Highlights: Orkla India IPO – This is the last day to bid for Orkla India IPO . The IPO price band has been set at Rs 695-730 per equity share. The company will mop up Rs 1,667.54 crore through the issue. It is entirely an offer for sale of 2.28 crore shares.
| Orkla India IPO | Key Details |
| Price Band | Rs 695-730 per share |
| IPO Date | October 29-31 |
| GMP | 9% |
| IPO Allotment date | November 03 |
| Listing date | November 06 |
Orkla India was opened for the IPO subscription on October 29. The allotment for the Orkla India IPO is expected to be finalised on November 03. The issue is estimated to be listed on BSE and NSE on November 06, as per the tentative schedule.
ICICI Securities is the book-running lead manager for the IPO, and KFin Technologies is working as the registrar of the issue.
About Orkla India
Orkla India is a multi-category Indian food company with operations spanning several decades, offering a diverse range of products that cater to every meal occasion, from breakfast and lunch to dinner, snacks, beverages and desserts.
The company’s products under the brands MTR, Eastern Condiments, and Rasoi Magic are crafted with authenticity and tradition, and are deeply rooted in the South Indian culinary heritage.
Highlights: Orkla India IPO subscribed 48.73x on final day; GMP up 17%- Check key details
Orkla India IPO Subscription Status, GMP Live: Directors on the Board
As on the date of filling of this Red Herring Prospectus, the company has eight Directors on the Board comprising one Executive Director, three Non-Executive Directors and four are Independent Directors.
Orkla India IPO Subscription Status, GMP Live: Company’s product portfolio
The company’s product portfolio includes around 400 products across two main categories: spices (blended and pure varieties such as Masalas, Turmeric, and Cumin) and convenience foods, which encompass RTC foods, RTE meals, vermicelli, beverages, pickles, and more. These products cater to all meal occasions, from breakfast to desserts, addressing diverse consumer needs.
Orkla India IPO Subscription Status, GMP Live: Industry overview
India’s packaged food market is projected to grow at a CAGR of 11% to reach Rs 17,12,000 crore by FY29. The Indian packaged food market was estimated at Rs 10,18,000 crore in FY24, reflecting a CAGR of 10.8% as against FY19. The high growth is driven by rising disposable incomes, urbanisation, lifestyle changes, nuclearisation, and a growing workforce, particularly among women. The packaged food market remains stable throughout the year, as demand is primarily driven by regular consumption rather than seasonal fluctuations.
Orkla India IPO Subscription Status, GMP Live: Anand Rathi Research on Orkla India IPO
“At the upper price band company is valuing at P/E of 31.5x to its FY26 annualized earnings and market cap of Rs 1,00,000 million post issue of equity shares. We believe that the IPO is fully priced and recommend a “Subscribe- Long Term” rating to the IPO," wrote Anand Rathi Research in its IPO note
Orkla India IPO Subscription Status, GMP Live: Strong South Indian presence
Orkla has established a strong foothold in major South Indian markets (31% in Karnataka & 42% in Kerala in the packaged spices segment) by emphasising authentic local flavours and consistent product quality. The company holds an 18.6% pan-India market share in the ready-to-eat and ready-to-cook convenience foods segment.
Orkla India IPO Subscription Status, GMP Live: IPO subscribed 48.73x on final day
As per the final subscription data at 5:00 PM, the Qualified Institutional Buyers (QIB) portion was subscribed an impressive 117.63 times, while the Non-Institutional Investors (NII) segment recorded an overall subscription of 54.42 times, with sub-categories showing 65.41 times for applications above Rs.10 lakh and 32.44 times for those between Rs.2 lakh and Rs.10 lakh. The Retail Individual Investors (RII) category was subscribed 7.05 times, indicating healthy retail interest, and the Employee Reserved portion attracted 15.13 times subscription.
Orkla India IPO Subscription Status, GMP Live: Brokerage take on this IPO
Anand Rathi Research in its IPO note said, “At the upper price band company is valuing at P/E of 31.5x to its FY26 annualized earnings and market cap of Rs 1,00,000 million post issue of equity shares. We believe that the IPO is fully priced and recommend a “Subscribe- Long Term” rating to the IPO.”
