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19 Nov 2024
The Indian arm of Norwegian investment firm Orkla ASA, which owns popular spice brands like MTR and Eastern, is considering launching an IPO in 2025, according to a senior company executive.
“The ASA board has recently approved the proposal. Last year, we conducted a pre-IPO study to understand what steps we need to take, and based on that, the board has given the green light to explore the capital markets,” Sanjay Sharma, CEO of Orkla India, told Business Standard. However, Sharma clarified that it’s not a confirmed decision yet, as they are still in the exploration phase and it’s too early to provide a clear outlook. He mentioned that the IPO might take place “sometime in 2025.”
Orkla ASA first entered the Indian market in 2007 by acquiring Bengaluru-based MTR. In 2011, it bought MTR’s subsidiary, Rasoi Magic, and in 2020, it acquired Kerala-based Eastern Spices. By 2023, the company consolidated its operations under a single entity, Orkla India, which now operates three divisions – MTR, Eastern, and international.
At the same time, the company plans to broaden its presence in the food category, introducing products like wet batters for idlis and dosas, along with pre-packaged regional specialties such as Mysore pak, Bombay halwa, and payasam. According to MTR CEO Sunay Bhasin, the wet batter market is growing steadily, requiring specialized infrastructure like refrigeration and a tailored supply chain. The business is showing strong month-on-month growth in this segment.
Orkla is also focusing on international expansion, particularly in the Gulf Cooperation Council (GCC) countries. Ashvin Subramanyam, CEO of Orkla India’s international business, stated that international sales contributed 18% to the company’s total revenue in 2023 and is expected to surpass 20% this year. The company reported revenues of Rs 2,300 crore in 2023.
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