The offering will see the sale of 2.28 crore equity shares by promoter Orkla Asia Pacific Pte and shareholders Navas Meeran and Feroz Meeran, at a face value of Rs 1 each. The company had filed its draft red herring prospectus (DRHP) in June.

With a portfolio of over 400 products, Orkla India operates across two key categories — spices, which contribute 66.6% of revenue, and convenience foods, including ready-to-cook and ready-to-eat products, accounting for 33.4%.

According to Technopak Advisors, India’s packaged foods market was valued at Rs 10.18 lakh crore in FY24, growing at a CAGR of 10.8% since FY19, driven by rising incomes, urbanisation, and shifting consumer lifestyles. Unlike seasonal categories, packaged food demand is steady year-round, the DRHP noted.

Orkla India is also eyeing global expansion, targeting high-potential markets such as Australia, New Zealand, Singapore, Malaysia, and the UK — collectively home to 6.7 million overseas Indians as of December 2024.

For FY25, the company reported revenue of Rs 2,395 crore with a CAGR of 9.2% between FY22 and FY25, and a profit after tax of Rs 255.7 crore.

The book-running lead managers to the issue are ICICI Securities, Citigroup Global Markets India, JP Morgan India, and Kotak Mahindra Capital Company.

The post Orkla India lines up IPO after SEBI nod; eyes global expansion appeared first on Business of Food.

This IPO is a pure offer-for-sale (OFS) of Rs. 2,000 crore by promoter Kapur Family Trust, under the K Hospitality Corp umbrella. As this is an OFS, the company will not receive any proceeds from the issue; all funds will go to the selling shareholder.

The lot size has been set at 13 equity shares, and in multiples of 13 thereafter. The offering has been structured with not more than 50% reserved for Qualified Institutional Buyers (QIBs), at least 15% for Non-Institutional Investors (NIIs), and a minimum of 35% for retail investors. Additionally, shares worth up to Rs. 40 million have been reserved for eligible employees.

The IPO is being managed by Kotak Mahindra Capital Company, HSBC Securities and Capital Markets (India), ICICI Securities, and Batlivala & Karani Securities India.

Tentatively, the basis of allotment will be finalized on Thursday, July 10, with refunds and demat credit of shares expected on Friday, July 11. The listing of Travel Food Services shares on BSE and NSE is likely on Monday, July 14.

As of June 30, 2024, Travel Food Services operates 397 Travel QSR outlets across India and Malaysia, offering a diverse mix of 117 in-house and partner F&B brands, solidifying its leadership in the airport hospitality space.

The post Travel Food Services IPO Opens July 7: Price Band Set at Rs. 1,045 – Rs. 1,100 appeared first on Business of Food.