Orkla India IPO: The (IPO) of Orkla India, which owns spices and condiments brands MTR and Eastern, is set to hit the Indian primary market later this week.
has been fixed at ₹695-730 per share, valuing the company around ₹10,000 crore at the upper end of the issue.
Orkla India IPO: Key details from RHP
Ahead of the opening of the IPO, here are key things that investors must know from the RHP:
1. Orkla India IPO dates
Orkla India IPO will open for bidding on October 29 and close on October 31. The shares of Orkla India IPO are expected to list on the bourses on November 6.
2. Orkla India IPO structure
The issue is entirely an offer for sale of up to 22,843,004 shares by the promoter and other selling shareholders of the company.
3. Orkla India IPO objective
Since Orkla India IPO is entirely an OFS of ₹1667 crore, the company will not receive any proceeds from the share sale. They will go to the promoter selling shareholders of the company.
4. Orkla India financials
Orkla India has seen a 1.6% YoY growth in its revenue during FY25 to ₹2394.7 crore. Meanwhile, its restated profit has seen a 12.9% YoY growth during the same period to ₹255.69 crore from ₹226.33 crore in FY24.
5. Orkla India peers
Tata Consumer Products is the only listed peer for Orkla India. The Tata group company has a P/E of 90.1 times. Its total income is significantly higher than Orkla, although EPS is lower at ₹13.1 vs ₹18.7 for the MTR owner.
6. Industry overview
According to the Technopak report, the Indian packaged food market was estimated at ₹10,180 billion in Fiscal 2024, reflecting a CAGR of 10.8% compared to Fiscal 2019. India contributes nearly 70% of global spice production by volume and accounts for approximately 43% of global spice exports by value as of Fiscal 2024.
7. About the company
Orkla is a multi-category Indian food company with operations spanning several decades, offering a diverse range of products that cater to various meals lie including breakfast, lunch, dinner, snacks and beverages and desserts. According to the Technopak Report, in Fiscal 2024, it was one of the top four companies in terms of revenue from operations among select leading spices and convenience food peers.
8. Extensive network
The company has an extensive pan-India distribution network with 834 distributors and 1,888 sub-distributors across 28 states and six union territories, along with 42 modern trade partners and six e-commerce and quick commerce partners. According to the Technopak Report, its brands, MTR and Eastern, are the most widely distributed in Karnataka and Kerala for spices. Out of approximately 300,000 retail outlets selling blended spices in Karnataka and around 74,500 in Kerala, the company’s brands have a presence in 67.5% and 70.4% of the outlets, respectively, compared with an industry average of 30–40%.
8. Manufacturing facilities
As of June 30, 2025, Orkla India owned and operated a total of nine manufacturing facilities across four states, primarily located in South India. Further, as of June 30, 2025, it had arrangements with 21 contract manufacturing facilities, of which 18 are located across seven states in India, and three are located outside India and are operated by third parties.
9. Key risks
The company is dependent on suppliers (with top ten suppliers contributing to 37.9% in the three months ended June 30, 2025 and 33.7% of total purchases in Fiscal 2025) for raw materials. Any loss of suppliers or interruptions in the timely delivery of supplies could have an adverse impact on its business, financial condition, cash flows and results of operations.
Meanwhile, their operations are subject to volatility in the pricing of raw materials and packaging materials. Its inability to procure the raw materials and packaging material at competitive prices may adversely affect the business, financial condition, cash flows and results of operations.
10. Book-running lead managers
ICICI Securities, Citi, JP Morgan, and Kotak Mahindra Capital are the book-running lead managers, while KFin Technologies is the registrar to the issue.
Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.