Orkla India IPO Subscription Status, GMP Live: Issue subscribed 7 times
The total subscription of Orkla India stood at 7 times so far, pointing to a huge investment interest from the investors. The employee section was booked 9.6 times, while the retail investors subscribed to the issue almost 4 times on the last day of its bidding. The NIIs subscribed to the IPO 23.16 times, and the QIB section has been booked 23% so far.
The company’s robust distribution network underpins its market presence: there are 834 distributors and 1,888 sub-distributors across 28 states and six union territories. Additionally, it has strong coverage in emerging channels, with partnerships in 42 modern trade retail chains and six e-commerce/quick commerce platforms.
Orkla India IPO Subscription Status, GMP Live: Choice Equity on IPO valuation
"At a current trailing P/E of approximately 38.1x and an FY25E P/E of roughly 31.7x, Orkla India Ltd is trading at a discount relative to its peer group. While PAT dipped in FY24, the decline was driven solely by a nonrecurring tax adjustment and is not expected to repeat. The company enjoys strong brand equity (notably through MTR), a low leverage position, and excellent returns—ROIC of approximately 30.8% and ROE around 10.4%. Given the modest risk profile, we assign it a 'Subscribe' rating," said Choice Equity Broking in an IPO note.
Anand Rathi has a “Subscribe-Long Term” rating on the Orkla India IPO. The brokerage house highlighted that at the upper end of the price band, the company is valued at P/E of 31.5x to its FY26 annualised earnings.
Orkla India operates modern, large-scale manufacturing facilities with robust quality and supply chain systems. Its strategy is driven by continuous innovation, category expansion and premiumisation, reinforcing its position as a market leader in India’s packaged food industry.
Orkla India IPO Subscription Status, GMP Live: Susbcription status
Orkla India IPO witnessed strong buying from investors across the board. The issue was subscribed to a total of 4.75 times. The retail investors have booked the issue almost 3 times so far, while the employee section was subscribed to a bit over 8 times.
As the QIBs are yet to jump into the party, subscribing 0.15 times, the NIIs have booked the issue the highest among all categories, subscribing to the IPO more than 15 times.
Orkla India IPO Subscription Status, GMP Live: Issue is an OFS
The public issue comprises solely an OFS of Rs 1,587.6 - Rs 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.
Orkla India IPO Subscription Status, GMP Live: Strong market share in Kerala and Karnataka
Through its brands MTR and Eastern, Orkla has established a strong foothold in major South Indian markets (31% in Karnataka & 42% in Kerala in the packaged spices segment) by emphasising authentic local flavours and consistent product quality. The company holds an 18.6% pan-India market share in the ready-to-eat and ready-to-cook convenience foods segment.
Orkla India IPO Subscription Status, GMP Live: Big market share
Out of the universe of approximately 300,000 retail outlets selling blended spices in Karnataka and approximately 74,500 in Kerala, their brands have a presence in 67.5% and 70.4% of the outlets, respectively versus an industry average of 30–40%. 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).
Orkla India IPO Subscription Status, GMP Live: Procedure to innovate products
The company's marketing team conducts research to build insights into the latest food trends, which they apply in their product development. These initiatives, combined with the expertise of their teams of seven chefs (including two head chefs, four assistant chefs, and a consultant chef, as of June 30, 2025), help enrich their repository of over 4,000 recipes.
Orkla India IPO Subscription Status, GMP Live: Anand Rathi take on this IPO
Anand Rathi Research in its IPO note said, “At the upper price band company is valuing at P/E of 31.5x to its FY26 annualized earnings and market cap of Rs 1,00,000 million post issue of equity shares. We believe that the IPO is fully priced and recommend a “Subscribe- Long Term” rating to the IPO.”
Orkla India IPO Subscription Status, GMP Live: Usage of products in core markets
The company is determined to drive growth in their core markets of Karnataka, Kerala, Andhra Pradesh and Telangana by leveraging favourable market conditions, which include the shift towards packaged products, the importance of regional and authentic flavours, and consumers’ focus on health and convenience.
Orkla India IPO Subscription Status, GMP Live: How do company innovate products?
