The Orkla India IPO continued its public issue on Thursday, October 30, after witnessing a 79% subscription on its first day. The retail investor segment was subscribed 90%, while the Non-Institutional Investors (NII) portion saw 1.53 times bidding. The Qualified Institutional Buyers (QIB) segment recorded 2% subscription, and the employee quota was oversubscribed 3.27 times.
The IPO, which opened on October 29 and will close on October 31, has a price band of ₹695–₹730 per share, targeting a valuation of around ₹10,000 crore at the upper limit.
About Orkla India
Orkla India, formerly known as MTR Foods, is a leading food company recognized for its popular brands MTR, Rasoi Magic, and Eastern. The company produces a wide range of packaged food products, including spices, ready-to-eat meals, sweets, and breakfast mixes.
Orkla India IPO GMP Today
The Orkla IPO Grey Market Premium (GMP) stood at ₹68 on Thursday, according to investorgain.com. Based on the upper price band of ₹730, this suggests an estimated listing price of ₹798 per share, implying a 9.32% premium over the issue price.
Market observers noted that the GMP has shown a downward trend over the past week, ranging between ₹68 and ₹145, indicating a cooling of initial investor enthusiasm.
IPO Structure and Shareholding
The Orkla India IPO is a complete Offer for Sale (OFS) of 2.28 crore equity shares by its promoters and existing shareholders. No fresh issue of shares will be made.
The selling shareholders include Orkla Asia Pacific Pte Ltd, Navas Meeran, and Feroz Meeran. Currently, Orkla Asia Pacific Pte Ltd and Orkla ASA (Norway) collectively hold a 90% stake, while Navas and Feroz Meeran own 5% each.
As this is an OFS, no proceeds from the IPO will go to the company; the funds will be received entirely by the selling shareholders.
Lead Managers
ICICI Securities, Citigroup Global Markets India, JP Morgan India, and Kotak Mahindra Capital Company are the book-running lead managers for the issue.
Disclaimer: The information provided above is for informational purposes only and does not constitute investment advice. Investors are advised to review the company’s red herring prospectus (RHP) and consult with their financial advisors before making any investment decisions.
