Orkla India IPO opens today: Check issue details, latest GMP & brokerage reviews
Orkla India is selling its shares in the price band of Rs 695-730 apiece, which could be applied for a minimum of 20 shares and its multiples to raise Rs 1,667.54 crore between October 29-31.
- Oct 29, 2025,
- Updated Oct 29, 2025 9:54 AM IST
The initial public offering (IPO) of Orkla India is set to open on Wednesday, October 29. The MTR-Foods parent is selling its shares in the range of Rs 695-730 apiece. Investors can apply for a minimum of 20 equity shares and its multiples thereafter and the issue will close for bidding on Friday, October 31.
Orkla India is looking to raise a total of Rs 1,667.54 crore via IPO, which is entirely an offer-for-sale (OFS) of up to 2,28,43,004 equity shares by its promoter and existing shareholders. It means that the company will not receive any proceeds from the issue. Last heard, Orkla India was commanding a grey market premium of Rs 75-80 apiece, suggesting 11 per cent upside for investors.
Incorporated in 1996, Bengaluru-based Orkla India is an Indian food company, offering a diverse range of food products, from breakfast to lunch and dinner, snacks, beverages, and desserts. It has a collection of iconic Indian heritage brands - MTR Foods, Eastern Condiments, and Rasoi Magic.
Orkla India raised Rs 499.6 crore from 30 institutional investors as it finalised allocation of 68,43,900 shares at Rs 730 apiece. Marquee names like Nippon Life India, Aditya Birla Sun Life AMC, Ashoka WhiteOak, Nomura Funds, Government Pension Fund Global, Jupiter Global Fund, Pinebridge Global Funds, Baroda BNP Paribas MF, LIC MF, Edelweiss and more participated in the anchor book.
For the three-months ended on June 30, 2025, Orkla India reported a net profit of Rs 78.92 crore with a revenue of Rs 605.38 crore. The company clocked a net profit of Rs 255.69 crore with a revenue coming in at Rs 2,455.24 crore for the year ended on March 31, 2025. At current valuations, it shall command a total market capitalization little more than Rs 10,000 crore.
The company has reserved 30,000 shares for its eligible employees who will get a discount of Rs 19 per cent. Of the net offer, 50 per cent shares are reserved for qualified institutional bidders (QIBs), while non-institutional investors will get 15 per cent shares. Retail investors have an allocation of 35 per cent in the IPO.
ICICI Securities, Citigroup Global Markets India, JP Morgan India, Kotak Mahindra Capital Company are the book running lead managers of Orkla India IPO, while Kfin Technologies is the registrar of the issue. Shares of the company shall be listed on both BSE and NSE on Thursday, November 06. Here's what a host of brokerage firms say on the IPO of Orkla India:
SBI Securities
Rating: Neutral
Orkla India has been one of the top four companies in terms of revenues among select leading spices and convenience food peers as of FY24. It has a wide product range of 400 products across categories as of June 2025 primarily catering to the local taste preferences of consumers. Its brands MTR and Eastern have strong market share in Karnataka and Kerala, said SBI Securities.
It has delivered sales, Ebitda and PBT CAGR of 5 per cent, 12.9 per cent and 22.9 per cent, respectively between FY23-25 while adjusted PAT has declined from Rs 338 crore in FY23 to Rs 289 crore in FY25 due to tax reversal in FY23. It is a virtually debt free company, makes healthy return ratios & margins and generates stable cash flows of Rs 300-400 crore annually, it added with a 'neutral' rating.
Angel One
Rating: Subscribe
Orkla India IPO valuations appear fairly priced considering its diversified product portfolio, strong market presence across key FMCG categories, resilient financial performance and long-term growth visibility; thus, we recommend a 'subscribe' rating, said Angel One in its IPO note.
However, it added that Orkla India faces key risks from volatility in the pricing of raw and packaging materials. Additionally, operational risks such as supply chain interruptions, underutilization of manufacturing plants, labour shortages and climate-related challenges could adversely affect its financial and operating performance.
Anand Rathi Share & Stock Brokers
Rating: Subscribe for long-term
Orkla India leverages deep understanding of regional tastes and culinary cultures to offer products suited to local preferences. It has an extensive distribution network across India and growing global presence, ensuring strong market reach. Orkla India operates modern, large-scale manufacturing facilities with robust quality and supply chain systems, said Anand Rathi.
"Its strategy is driven by continuous innovation, category expansion and premiumisation, reinforcing its position as a market leader in India’s packaged food industry. At the upper price band company is valuing at P/E of 31.5 times to its FY26 annualized earnings. We believe that the IPO is fully priced and recommend a 'subscribe for long term' rating to the IPO," it said.
Arihant Capital Markets
Rating: Subscribe for long-term
Orkla India, the leading multi-category branded food and spice company, stands as a dominant player in the Indian packaged food sector. Backed by the global Orkla ASA and operating marquee brands like MTR and Eastern, it leverages deep regional penetration, robust distribution, and a premium brand portfolio, said Arihant Capital Markets.
