MTR Foods-Parent Orkla India Sets IPO Price Band — Check Details

Orkla India Ltd., the owner of spices and condiments brands MTR and Eastern, on Friday announced the price band for its upcoming initial public offering.

The IPO will open for subscription on Oct. 29 and close on Oct. 31. Investors can bid in the range of Rs 695 to Rs 730 per share, according to a public advertisement.

The minimum bid lot size is 20 shares, requiring an investment of Rs 13,900 at the lower price band and Rs 14,600 at the upper price band.

The company will invite bids from large institutions via the anchor round on Oct. 28.

The allotment of shares to IPO investors will be done tentatively on Nov. 3. Orkla India will list on the BSE and NSE on Nov. 6.

The company has offered to sell 2.28 crore shares worth up to Rs 1,667 crore via an offer for sale. Promoter Orkla Asia Pacific, along with public shareholder Navas Meeran and Feroz Meeran, will partciptate in the OFS.

Currently, Orkla Asia Pacific Pte owns 90% stake in the company, while Navas Meeran and Feroz Meeran hold 5% each.

Since it is an OFS, the company will not receive any proceeds from the IPO, and the entire amount of money will go to the selling shareholders.

Orkla India is a multi-category food company deeply rooted in the South Indian culinary. It manufactures products such as spices and masalas, ready-to-eat sweets, and breakfast mixes under prominent brands such as MTR, Rasoi Magic, and Eastern and has a portfolio of over 400 products across these categories.

As of March 31, 2025, the company's network comprised 843 distributors and 1,800 sub-distributors across 28 states and five union territories.

The company is a subsidiary of Orkla ASA, a Norway-listed industrial, long-term investment company focused on brands and consumer-oriented companies.

ICICI Securities Ltd., Citigroup Global Markets India Pvt., J.P. Morgan India Pvt., and Kotak Mahindra Capital Co. are the lead book running managers to the IPO.