JPMorgan said Orkla is a leading player in packaged spices and convenience foods, sees tailwinds from shift to branded spices and rising demand for ready-to-cook meals
Orkla India share market debut was lower than the expectations in the grey market, which had expected a 9 percent listing gains.
Orkla India shares are expected to list with a premium of around 10 percent on November 6.
Orkla India IPO shares will be listed on both NSE and BSE on November 6.
The post-money valuation of the IPO has settled at around Rs 10,000 crore ( $1.13 bn) at the higher end of the price band, sources told Moneycontrol
The Norwegian company, which entered the Indian market by acquiring MTR in 2007 and Eastern in 2020, is yet to drop the IPO option entirely. If the private sale does not yield a favorable valuation, Orkla may proceed with the public listing.
The Oslo-based company is working with advisers on the potential share sale, the people said. It could seek a valuation of over $2 billion for the unit, one of the people said.
Besides, the company is expanding its global sales targeting the growing Indian diaspora abroad and expects its international business to contribute 20 per cent in 2024, Orkla India CEO Sanjay Sharma said.