Orkla has confirmed that it is exploring a potential public listing for its India business, which includes MTR Foods and Eastern Condiments.
Orkla mulls IPO options for India business units
The Nordic food and ingredients company stated through a spokesperson that it is "considering options to access the Indian capital markets" and that the results of an IPO readiness study were "encouraging."
The spokesperson also mentioned that Orkla will move forward with evaluating the process, but a decision on a possible IPO won't be made until sometime in the new year.
IPO could raise $400 million
According to Bloomberg, which cited unnamed sources, the IPO could raise $400 million, with a valuation of around $2 billion. The report suggests that an IPO in Mumbai could occur as early as the next quarter, though discussions are still ongoing.
Orkla acquired MTR Foods, a Bangalore-based maker of vegetarian ready meals, mixes, spices, and condiments, in 2007.
