Orkla India IPO Subscribed 1.39x by Day Two as GMP Softens to ₹68

By mid-day on Wednesday, the Orkla India public offer had accumulated subscriptions of 1.39 times, following its October 29 launch and with the issue scheduled to close on October 31. The bid momentum continued across most categories.

The retail tranche stood at 1.42x subscription, while non-institutional investors booked 3.13x. Qualified Institutional Buyers (QIBs) showed limited participation with bids covering just 2% of their portion. The employee allotment was heavily oversubscribed at 4.62x, reflecting strong internal demand.

The issue had closed its first day with 79% subscription, supported primarily by retail investors and high-net-worth applicants.

Grey Market Premium (GMP) Trends Downward

Market trackers report the GMP for Orkla India at ₹68 today. Using the upper band of ₹730, implied listing price works out to roughly ₹798 a share — about a 9.32% premium over the top-of-band offer price.

Traders have reduced enthusiasm compared with last week, when the premium swung between ₹68 and ₹145, signalling a more cautious sentiment as bidding nears its end.

IPO Price Band and Offer Details

The issue is priced from ₹695 to ₹730 per share, valuing Orkla India close to ₹10,000 crore at the upper band. The transaction is an offer for sale of 2.28 crore equity shares, meaning the company will not receive fresh proceeds from the issue.

Sale proceeds are being mobilised by promoters Orkla Asia Pacific Pte Ltd and Orkla ASA along with shareholders Navas Meeran and Feroz Meeran, who are reducing part of their stakes through this OFS.

Post-offer, Orkla Asia Pacific Pte Ltd and Orkla ASA together hold 90% of equity, while Navas Meeran and Feroz Meeran each own 5%.

Company Snapshot

Previously operating as MTR Foods, Orkla India is a packaged-food company behind well-known labels such as MTR, Eastern and Rasoi Magic. Its range covers spices, ready-to-eat meals, breakfast mixes and sweets, catering to a broad domestic base and growing export markets.

Rooted in South India, the firm has broadened its footprint nationally and strengthened its position in the consumer foods segment.

Final Day Ahead

With the final day of subscription approaching, investor appetite appears cautiously optimistic. Strong retail and NII participation have supported the offering, and attention now turns to final subscription figures and the stock's listing performance next week.