Post by : Badri Ariffin

By mid-day on Wednesday, the Orkla India public offering registered steady investor participation, taking total subscriptions to 1.39 times on the second day of bidding. The issue, which opened on October 29 and closes on October 31, continued to draw varied interest across investor categories.

Retail investors subscribed 1.42 times, while non-institutional investors (NIIs) showed stronger appetite at 3.13 times. Qualified Institutional Buyers (QIBs) placed only about 2% of the bids, remaining subdued. The employee portion was notably oversubscribed at 4.62 times, signalling solid insider confidence.

The IPO had closed its first day with 79% subscription, powered by robust retail demand and participation from high-net-worth individuals.

Grey Market Premium (GMP) Shows Cooling Trend

Market trackers report the grey market premium for the Orkla India IPO at ₹68 today. With the upper band at ₹730 per share, implied listing levels are around ₹798 a share — roughly a 9.32% premium to the issue price.

However, the GMP has softened from higher levels seen earlier in the week, moving between ₹68 and ₹145 over the last seven days, reflecting a more cautious stance among aftermarket traders as the offer period draws to a close.

Price Band and Offer Structure

The issue has been priced in the ₹695–₹730 range, valuing Orkla India at close to ₹10,000 crore at the top of the band. This public offering is structured as a full offer-for-sale (OFS) of 2.28 crore equity shares, meaning the transaction does not raise fresh equity capital for the company.

Promoters Orkla Asia Pacific Pte Ltd and Orkla ASA, together with shareholders Navas Meeran and Feroz Meeran, are selling part of their holdings through this OFS.

At present, Orkla Asia Pacific Pte Ltd and Orkla ASA together hold about 90% of the equity, while Navas Meeran and Feroz Meeran each own roughly 5%.

About the Company

Previously operating under the MTR Foods name, Orkla India is a diversified packaged-food firm behind brands such as MTR, Eastern and Rasoi Magic. Its range spans spices, ready-to-eat meals, breakfast mixes and sweets, serving households across India and in select overseas markets.

Rooted in South India and expanding nationwide, Orkla India continues to bolster its presence in the branded foods segment.

Final Day of Bidding

As bidding moves into the final day, sentiment appears cautiously positive. Given the brand strength and steady demand from retail and NII tranches, attention will turn to the closing subscription tallies and the stock's listing performance next week.