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Orkla India IPO Receives 48.74x Subscription On Day 3; Check Latest GMP
Orkla India IPO Receives 48.74x Subscription On Day 3; Check Latest GMP
Orkla India IPO GMP Today: The initial public offering (IPO) of Orkla India, which owns spices and condiments brands MTR and Eastern, witnessed its final day of bidding today, Thursday, October 30. The Rs 1,667.5-crore mainboard IPO has been closed today, October 31. The price band was fixed at Rs 695 to Rs 730 per share.
On the final day of bidding on Friday, the IPO received a 48.74x subscription, garnering bids for 77,97,67,200 shares as against the 1,59,99,104 shares on offer. Its retail category has received a 7.06x subscription, while the NII (non-institutional investor) quota has received a 54.42x subscription. The QIB category received a 117.63x subscription.
Also Read: Lenskart IPO Opens Amid Valuation Debate: Should You Apply? Check GMP, Price, Recommendations
On Tuesday, the company raised around Rs 500 crore from anchor investors, a day before its maiden public opening for subscription. The allotment saw participation from a strong mix of leading domestic and global institutional investors.
Orkla India IPO GMP Today
According to market observers, unlisted shares of Orkla India Ltd are currently trading at Rs 802 apiece in the grey market, against the upper IPO price of Rs 730. It means a grey market premium (GMP) of 9.86%, indicating mild listing gains for investors.
The GMP is based on market sentiments and keeps changing. ‘Grey market premium' indicates investors' readiness to pay more than the issue price.
Orkla India IPO: Should You Apply?
Brokerages hold mixed views on the Orkla India IPO. According to SBI Securities, the company is virtually debt-free, maintains healthy return ratios and margins, and consistently generates stable cash flows of Rs 300-400 crore annually. Its flagship brands, MTR and Eastern, command a strong presence in Karnataka and Kerala.
Over the past three years, Orkla has reported a CAGR of 5% in sales, 12.9% in EBITDA, and 22.9% in PBT. However, its adjusted profit after tax (PAT) fell from Rs 338 crore in FY23 to Rs 289 crore in FY25, primarily due to a one-time tax reversal in FY23.
SBI Securities noted that at the upper end of the price band of Rs 730 per share, the IPO is valued at 34.6 times its FY25 earnings on a post-issue basis. The brokerage believes the issue appears fairly valued considering the company's growth record and has assigned it a ‘Neutral' rating, preferring to monitor its performance post-listing.
In contrast, Arihant Capital has given a ‘Subscribe for long term' recommendation, citing Orkla India's capital-efficient and debt-free business model that ensures steady cash flow generation and robust margins. It values the company at a P/E of 31.68 times FY25 earnings, reflecting its leadership in key categories, strong profitability, and long-term growth potential.
For FY25, Orkla India posted revenue of Rs 2,394.7 crore, adjusted EBITDA of Rs 396.4 crore (margin of 16.6%), and PAT of Rs 255.7 crore (margin of 10.7%). Arihant Capital highlighted that the company's return ratios remain among the best in the sector, with ROCE (return on capital employed) at 32.7%, significantly outperforming its peers.
Orkla India, formerly known as MTR Foods, is a multi-category Indian food company. It manufactures products as spices and masalas, ready-to-eat, sweets and breakfast mixes, under prominent brands such as MTR, Rasoi Magic, and Eastern.
The company sells its products under the brands MTR and Eastern.
Orkla India will make its debut on the stock exchanges on November 6.
Orkla India IPO: Valuation, Lot Size & Price Band
The company has fixed a price band of Rs 695 to Rs 730 per share, aiming for a valuation of around Rs 10,000 crore at the upper end.
The company's 1,667.5-crore IPO is a complete offer for sale (OFS) of 2.28 crore equity shares by promoter and other shareholders, with no fresh issue component. Under the OFS, promoter Orkla Asia Pacific Pte and shareholders — Navas Meeran and Feroz Meeran are offloading shares.
Currently, promoters — Orkla Asia Pacific Pte. Ltd and Norwegian industrial investment company Orkla ASA — hold 90 per cent stake, while Navas Meeran and Feroz Meeran own 5 per cent stake each in the company.
Since it is an OFS, the company will not receive any proceeds from the IPO and the entire money will go to the selling shareholders.
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Orkla India IPO: Closing, Allotment, Listing Dates
The IPO will remain open for public subscription between October 29 and October 31. Its share allotment will be finalised on November 3, while the stock listing is scheduled to take place on November 6 on both the BSE and the NSE.
Source: News18
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