Orkla India IPO listing: MTR Foods owner shares debut at 3% premium, below estimates

Shares of Orkla India, the owner of food brands MTR Foods, Eastern Condiments, and Rasoi Magic, made a subdued debut on domestic bourses on Thursday, which was below Street expectations.

Orkla India shares got listed on the BSE at ₹751.5 per share, up 2.94% against its initial public offering (IPO) issue price of ₹730 per share. On the NSE, the shares of the Indian food company started trading at ₹750.10, a premium of 2.75% over its issue price.

Post listing, Orkla India shares witnessed volatility, with the stock hitting a high of ₹755 and a low of ₹715 on the BSE. At the time of reporting, the counter was trading at ₹719, down 1.5% from its IPO price. The market capitalisation of the company stood at ₹9,849.53 crore.

Meanwhile, the equity benchmark Sensex and Nifty were trading flat with a negative bias. The Sensex was down 67 points at 83,392, while the Nifty50 slipped 0.26% to the 25,530 level.

Listing below estimates

The listing of Orkla India shares was not on par with Street expectations. After garnering a strong response for its ₹1,667.54-crore IPO, Orkla India was commanding a grey market premium (GMP) of 13% in the unlisted market. In the last few days, the Orkla India IPO GMP dropped to 9%, indicating a listing around ₹796 per share.

Prashanth Tapse, Senior VP (Research) at Mehta Equities, in his pre-listing view, expected a decent listing gain of around 10–12% on the issue price. “Despite the IPO being a 100% Offer for Sale (OFS), the issue witnessed subscription demand above Street expectations, reflecting strong investor interest. While considering the current muted market sentiment, Mehta Equities expects a decent listing gain of around 10–12% on the issue price, which aligns with earlier projections,” he said.

Tapse believes that Orkla India, a market-leading packaged food and spices company backed by iconic brands such as MTR and Eastern, presents a compelling long-term structural growth story. The strong response to the issue underscores confidence in the company’s fundamentals and its ability to capitalise on the growing demand for convenience foods across key geographies.

The IPO, which was entirely an offer for sale of 2.28 crore shares by existing shareholders, was subscribed 48.74 times. The public issue was subscribed 7.06 times in the retail category, 117.63 times in QIB, and 54.42 times in the NII category. The bidding started between October 29-31, while allotment of shares was finalsed on November 3, 2025.

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