Orkla India IPO: Check day 1 subscription status, analysts' view as GMP corrects further 

The initial public offering (IPO) of MTR Foods-parent Orkla India was off to a decent bidding from the investors on the first day of the bidding process, thanks to the buying from individual investors. The issue, which kicked off on Wednesday, October 29, shall close for bidding on Friday, October 31.

Orkla India is selling its shares in the price band of Rs 695-730 apiece. Investors can apply for a minimum of 20 shares and its multiples thereafter. It is looking to raise 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 the promoters and existing shareholders of the company.

According to the data, the investors made bids for 71,00,880 equity shares, or 44 per cent, compared to the 1,59,99,104 equity shares offered for the subscription by 1.00 pm on Wednesday, October 29, 2025. The bidding for the issue shall continue for three-days and will conclude on Friday, October 31.

The allocation for retail investors was subscribed 58 per cent, while the portion reserved for non-institutional investors (NIIs) saw a subscription of 70 per cent. The allocation for employees was subscribed more than 2.3 times. However, the quota set aside for qualified institutional bidders (QIBs) was yet to see any bids as of the same time.

Bengaluru-based Orkla India, incorporated in 1996, 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 will continue to focus on exploring opportunities to acquire promising brands in the similar space for its growth, while maintaining growth in its existing business based on its strategy of driving penetration in its core domestic regions and exports. It recorded a 3.5 per cent volume growth in FY25, which accelerated to 8.8 per cent in Q1FY26, hinting at improving demand momentum, said Nirmal Bang Securities.

"We expect Orkla India to deliver double digit growth over the next two to three years backed by focus on product innovation, distribution expansion in core markets as well as international markets. Further, GST led to a tailwind to drive the consumption demand in the Indian market. The issue is available at a discount to the average packaged food industry," it added with a 'subscribe' tag.

Ahead of its IPO, Orkla India raised Rs 499.6 crore from 30 institutional investors as it finalised allocation of 68,43,900 shares at Rs 730 apiece. It has reserved 50 per cent of the net offer 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.

Orkla India IPO brings investors an opportunity to participate in a market-leading packaged food and spices company, backed by iconic brands MTR and Eastern, which together hold dominant positions in South India with 31–42 per cent market share in key states and an 18.6 per cent pan-India share in the convenience foods segment, said Rajan Shinde, Research Analyst, Mehta Equities.

"We think its diversified portfolio of 400+ products, strong regional connect, and proven export capabilities — with Eastern being India’s largest branded spice exporter for 24 consecutive years — underpin its brand strength and growth visibility. Orkla India demonstrates strong domestic and global reach. Orkla India is well placed in India’s fast-growing packaged food sector," he said with a 'subscribe' rating.

For the quarter ended June, 2025, Orkla India reported a net profit of Rs 78.92 crore with a revenue of Rs 605.38 crore. It 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. Last heard, Orkla India was commanding a grey market premium of Rs 65-70 apiece, suggesting 8-9 per cent gains for investors.

ICICI Securities, Kotak Mahindra Capital Company, Citigroup Global Markets India and JP Morgan India 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.