Orkla India, the company behind popular brands such as MTR Foods, Eastern Condiments, and Rasoi Magic, has garnered ₹499.6 crore from 30 institutional investors through its anchor book on October 28.

The food company plans to raise ₹1,667.54 crore through its initial public offering (IPO), which is entirely an offer for sale (OFS) of 2.28 crore equity shares by promoter Orkla Asia Pacific and existing shareholders Navas Meeran and Feroz Meeran.

According to the DRHP document, Orkla Asia Pacific, backed by Norway’s Orkla ASA, owns a 90% stake in Orkla India, while Navas Meeran and Feroz Meeran together hold the remaining 10%.

The issue will be open for subscription from October 29 to 31, with a price band of ₹695-730 per share. The market capitalisation of Orkla India IPO is pegged at around ₹10,000 crore at the upper end of the price band.

Ahead of the opening of the IPO, shares of Orkla India were trading at a premium of ₹106 in the unlisted market, signalling listing to be around ₹836, up 14.5% over the upper end of the IPO price band.

The allotment of Orkla India shares is expected to be finalised on November 3 and its listing is scheduled for November 6 on the BSE and the NSE.

A day ahead of the opening of the IPO, Orkla India allotted 68,43,900 equity shares to anchor investors at the upper end of the price band. The anchor book saw participation from some marquee institutional investors such as Nomura Funds, Government Pension Fund Global, Jupiter Global Fund, Nippon Life India, Aditya Birla Sun Life AMC, Ashoka WhiteOak, PineBridge Global Funds, Baroda BNP Paribas MF, LIC Mutual Fund, and Edelweiss.

Among others, Tata Investment Corporation, Bajaj Finserv MF, Aurigin Master Fund, Viridian Asia Opportunities Master Fund, Société Générale, and Copthall Mauritius Investment also participated in the anchor round.

According to the data filed with exchanges, 29% of the total anchor allocation was allocated to six domestic mutual funds through 13 schemes.

The company has reserved half of the issue for qualified institutional buyers (QIBs), up to 35% for retail investors, and remaining 15% for non-institutional investors (NIIs).

Incorporated in 1996, Orkla India is a diversified food company offering a wide range of products spanning spices, ready-to-eat meals, instant mixes, snacks, beverages, and desserts. Its portfolio includes well-known Indian heritage brands such as MTR Foods, recognized for its instant mixes, breakfast items, masalas, and ready-to-eat meals; Eastern Condiments, which specialises in spices and convenience foods; and Rasoi Magic, known for its regional spice blends.

The company enjoys a strong market presence across Karnataka, Kerala, Andhra Pradesh, and Telangana, while also exporting its products to 42 international markets, including the GCC countries, the U.S., and Canada.

On the earnings front, Orkla India saw its revenue rising 3% and profit after tax (PAT) increasing 13% between FY24 and FY25. For the year ended March 31, 2025, the company reported a total income of ₹2,455.24 crore, PAT of ₹255.69 crore, EBITDA of ₹396.44 crore, and a net worth of ₹1,853.47 crore. As of June 30, 2025, Orkla India’s assets stood at ₹3,158.20 crore, supported by a low debt level of ₹2.33 crore, reflecting a robust and well-capitalised balance sheet.

The IPO is managed by ICICI Securities, Citigroup Global Markets India, J.P. Morgan India, and Kotak Mahindra Capital Company.

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