Orkla India IPO fully subscribed on day 2; check price band, lot size and key dates

Orkla India IPO: The initial public offering of Orkla India Ltd, which owns spices and condiments brands MTR and Eastern, has been fully subscribed on the second day of bidding on Thursday, October 30.

The company's IPO received bids for 2,06,12,520 shares against 1,59,99,104 shares on offer, translating to 1.29 times subscription, as per consolidated data on NSE until 11:27 am.

The part for non-institutional investors fetched 2.84 times subscription, while the quota for retail investors received 1.33 times subscription. The category meant for qualified institutional buyers (QIBs) got subscribed 2%.

Orkla India on Tuesday said it has raised around ₹500 crore from anchor investors.

The company's ₹1,667.54 crore initial public offering (IPO) will end on October 31. It has fixed a price range of ₹695 to ₹730 per share, aiming for a valuation of around ₹10,000 crore at the upper end.

The company's IPO is exclusively an offer for sale (OFS) of 2.28 crore shares by the promoter and other shareholders, with no fresh issue component. A lot consists of 20 shares.

Under the OFS, promoter Orkla Asia Pacific Pte and shareholders Navas Meeran and Feroz Meeran are divesting their shares.

At present, promoters Orkla Asia Pacific Pte. Ltd and Norwegian industrial investment company Orkla ASA hold a 90% stake, while Navas Meeran and Feroz Meeran own a 5% stake each in the company.

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

Orkla India, formerly known as MTR Foods, is a multi-category Indian food company. It manufactures products such as spices, ready-to-eat, sweets and breakfast mixes under prominent brands such as MTR, Rasoi Magic, and Eastern.

The company sells its products under the brands MTR and Eastern.

Orkla India will make its debut on the stock exchanges on November 6.

Orkla India IPO GMP