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Orkla India’s INR16.6 billion IPO marks latest milestone in India’s ECM boom

Orkla India’s INR16.6 billion IPO marks latest milestone in India’s ECM boom
Published Date
Nov 6 2025
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Image of Pallavi Gopinath Aney
Pallavi Gopinath AneyPartner, Singapore
Image of Mark Leemen
Mark LeemenPartner, Sydney
Image of Serena Upadhyay
Serena UpadhyaySenior Associate, Singapore
A&O Shearman has advised the underwriters, Citigroup Global Markets India Private Limited, J.P. Morgan India Private Limited, ICICI Securities Limited and Kotak Mahindra Capital Company Limited, on the INR16.6bn initial public offering (IPO) of Orkla India Limited. The IPO consisted of an offer for sale by Orkla Asia Pacific Pte. Ltd and certain other existing shareholders. The shares were listed on the National Stock Exchange of India Limited and BSE Limited on November 6, 2025.
Orkla India, a subsidiary of Norway-listed Orkla ASA, is a leading Indian food company with a strong presence in South India through its MTR and Eastern brands. The IPO reflects a broader trend of global conglomerates unlocking value by listing their Indian assets.

"It’s another example of how we help clients navigate complex, multi-jurisdictional deals with confidence.”

Pallavi Gopinath Aney, partner and co-head of the India Group, commented: “India’s equity capital markets (ECM) continue to attract global attention, and Orkla India’s listing is a testament to the continuing momentum. We are pleased to have supported the underwriters on this landmark transaction, combining our international ECM capabilities with deep local insight to help deliver a seamless execution. It’s another example of how we help clients navigate complex, multi-jurisdictional deals with confidence.”

A&O Shearman acted as sole international legal counsel on the transaction, which underscores the firm’s deep bench strength in cross-border ECM and its continued leadership in India-related listings.

The A&O Shearman team was led by Pallavi Gopinath Aney, with support from Mark Leemen and Serena Upadhyay. The transaction builds on the firm’s strong track record in Indian ECM, having advised on numerous landmark listings and capital raisings in India.

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