Orkla India, the company behind popular food brands MTR Foods, Eastern Condiments, and Rasoi Magic, has raised ₹499.6 crore from 30 institutional investors through its anchor book on October 28, a day before its initial public offering (IPO) opens for public subscription.
The company aims to raise ₹1,667.54 crore via the IPO, which consists entirely of an offer for sale (OFS) of 2.28 crore equity shares by promoters Orkla Asia Pacific, and other shareholders Navas Meeran and Feroz Meeran. The price band for the issue has been set between ₹695 and ₹730 per share, and the IPO will remain open from October 29 to 31.
Orkla India has allocated 68,43,900 equity shares to anchor investors at the upper end of the price band. Major institutional participants include Nippon Life India, Aditya Birla Sun Life AMC, Ashoka WhiteOak, Nomura Funds, Government Pension Fund Global, Jupiter Global Fund, Pinebridge Global Funds, Baroda BNP Paribas MF, LIC Mutual Fund, and Edelweiss.
Other notable investors such as Tata Investment Corporation, Bajaj Finserv MF, Aurigin Master Fund, Viridian Asia Opportunities Master Fund, Societe Generale, and Copthall Mauritius Investment also participated in the anchor round.
According to Orkla India, six domestic mutual funds applied through 13 schemes, collectively receiving 29.01% of the total anchor allocation.
Since the IPO is an OFS with no fresh issue component, the company itself will not receive any proceeds — all funds will go to the selling shareholders.
Ownership structure: Norway-based Orkla ASA, through Orkla Asia Pacific, holds a 90% stake in Orkla India, while Navas Meeran and Feroz Meeran equally own the remaining 10%.
Lead managers for the IPO are ICICI Securities, Citigroup Global Markets India, JP Morgan India, and Kotak Mahindra Capital Company.
