Yoga Guru Baba Ramdev on Friday announced the initial public offering (IPO) plans for four Patanjali group companies over the next five years.

Share Market Live

NSE

While addressing a press conference in Delhi Ramdev said, "After Patanjali Foods, we aim to bring IPOs of our four other companies — Patanjali Ayurved, Patanjali Wellness, Patanjali Medicine and Patanjali Lifestyle,"

He also stated that "the action plan" is "to achieve the target of Rs 5 lakh crore market value in coming years." Currently, the group turnover is around Rs 40,000 crore.

Currently, from the brand, only Patanjali Foods is listed on the stock exchanges. In 2019, Patanjali Ayurved acquired Ruchi Soya for Rs 4,350 crore through an insolvency process.

In June 2022, Ruchi Soya Industries' name was changed to Patanjali Foods, after the company acquired parent Patanjali Ayurved's food business for Rs 690 crore.

Also read: Patanjali IPO: A look at India’s fastest growing FMCG brand’s journey

He also announced the five-year plan for the brand focusing on planning huge plantations of edible oil, proving employment to people, getting 100,000 schools under Patanjali Vishwavidhalaya affiliated with education boards and working on establishing Patanjali Foods as an FMCG company.

Meanwhile, brokerage firm HDFC Securities has initiated coverage on Patanjali Foods Limited (erstwhile Ruchi Soya) with a ‘buy’ rating with a target price of Rs 1,602. The brokerage firm has suggested that investors can look to buy the stock with a time horizon of two to three quarters.

Also read : HDFC Securities: Patanjali Foods can become large FMCG-wellness brand

Catch latest market updates with CNBCTV18.com's blog

First Published:Sept 16, 2022 2:10 PM IST