Orkla IPO Day One: Check Subscription Status, Latest GMP

Orkla India Ltd., the owner of spices and condiments brands MTR and Eastern, launched its initial public offering on Wednesday. The Rs 1,668-crore IPO will close on Friday, Oct. 31.

The public issue consists of only an offer for sale of shares. Promoter Orkla Asia Pacific, along with public shareholders Navas Meeran and Feroz Meeran, will participate in the OFS.

Since it is an OFS, the company will not receive any proceeds from the IPO, and the entire amount of money will go to the selling shareholders.

The company raised nearly Rs 500 crore from anchor investors on Tuesday, including Nippon Life India and Nomura.

The allotment of shares to IPO investors will be done tentatively on Nov. 3. Orkla India will list on the BSE and NSE on Nov. 6.

Orkla India is a multi-category food company deeply rooted in the South Indian culinary. It manufactures products such as spices and masalas, ready-to-eat sweets, and breakfast mixes under prominent brands such as MTR, Rasoi Magic, and Eastern and has a portfolio of over 400 products across these categories.

At the upper price band, the company is valuing at price-to-earnings of 31.5 times to its FY26 annualized earnings.

Analysts at Anand Rathi Research said the Orkla IPO is fully priced and recommend a 'Subscribe-Long Term' rating to the IPO.

ICICI Securities Ltd., Citigroup Global Markets India Pvt., J.P. Morgan India Pvt., and Kotak Mahindra Capital Co. are the lead book-running managers to the IPO.