala, rasam masala, and meat masala, among others.

Orkla Asia Pacific will sell over 20.56 million of the shares in the OFS.

In FY25, Orkla India earned ₹239 crore from operations, with the profit after tax rising by about 11%.

ICICI Securities, Citigroup Global Markets India, JP Morgan India, and Kotak Mahindra Capital Company are the book-running lead managers of the issue.