In a draft red herring prospectus (DRHP) filed with the Securities and Exchange Board of India (Sebi), Orkla India looks to take itself public in a complete offer for sale (OFS) of 2.28 crore equity shares by its promoter and other shareholders. Orkla India owns Indian spices and condiments giants Eastern and MTR.
A complete offer for sales meant that its promoter, Orkla Asia Pacific Pte, and shareholders Navas Meeran and Feroz Meeran were offloading shares, and all proceeds from the IPO would go to the selling promoters and shareholders.
According to the Indian Brand Equity Foundation, India exported spices and spice products to 22 destinations worldwide as of December 2024. Among the top trade partners were China and the US.
While China imported ₹5,268 crore of spices in FY2025 up to February 2025, the US imported ₹5,136 crore worth of products.
Both MTR and Eastern, Orkla India’s hit brands, featured products such as chilly powder, cumin powder, curry powder, fennel powder, fenugreek powder, and others. These are also, incidentally, the widely imported products in both China and the US.
At present, Orkla Asia Pacific Pte Ltd and Norwegian industrial investment company Orkla ASA together hold a 90 per cent stake in Orkla India. Navas Meeran and Feroz Meeran, sons of erstwhile ‘curry powder king’ M.E. Meeran and founder of Eastern, own a 5 per cent stake each in the company.
In FY2024, Orkla India posted ₹23.56 crore in revenue from operations. In contrast, Eastern brand’s main rival, Everest Food Products, posted ₹35.12 crore in ops revenue.
As of March 31, 2025, Okhla India had an outstanding debt of ₹28.3 crore to material creditors as per filings.
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The draft red herring prospectus also detailed the various risk factors associated with a business such as Orkla India. These included:
“Our operations are subject to volatility in the pricing of raw materials and packaging materials.”
“Our inability to procure the raw materials and packaging material, at competitive prices, may adversely affect our business, financial condition, cash flows and results of operations.”
“Our inability to expand or effectively manage our growing base of distributors or retailers may have an adverse effect on our business, financial condition, cash flows and results of operations.”
…among others. Orkla India stated that the cost of raw materials and packing materials consumed amounted to ₹11.74 crore in FY2025 and ₹13.10 crore in FY2024.
