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12 Nov 2025

Shardul Amarchand Mangaldas and S&R Associates advise on Orkla India ₹1,667 crore IPO

"Shardul Amarchand Mangaldas & Co advised Orkla India, parent Orkla ASA and promoter Orkla Asia Pacific on Orkla India’s ₹1,667 crore IPO, while S&R Associates represented book‑running lead managers ICICI Securities, Citigroup, J.P. Morgan and Kotak Mahindra. The IPO was subscribed 48.73 times, reflecting strong investor interest in the packaged food sector."

Shardul Amarchand Mangaldas & Co and S&R Associates acted on the initial public offering of Orkla India Limited, with Shardul Amarchand Mangaldas advising Orkla India, its parent Orkla ASA and promoter selling shareholder Orkla Asia Pacific Pte. Ltd., and S&R Associates representing the book‑running lead managers ICICI Securities, Citigroup, J.P. Morgan and Kotak Mahindra. Orkla India Limited raised ₹1,667 crore from the public offering of equity shares. The IPO was over‑subscribed 48.73 times, with strong participation across investor categories, marking a significant milestone in Orkla India’s growth and signalling robust investor confidence in India’s packaged food and beverage sector. Orkla India Limited, formerly MTR Foods Private Limited, is a multi‑category Indian food company with brands including MTR, Eastern and Rasoi Magic. It is part of the global portfolio of Orkla ASA, which had an approximate market capitalisation of US$11 billion and last annual consolidated group revenue of approximately US$6.2 billion. Shardul Amarchand Mangaldas & Co represented Orkla India Limited, Orkla ASA and Orkla Asia Pacific Pte. Ltd. with a team composed by: Nikhil Naredi (Partner) who led the transaction team; Rohit Tiwari (Partner); Chinmay Sethia (Principal Associate); Associates Manish Soni, Avani Sharda and Najeeb Din (transaction team); Manjari Tyagi (Partner) who led the Regulatory Advisory team; Deepika Goyal (Principal Associate) and Shivaang Maheshwari (Associate) (Regulatory Advisory); Pooja Ramchandani (Partner), Kriti Kaushik (Partner) and Rakshita Mehta (Associate) (Labour and Employment); and Mukul Baveja (Partner) (advising on key intellectual property aspects). S&R Associates represented ICICI Securities, Citigroup, J.P. Morgan and Kotak Mahindra (the book‑running lead managers) with a team composed by: Sandip Bhagat (Partner) and Juhi Singh (Partner) who led the transaction team, supported by Associates Siddharth Urs, Anushka Rungta, Shruti Sarkar and Anand Shankar.
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