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EXCLUSIVE Olam seeking about $3 bln for London IPO of food ingredients unit – sources

  • Olam says OFI could join London’s FTSE-100 index
  • Also seeking secondary listing for OFI in Singapore
  • OFI could be listed by Q2 2022, OGA would follow
  • Olam CEO says listing to help firm step up M&A

SINGAPORE, Aug 13 (Reuters) – Olam International (OLAM.SI) is considering raising about 2 billion pounds ($2.8 billion) through a London listing of its food ingredients unit next year, sources familiar with the matter said on Friday, as the Singapore-based trading house seeks to boost its valuation and step up acquisitions.

The company, one of the world’s biggest agricultural commodity traders, is listing Olam Food Ingredients (OFI) as part of a business overhaul flagged last year to focus on the two core businesses of OFI and Olam Global Agri (OGA) after the sale of sugar, rubber and other portfolios.

“It will be a substantial IPO. It will be amongst the larger IPOs done on the London Stock Exchange (LSE) in the recent past,” co-founder and CEO Sunny Verghese told Reuters in an interview, while declining to give a fundraising target.

The proceeds would allow OFI to accelerate growth and also accelerate acquisitions, he added.

“One of the reasons that we are doing this exercise of

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