Return ratios remain best-in-class—significantly ahead of sector peers. Its business is capital efficient and virtually debt-free, supporting consistent cash flow generation and high margins. Orkla India is valued at a P/E of 31.68 times FY25 earnings, reflecting its category leadership, high-margin economics, and long-term growth visibility, it said with a 'subscribe for long-term' rating.
Reliance Securities
Rating: Subscribe
Orkla India’s growth will be driven by category expansion, pan-India distribution, product innovation, export scaling, and synergy realisation from its consolidated brand portfolio under a debt-free, high-return structure. Owing to such developments, we recommend to subscribe, said Reliance Securities.
Ventura Securities
Rating: Subscribe
Its distribution infrastructure comprises 834 distributors and 1,888 sub-distributors spanning 28 states and 6 union territories, supporting deep regional reach in core markets and efficient coverage elsewhere, while the international business unit focuses on diaspora-heavy and selective mainstream channels overseas, said Ventura Securities.
"Competitive strengths include category leadership built on authentic local taste profiles, a multi-category innovation engine across spices and ethnic convenience foods, extensive distribution and robust quality-controlled supply chains, guided by an experienced management team and the capabilities of its global parent, Orkla ASA, contributing to a resilient," it said with a 'subscribe' rating.
BP Equities
Rating: Subscribe
Orkla India is valued at a P/E multiple of 39 times based on FY25 earnings. Given its historical growth track record, expanding margins, scalable business model and industry growth potential, we believe the valuation is justified, said BP Equities. "Thus, we recommend a 'subscribe' rating for this issue with a medium to long-term investment horizon," it said.
Kunvarji Wealth Solutions
Rating: Subscribe
"We recommend subscribe to this IPO with a medium to long term view. It produces and sells Indian food in a variety of categories. In terms of revenue in the aforementioned categories, it ranks among the top four companies. It benefits from Orkla parentage in every way to keep up with the times. It has the most market share and two well known brands, MTR and Eastern," said Kunvarji Wealth.
Lakshmishree Investment & Securities
Rating: Subscribe for long-term
Orkla India is a leading multi-category food company in India, anchored by its iconic heritage brands like MTR Foods and Eastern Condiments. It is exceptionally well-positioned to capitalize on India’s massive packaged food consumption growth. Its financial performance is strong and capital-efficient, which is reflected in a high ROCE of 32.7 per cent, said Lakshmishree Investments.
"The IPO is an OFS, strategically aimed at establishing valuation and providing a public platform to aggressively pursue future growth and acquisitions. With deep brand equity, a strong distribution network, and an extensive product portfolio, Orkla India offers a low-debt, high-growth opportunity in the resilient FMCG sector," it said with 'subscribe for long-term' rating.
The initial public offering (IPO) of Orkla India is set to open on Wednesday, October 29. The MTR-Foods parent is selling its shares in the range of Rs 695-730 apiece. Investors can apply for a minimum of 20 equity shares and its multiples thereafter and the issue will close for bidding on Friday, October 31.
Orkla India is looking to raise a total of Rs 1,667.54 crore via IPO, which is entirely an offer-for-sale (OFS) of up to 2,28,43,004 equity shares by its promoter and existing shareholders. It means that the company will not receive any proceeds from the issue. Last heard, Orkla India was commanding a grey market premium of Rs 75-80 apiece, suggesting 11 per cent upside for investors.
Incorporated in 1996, Bengaluru-based Orkla India is an Indian food company, offering a diverse range of food products, from breakfast to lunch and dinner, snacks, beverages, and desserts. It has a collection of iconic Indian heritage brands - MTR Foods, Eastern Condiments, and Rasoi Magic.
Orkla India raised Rs 499.6 crore from 30 institutional investors as it finalised allocation of 68,43,900 shares at Rs 730 apiece. Marquee names like Nippon Life India, Aditya Birla Sun Life AMC, Ashoka WhiteOak, Nomura Funds, Government Pension Fund Global, Jupiter Global Fund, Pinebridge Global Funds, Baroda BNP Paribas MF, LIC MF, Edelweiss and more participated in the anchor book.
For the three-months ended on June 30, 2025, Orkla India reported a net profit of Rs 78.92 crore with a revenue of Rs 605.38 crore. The company clocked a net profit of Rs 255.69 crore with a revenue coming in at Rs 2,455.24 crore for the year ended on March 31, 2025. At current valuations, it shall command a total market capitalization little more than Rs 10,000 crore.
The company has reserved 30,000 shares for its eligible employees who will get a discount of Rs 19 per cent. Of the net offer, 50 per cent shares are reserved for qualified institutional bidders (QIBs), while non-institutional investors will get 15 per cent shares. Retail investors have an allocation of 35 per cent in the IPO.