Orkla India's diverse product portfolio curated for local tastes is achieved through their systematic knowledge building of cuisines, facilitated by their Cuisine Centres of Excellence ('Cuisine CoEs'). They have two Cuisine CoEs, one in Bengaluru and another in Kochi. These Cuisine CoEs focus on market-relevant cuisines, with chefs engaging in immersive culinary travels to explore regional dishes, history, and culture to develop a comprehensive collection of recipes.
Orkla India IPO Subscription Status, GMP Live: Last day of subscription
It is the last day to bid for the IPO of Orkla India, which operates a famous brand like MTR. The IPO received huge investment interest on Day 02. The issue was subscribed to by over 2x by the investors. The retail investors booked the IPO 2.12 times, and the employee section was booked 6.20 times.
Orkla India IPO Subscription Status, GMP Live: Director on Board details
As on the date of filling of this Red Herring Prospectus, the company has eight Directors on the Board comprising one Executive Director, three Non-Executive Directors and four are Independent Directors.
Orkla India IPO Subscription Status, GMP Live: Industry scenario
India’s packaged food market is projected to grow at a CAGR of 11% to reach Rs 17,12,000 crore by FY29. The Indian packaged food market was estimated at Rs 10,18,000 crore in FY24, reflecting a CAGR of 10.8% as against FY19. The high growth is driven by rising disposable incomes, urbanisation, lifestyle changes, nuclearisation, and a growing workforce, particularly among women. The packaged food market remains stable throughout the year, as demand is primarily driven by regular consumption rather than seasonal fluctuations.
Orkla India IPO Subscription Status, GMP Live: Portfolio of the company
The company’s product portfolio includes around 400 products across two main categories: spices (blended and pure varieties such as Masalas, Turmeric, and Cumin) and convenience foods, which encompass RTC foods, RTE meals, vermicelli, beverages, pickles, and more. These products cater to all meal occasions, from breakfast to desserts, addressing diverse consumer needs.
Orkla India IPO Subscription Status, GMP Live: Geojit Investments on the IPO
“At the upper price band of Rs 730, Orkla is available at a P/E of 31.7x (FY26 annualised), which appears fairly priced compared to its peers. Orkla India is poised for long-term growth, backed by a strong balance sheet, steady cash flows, supportive policy tailwinds, focus on regional brands, product innovation, robust distribution network and early signs of demand recovery—especially as GST cuts and rising consumer sentiment boost its core food categories. Hence, we assign a ‘Subscribe’ rating for investors with a long-term investment horizon,” said Geojit Investments in an IPO note.
Orkla India IPO Subscription Status, GMP Live: EBITDA details
The company improved its EBITDA margin to around 16.6%, supported by softer raw material costs and improved operational efficiency.
Orkla India IPO Subscription Status, GMP Live: Promoters of the company
Orkla ASA, Orkla Asia Holding and Orkla Asia Pacific are the promoters of the company.
Orkla India IPO Subscription Status, GMP Live: Key risks as per Angel One
Orkla India faces key risks from volatility in the pricing of raw and packaging materials.
Additionally, operational risks such as supply chain interruptions, underutilization of manufacturing plants, labour shortages and climate-related challenges could adversely affect its financial and operating performance.
Orkla India IPO Subscription Status, GMP Live: Key strategies
The company has some key strategies to for growth like it drives household penetration and usage of Orkla’s products in core markets. Expand presence in international markets through a robust growth strategy. Selectively expand product portfolio to strengthen and extend the core offerings.
Orkla India IPO Subscription Status, GMP Live: Subscription update
The Orkla India IPO is still open for bidding and has been subscribed 2.13 times so far as of Day 2. So far, the issue has received 1.88 times subscription from retail investors, 0.04 times from qualified institutional buyers (QIBs), and 5.47 times from non-institutional investors (NIIs).
Orkla India IPO Subscription Status, GMP Live: Focus on local taste
For instance, the recipe for their Sambar Masala, which is offered separately under the MTR and Eastern brands, is adapted to the unique culinary preferences of different parts of South India. The MTR Sambar Masala is focused on the preferences of consumers in Karnataka, the MTR Spicy Sambar Powder is tailored to consumers in Andhra Pradesh, and the Eastern Assal Kayam Sambar Powder caters to the tastes of consumers in Kerala.