LIVE: Orkla India IPO allotment to be finalised today – GMP signals caution, sees sharp slide to 10%

The company operates through 834 distributors and 1,888 sub-distributors, covering more than 4 lakh retail outlets nationwide

“On valuation parse, at the upper price band of Rs 730, the issue is asking for a market cap of Rs 10,000 crore. Based on FY26 annualised earnings and fully diluted post- IPO paid-up capital, the company is asking for a PE of 31.7x, which appears reasonable given its market leadership, strong brands, and entrenched regional dominance in the spices and convenience foods space. However, investors should note that the IPO comprises a 100% Offer for Sale (OFS) of Rs 1,667 crore, which could be viewed as a key concern for new investors,” said Rajan Shinde, Research Analyst at Mehta Equities.

The company is a leading multi-category food company with a strong capability in building and scaling trusted household brands. The company leverages a deep understanding of regional tastes and culinary cultures to offer products suited to local preferences. It has an extensive distribution network across India and a growing global presence, ensuring strong market reach.

Investors can check the IPO allotment status for Orkla India IPO through BSE Website as well. The steps are give below:

Go to the BSE IPO allotment status page.

Select ‘Equity’ as the issue type.

From the dropdown, choose Anand Rathi Share.

Enter your application number or PAN.

Complete the captcha by ticking ‘I’m not a robot’ and click on Search.

Orkla India faces risk of regulatory actions or compliance failures in food safety can impact its reputation and business. Plus, there’s heavy check on food-health & safety regulation, imposing cost and operational burdens. Also, high sales concentration in South India increases regional risk exposure.

India’s packaged food market, valued at Rs 10,18,000 crore in FY24, has grown at a CAGR of 10.8% since FY19 and is projected to reach Rs 17,12,000 crore by FY29, registering a CAGR of 11%. The growth is supported by rising income levels, increasing urbanisation, evolving consumer preferences, and steady year-round demand.

The company has robust quality control mechanisms, including in process quality checks and a food safety management system at its manufacturing facilities as well as at their contract manufacturers, which aim to identify and address potential issues early, ensuring their products are of high quality.

In combination with significant marketing investments over the years and extensive distribution, MTR and Eastern have reached nine out of 10 households through at least one of their products in Karnataka and Kerala, respectively (for January 2024–December 2024, based on the share of households consuming at least one of their products at least once a year). The company are also present in leading e-commerce and quick-commerce platforms, ensuring that their products are easily available to consumers on these platforms.

Orkla India reported average daily sales of 2.3 million units and is estimated to have a post-IPO market capitalisation of around Rs 10,000 crore.

The company maintains a stronghold in southern markets such as Karnataka, Kerala, Andhra Pradesh, and Telangana, with expansion plans toward northern and western regions.

“At the upper price band company is valued at Pa /E of 31.5x to its

FY26 annualised earnings and market cap of Rs 10,000 crore post

issue of equity shares. We believe that the IPO is fully priced and recommend a ‘Subscribe-Long Term’ rating to the IPO,” said Anand Rathi Research in an IPO note.

Orkla India is a leading multi-category food company with a strong capability in building and scaling trusted household brands. The company leverages a deep understanding of regional tastes and culinary cultures to offer products suited to local preferences. It has an extensive distribution network across India and a growing global presence, ensuring strong market reach.

The company continuously innovate around their offerings to meet evolving customer needs. The company do this through a combination of enhancing recipes, creating different product formats, and implementing novel preparation methods, among other approaches.

“On valuation parse, at the upper price band of Rs 730, the issue is asking for a market cap of Rs 10,000 crore. Based on FY26 annualised earnings and fully diluted post- IPO paid-up capital, the company is asking for a PE of 31.7x, which appears reasonable given its market leadership, strong brands, and entrenched regional dominance in the spices and convenience foods space. However, investors should note that the IPO comprises a 100% Offer for Sale (OFS) of Rs 1,667 crore, which could be viewed as a key concern for new investors,” said Rajan Shinde, Research Analyst at Mehta Equities.

The public issue comprises solely of OFS of Rs 1,587.6 – 1,667.5 crore. Thus, the company will not receive any proceeds from the public issue. The promoter and promoter group entities are participating in the OFS and offloading 2.06 crore shares, and Individual public shareholders are also participating and offloading 0.23 crore shares.

The MTR brand was originally established in 1924 and has been a key brand of the company since its incorporation in 1996. The Eastern brand was founded in 1983; over more than four decades, it has expanded a portfolio spanning spices and convenience foods, with a special emphasis on Kerala cuisine. In March 2021, the company acquired Eastern Condiments.

International markets also play a key part in the company’s growth strategy, catering to the Indian diaspora globally who seek authentic South Indian flavours. In the three months ended June 2025, export revenue stood at Rs 119.69 crore (20.4 % of total revenue), and for FY25, exports were Rs 4,86.17 crore (20.6% of total revenue). The company exported to 45 countries (including through deemed exports) as of June 2025, with a strong focus on the GCC countries, the US and Canada.

The company runs nine manufacturing facilities across India with a combined capacity of 182,270 tonnes per annum.

It also relies on contract manufacturing units in the UAE, Thailand, and Malaysia to serve global markets.

The IPO drew strong demand, receiving a total subscription of 48.74 times on the final day.

Category-wise:

QIBs: 117.63 times

NIIs: 54.42 times

Retail investors: 7.06 times

Employee quota: nearly 7 times

Orkla India operates through 834 distributors and 1,888 sub-distributors, covering more than 4 lakh retail outlets nationwide — giving it strong reach in both urban and semi-urban markets.

The company owns well-known Indian food brands such as MTR Foods, Eastern Condiments, and Rasoi Magic, catering to both traditional and modern Indian households.

Founded in 1996, Orkla India is a major player in the packaged food and condiments segment, with a portfolio spanning over 400 products across categories like spices, ready-to-eat meals, snacks, and beverages.

The basis of allotment is expected to be finalised on November 3, followed by refunds and demat credits on November 4.

The stock is scheduled to list on November 6, 2025, on both BSE and NSE. Kfin Technologies is the registrar handling allotment and refund processes.

The company set its price band at Rs 695–730 per share. Retail investors needed to invest a minimum of Rs 14,600 for one lot of 20 shares at the upper price band.

The Orkla India IPO, valued at Rs 1,667.54 crore, opened for subscription on October 29, 2025, and closed on October 31, 2025. The issue was entirely an offer for sale (OFS) of 2.28 crore shares, meaning no new equity was issued.