ICICI Securities, Citigroup Global Markets India, JP Morgan India, Kotak Mahindra Capital Company are the book running lead managers of Orkla India IPO, while Kfin Technologies is the registrar of the issue. Shares of the company shall be listed on both BSE and NSE on Thursday, November 06. Here's what a host of brokerage firms say on the IPO of Orkla India:
SBI Securities
Rating: Neutral
Orkla India has been one of the top four companies in terms of revenues among select leading spices and convenience food peers as of FY24. It has a wide product range of 400 products across categories as of June 2025 primarily catering to the local taste preferences of consumers. Its brands MTR and Eastern have strong market share in Karnataka and Kerala, said SBI Securities.
It has delivered sales, Ebitda and PBT CAGR of 5 per cent, 12.9 per cent and 22.9 per cent, respectively between FY23-25 while adjusted PAT has declined from Rs 338 crore in FY23 to Rs 289 crore in FY25 due to tax reversal in FY23. It is a virtually debt free company, makes healthy return ratios & margins and generates stable cash flows of Rs 300-400 crore annually, it added with a 'neutral' rating.
Angel One
Rating: Subscribe
Orkla India IPO valuations appear fairly priced considering its diversified product portfolio, strong market presence across key FMCG categories, resilient financial performance and long-term growth visibility; thus, we recommend a 'subscribe' rating, said Angel One in its IPO note.
However, it added that Orkla India faces key risks from volatility in the pricing of raw and packaging materials. Additionally, operational risks such as supply chain interruptions, underutilization of manufacturing plants, labour shortages and climate-related challenges could adversely affect its financial and operating performance.
Anand Rathi Share & Stock Brokers
Rating: Subscribe for long-term
Orkla India leverages deep understanding of regional tastes and culinary cultures to offer products suited to local preferences. It has an extensive distribution network across India and growing global presence, ensuring strong market reach. Orkla India operates modern, large-scale manufacturing facilities with robust quality and supply chain systems, said Anand Rathi.
"Its strategy is driven by continuous innovation, category expansion and premiumisation, reinforcing its position as a market leader in India’s packaged food industry. At the upper price band company is valuing at P/E of 31.5 times to its FY26 annualized earnings. We believe that the IPO is fully priced and recommend a 'subscribe for long term' rating to the IPO," it said.
Arihant Capital Markets
Rating: Subscribe for long-term
Orkla India, the leading multi-category branded food and spice company, stands as a dominant player in the Indian packaged food sector. Backed by the global Orkla ASA and operating marquee brands like MTR and Eastern, it leverages deep regional penetration, robust distribution, and a premium brand portfolio, said Arihant Capital Markets.
Return ratios remain best-in-class—significantly ahead of sector peers. Its business is capital efficient and virtually debt-free, supporting consistent cash flow generation and high margins. Orkla India is valued at a P/E of 31.68 times FY25 earnings, reflecting its category leadership, high-margin economics, and long-term growth visibility, it said with a 'subscribe for long-term' rating.
Reliance Securities
Rating: Subscribe
Orkla India’s growth will be driven by category expansion, pan-India distribution, product innovation, export scaling, and synergy realisation from its consolidated brand portfolio under a debt-free, high-return structure. Owing to such developments, we recommend to subscribe, said Reliance Securities.
Ventura Securities
Rating: Subscribe
Its distribution infrastructure comprises 834 distributors and 1,888 sub-distributors spanning 28 states and 6 union territories, supporting deep regional reach in core markets and efficient coverage elsewhere, while the international business unit focuses on diaspora-heavy and selective mainstream channels overseas, said Ventura Securities.
"Competitive strengths include category leadership built on authentic local taste profiles, a multi-category innovation engine across spices and ethnic convenience foods, extensive distribution and robust quality-controlled supply chains, guided by an experienced management team and the capabilities of its global parent, Orkla ASA, contributing to a resilient," it said with a 'subscribe' rating.
BP Equities
Rating: Subscribe
Orkla India is valued at a P/E multiple of 39 times based on FY25 earnings. Given its historical growth track record, expanding margins, scalable business model and industry growth potential, we believe the valuation is justified, said BP Equities. "Thus, we recommend a 'subscribe' rating for this issue with a medium to long-term investment horizon," it said.
Kunvarji Wealth Solutions
Rating: Subscribe
"We recommend subscribe to this IPO with a medium to long term view. It produces and sells Indian food in a variety of categories. In terms of revenue in the aforementioned categories, it ranks among the top four companies. It benefits from Orkla parentage in every way to keep up with the times. It has the most market share and two well known brands, MTR and Eastern," said Kunvarji Wealth.
Lakshmishree Investment & Securities
Rating: Subscribe for long-term
Orkla India is a leading multi-category food company in India, anchored by its iconic heritage brands like MTR Foods and Eastern Condiments. It is exceptionally well-positioned to capitalize on India’s massive packaged food consumption growth. Its financial performance is strong and capital-efficient, which is reflected in a high ROCE of 32.7 per cent, said Lakshmishree Investments.
"The IPO is an OFS, strategically aimed at establishing valuation and providing a public platform to aggressively pursue future growth and acquisitions. With deep brand equity, a strong distribution network, and an extensive product portfolio, Orkla India offers a low-debt, high-growth opportunity in the resilient FMCG sector," it said with 'subscribe for long-term' rating.