Orkla India, the owner of spices and condiments brands MTR and Eastern, is set to file a red herring prospectus soon, with eyes set on a mid-November initial public offering, industry sources told NDTV Profit.
The company is looking to raise up to Rs 5,000 crore via the pure offer for sale, the abovementioned people said on the condition of anonymity. The offer will see participants, including promoter Orkla Asia Pacific, offloading up to 2.28 crore shares.
Orkla had filed a draft RHP in June, with approval from the Securities and Exchange Board of India coming in by September.
Currently, the promoters—Orkla Asia Pacific Pte and Norwegian industrial investment company Orkla ASA—hold a 90% stake in the company, while Navas Meeran and Feroz Meeran own 5% each.
Since it is an OFS, the company will not receive any proceeds from the IPO, and the entire amount of money will go to the selling shareholders.
Orkla India is a multi-category Indian food company. It manufactures products such as spices and masalas, ready-to-eat sweets, and breakfast mixes under prominent brands such as MTR, Rasoi Magic, and Eastern.
Orkla India did not respond to NDTV Profit's request for comments at the time of publishing this story.
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