Orkla India IPO Day 3 LIVE: The initial public offering (IPO) of Orkla India entered its third day of bidding on Friday, October 31. At the end of the second day, the IPO of Orkla India — the company behind popular spice and condiment brands MTR and Eastern — closed with 2.70 times subscription.
Orkla India IPO Details
The company’s ₹1,667 crore IPO is being sold in the price range of ₹695– ₹730 per share, valuing the company at around ₹10,000 crore at the upper end.
The issue is entirely an offer for sale (OFS) of 2.28 crore equity shares by the promoter and existing shareholders, with no fresh issue component. Under the OFS, Orkla Asia Pacific Pte Ltd (the promoter) and shareholders Navas Meeran and Feroz Meeran are selling part of their holdings.
Currently, promoters Orkla Asia Pacific Pte Ltd and Orkla ASA together own 90% of the company, while Navas Meeran and Feroz Meeran each hold 5%.
As the IPO is a pure OFS, the company itself will not receive any proceeds; all funds raised will go to the selling shareholders.
Formerly known as MTR Foods, Orkla India is a leading Indian multi-category food company with a portfolio spanning spices, ready-to-eat meals, sweets, and breakfast mixes, marketed under the MTR, Rasoi Magic, and Eastern brands.
Orkla India IPO GMP
Orkla India IPO GMP (grey market premium) today is ₹70. This means shares are trading ₹70 above the issue price of ₹730, signalling a premium of 9.59%.
Shares of Orkla India are slated to list on the bourses on November 6.
Track this space for all the LIVE updates on Orkla India IPO.
