Olam seeks London IPO for food ingredients unit

Olam International is looking to float its food ingredients unit in London in 2022.

The aim of the initial public offering for Olan Food Ingredients, which could reportedly bring in approximately £2.0bn for the Singapore-based company, was to raise financing for acquisitions.

Olam also announced that it would seek a concurrent listing for OFI on the Singapore Exchange.

OFI chief executive officer, Anantharaman Shekhar, said: "The decision to pursue a stock market listing is a major milestone for OFI and we are looking forward to presenting this exciting opportunity to investors globally through a proposed primary listing in London and a concurrent secondary listing in Singapore.

"The primary listing on the LSE will give us access to London's large and diverse investor base, with its deep and liquid capital markets, and enable us to benefit from its strong understanding of and research coverage across the food and beverage sector."

The company also announced that an IPO of Olam Global Agri was possible, but in 2023.

OFI encompassed Olam's cocoa, coffee, dairy and, edible nuts and spices businesses, while OGA was centred on grains and animal feeds, edible oils and cotton, amongst others.