New Delhi: The initial public offering (IPO) of Orkla India Ltd, owner of popular food brands MTR and Eastern, was subscribed 78% on the first day of bidding on Wednesday.
Orkla India IPO Subscription Status (Day 1)
According to NSE data, the IPO received bids for 1,25,56,940 shares against 1,59,99,104 shares on offer.
Non-institutional investors subscribed 1.53 times their quota.
Retail Individual Investors (RIIs) subscribed 90% of their portion.
Qualified Institutional Buyers (QIBs) subscribed 2% of their reserved shares.
Orkla India IPO GMP (Grey Market Premium)
The grey market premium (GMP) for Orkla India shares stood at ₹64, suggesting that the stock was trading at a premium of ₹64 in the unofficial market on Tuesday, according to investorgain.com.
At the upper end of the price band (₹730 per share), the stock’s estimated listing price is around ₹794, reflecting an 8.77% premium over the issue price.
The GMP indicates investor sentiment and the willingness to pay above the official IPO price before listing.
IPO Details
Orkla India raised around ₹500 crore from anchor investors on Tuesday.
The ₹1,667 crore IPO closes on October 31, with a price band of ₹695–₹730 per share, valuing the company at about ₹10,000 crore at the upper end.
The issue is a complete Offer for Sale (OFS) of 2.28 crore equity shares by promoters and existing shareholders, with no fresh issue component.
Under the OFS:
Promoter Orkla Asia Pacific Pte. Ltd. and shareholders Navas Meeran and Feroz Meeran are selling shares.
Currently, Orkla Asia Pacific Pte. Ltd. and Orkla ASA hold 90%, while Navas Meeran and Feroz Meeran own 5% each.
As it is a pure OFS, the company will not receive any IPO proceeds—the funds will go entirely to the selling shareholders.
About Orkla India
Formerly known as MTR Foods, Orkla India is a leading multi-category food company producing spices, ready-to-eat meals, sweets, and breakfast mixes under the MTR, Rasoi Magic, and Eastern brands.
The company’s shares are scheduled to list on stock exchanges on November 6.
