Orkla India Files IPO: ₹1,660 Crore OFS, Anchor Book Set for October 28

Orkla India, the Indian arm of Norwegian conglomerate Orkla ASA, is set to open its initial public offer (IPO) for public subscription between October 29 and October 31, 2025, with the anchor book scheduled for October 28, 2025. The IPO is estimated to be around ₹1,660 crore, structured as a complete Offer For Sale (OFS) of 2.28 crore equity shares, meaning all proceeds will go to selling shareholders rather than the company itself. The OFS will result in roughly 16.6% equity dilution.

The selling shareholders include promoter Orkla Asia Pacific Pte Ltd and individual shareholders Navas Meeran and Feroz Meeran, who will participate in the OFS. The IPO’s post-money valuation, at the higher end of the price band, is expected to be around ₹10,000 crore (approximately $1.13 billion). Orkla India received SEBI approval for the IPO on September 15, 2025, following its DRHP filing in July 2025. The book-running lead managers for the issue are ICICI Securities, Kotak Mahindra Capital, Citigroup Global Markets India, and JP Morgan India, while Shardul Amarchand Mangaldas serves as legal counsel.

Orkla India is a multi-category food company and parent of well-known domestic brands such as MTR Foods, Eastern Condiments, and Rasoi Magic. The company offers a wide range of spices, masalas, ready-to-eat sweets, and breakfast mixes. Orkla entered the Indian market in 2007 with the acquisition of MTR Foods, followed by Eastern Condiments in 2012. In 2023, the firm consolidated its Indian units, including MTR, Eastern, and international business, into the single entity Orkla India.

The corporate strategy for 2024–2026, as cited from the parent company report, focuses on strengthening market positions in spices and spice blends, introducing innovations in breakfast, sweets, ready-to-eat, and ready-to-cook segments, and pursuing value-creating investments through disciplined capex and M&A activity.

From a market perspective, the Indian packaged food market was estimated at around ₹10.18 lakh crore in FY24, growing at a CAGR of 10.8% since FY19. Orkla India’s IPO is also placed in the context of other large MNC IPOs, with references to LG Electronics India, Hyundai Motors India, Carraro India, Carlsberg India, Tenneco India, and Versuni, highlighting a trend of strong listings by global companies entering India.

Globally, Orkla ASA operates across branded consumer goods, aluminium products, and financial investments. The parent company is listed on the Oslo Stock Exchange and had a market capitalization of $10.6 billion at the end of trading on October 22, 2025.

Timeline recap: Orkla India filed its DRHP in July 2025, received SEBI approval on September 15, 2025, plans the anchor book on October 28, 2025, and will open public subscription from October 29–31, 2025.

The IPO is being closely watched by investors given its size, valuation, and backing by a global MNC with established domestic brands, offering exposure to India’s fast-growing packaged food market.