Orkla India IPO Day 1 Highlights: Orkla India IPO subscription status was 79% on day 1. The retail portion was subscribed 90%, and NII portion has been booked 1.53x, Qualified Institutional Buyers (QIBs) portion received 2% bids. Employee portion subscribed 3.27 times.
The initial public offering (IPO) of Orkla India, which owns the spices and condiments brands MTR and Eastern, will open for public subscription on October 29 and conclude on October 31. Orkla India IPO price band has been set at ₹695 to ₹730 per share, aiming for a valuation of approximately ₹10,000 crore at the upper end of the range. Orkla India IPO GMP is ₹77.
Orkla India IPO is a complete offer for sale (OFS) of 2.28 crore equity shares by promoters and other shareholders, with no fresh issue component. Under the OFS, promoter Orkla Asia Pacific Pte and shareholders Navas Meeran and Feroz Meeran will be offloading their shares.
Currently, the promoters—Orkla Asia Pacific Pte. Ltd and the Norwegian industrial investment company Orkla ASA—hold a 90% stake in the company, while both Navas Meeran and Feroz Meeran own a 5% stake each.
Since this is an OFS, the company will not receive any proceeds from the IPO; all the funds raised will go directly to the selling shareholders.
Orkla India, formerly known as MTR Foods, is a multi-category Indian food company that manufactures a variety of products, including spices, ready-to-eat meals, sweets, and breakfast mixes, under well-known brands such as MTR, Rasoi Magic, and Eastern.
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