MTR-Parent Orkla Shares Debut At Nearly 3% Premium Over IPO Price

Orkla India Ltd. listed on the National Stock Exchange on Thursday at Rs 750.10 apiece, a premium of 2.75% over its issue price of Rs 730 apiece.

On the BSE, the stock debuted at Rs 751.50, a 2.95% premium.

The Rs 1,668-crore IPO saw a tepid response on its launch day but was subscribed 3.7 times on the final day.

The public issue consists of only an offer for sale of shares. Promoter Orkla Asia Pacific, along with public shareholders Navas Meeran and Feroz Meeran, will participate in the OFS.

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. The promoter will receive Rs 1,500 crore from the IPO.

The company raised nearly Rs 500 crore from anchor investors on Tuesday, including Nippon Life India and Nomura.

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.

At the upper price band, the company is valuing at price-to-earnings of 31.5 times to its FY26 annualized earnings.

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.

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 Bengaluru-headquartered company is a subsidiary of Orkla ASA, a Norway-listed industrial, long-term investment company focused on brands and consumer-oriented companies. Orkla entered India in 2007 by buying MTR Foods, and followed up the acquisition of Kerala-based spice maker Eastern Condiments in 2012.