MTR owner Orkla India to sell 10-15% via IPO, raise $300 million
Orkla India, which owns MTR and Eastern spices, has started initial talks with bankers to raise around $300 million (about ₹2,500 crore) by selling 10-15% stake through an initial public offering (IPO), at a valuation of around $2 billion, said people familiar with the matter.
The company is in the process of hiring bankers, and the listing could happen between June and November 2025, they said.
«The company's global board will visit India this month to finalise the deal details,» said one of the persons, who did not wish to be identified. «The plan is to have only a secondary sale of shares and a primary issuance looks unlikely as of now.»
With sales of ₹2,400 crore in 2023, MTR gets about 70% of its revenue from spices and masalas. Last year, the company restructured its Indian operations under one business entity, Orkla India, with three business units — MTR, Eastern and international business (IB)- as a precursor to its listing plans in an attempt to leverage their combined business capabilities and accelerate growth.
Orkla India did not respond to a query emailed by ET.
Nearly two months ago, the company had said that it had initiated a process to consider structural opportunities for the Indian business, including conducting an IPO readiness study. «The results of the study are encouraging. And we will now proceed with an evaluation of accessing the capital markets in India. Any conclusion should not be expected until sometime 2025,» Orkla CEO Nils Selte told investors in July.
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