MTR Foods Parent Orkla India’s IPO Opens Next Week With ₹695-₹730 Price Band

• The OFS values the food company at about ₹10,000 crore.
• IPO will open on October 29 and close on October 31, with listing slated for November 6.
• The FMCG firm is known for brands like MTR, Rasoi Magic and Eastern

Orkla India, formerly known as MTR Foods, is set to launch its ₹1,667-crore initial public offering (IPO) next week. The IPO will be open for subscription on October 29 and close on October 31.

IPO Details

The company has set a price band of ₹695 - ₹730 per share. At the upper end of the price band, the company’s valuation is estimated at ₹10,000 crore. The IPO lot size comprises of 20 shares.

The IPO is an entirely offer-for-sale (OFS), meaning no new shares will be issued and all proceeds will go to existing shareholders, including the promoter, Orkla Asia Pacific Pte Ltd, and minority shareholders Navas Meeran and Feroz Meeran.

The issue has reserved 50% for qualified institutional buyers, 15% for non-institutional investors, and 35% for retail participants, with an additional 30,000 shares set aside for employees. The IPO allotment will be finalized on November 3, with shares credited on November 4, and the listing is tentatively scheduled for November 6 on the BSE and NSE.

ICICI Securities, Citigroup Global Markets India, JP Morgan India, and Kotak Mahindra Capital Company are the book-running lead managers of the issue.

Reports indicate that Orkla’s grey market premium is currently at ₹60.

Company Details

Orkla India manufactures products such as masalas, ready-made meals, sweets, and breakfast mixes under leading brands like MTR, Eastern, and Rasoi Magic. Since FY19, the company has had a CAGR growth of 10.8%. The company has a strong presence in southern India.