Orkla India Limited, the Indian arm of the Norwegian industrial investment conglomerate and the parent of iconic domestic brands MTR Foods, Eastern Condiments and Rasoi Magic is gearing up to launch its initial public offer (IPO) between October 29 and October 31.


"The red herring prospectus will be filed shortly and the plan is for the deal to be launched for public subscription between October 29 to 31, with the anchor book slated for October 28," said one of the persons above.

A second person confirmed the same timelines.

According to two other persons, the final post-money valuation of the IPO had settled at around Rs 10,000 crore ($1.13 bn) at the higher end of the price band

One of them said the IPO, a complete offer for sale ( OFS) of 2.28 crore equity shares, will see participation by promoter Orkla Asia Pacific Pte, along with shareholders Navas Meeran and Feroz Meeran, will see a total dilution of around 16.6 per cent stake, implying an issue size of around Rs 1,660 crore.

All the four persons above spoke to Moneycontrol on the condition of anonymity.

Moneycontrol has sent email queries and could not elicit an immediate response from Orkla ASA and Orkla India. This article will be updated as soon as we hear from the firms.

On October 10, Moneycontrol was the first to report that Orkla India was targeting an IPO valuation between $1.10 billion ( Rs 9,800 crore) and $1.18 billion (Rs 10,500 crore), with the deal launch likely by October end or November depending on market conditions.

The proposed listing is yet another sign of a global MNC looking to unlock value in the domestic stock market.

It comes on the back of LG Electronics India, the unit of the South Korean major, becoming the first large IPO in India ( Rs 11,607 crore) to cross the Rs 4 lakh crore-mark in subscription. On October 14, LG Electronics India soared by 48 per cent, the best trading debut by a billion-dollar IPO in India.

Hyundai Motors India and Carraro India are other MNCs that have made their market debut, with issues by the likes of Carlsberg India, Apollo Global-backed Tenneco India and Hillhouse Investment-backed Versuni (formerly Philips Domestic Appliances) in the works.