Orkla India IPO allotment announced: Steps to check allocation, GMP, listing date & more

Orkla India, a Bengaluru-based food products company, has finalised the basis of allotment for its initial public offering (IPO) and Investors, who applied for the issue, have received notifications regarding the debit of their funds or revocation of their IPO mandates by today, that is Tuesday, 4 November.

The IPO, which attracted significant attention from the market, was conducted over a three-day span from 29 to 31 October. The Orkla India IPO offered shares within a price band of Rs 695-730 per share and had a lot size of 20 shares. The total issue size stood at Rs 1,667.52 crore, structured entirely as an offer-for-sale (OFS) comprising 2,28,43,004 equity shares.

The share allocation process, handled by Kfin Technologies, will be followed by the initiation of refunds and the crediting of shares to selected applicants’ demat accounts starting Tuesday, 4 November. The shares are scheduled to be listed on both the BSE and NSE on Thursday, 6 November.

The IPO received robust demand, evidenced by an overall subscription of 48.73 times. More than 25.48 lakh applications were received, with the issue drawing bids amounting to over Rs 25,900 crore. The qualified institutional buyers (QIB) portion was heavily oversubscribed at 117.63 times, while non-institutional investors (NII) subscribed at 54.42 times. The retail and employee portions were booked 7.05 times and 15.13 times, respectively.

Grey market premium (GMP) activity has shown some corrections amid fluctuating broader market conditions. Most recently, Orkla India shares were reported to be commanding a GMP of Rs 70-75 per share, hinting at a potential listing gain for investors in the range of 10 per cent. The GMP was seen at Rs 95-100 per share, a day ago. Kotak Mahindra Capital Company, ICICI Securities, Citigroup Global Markets India, and JP Morgan India are managing the issue.

Founded in 1996, Orkla India manages a broad product line encompassing breakfast, lunch, dinner, snacks, beverages, and desserts. The company is renowned for its portfolio of iconic Indian brands including MTR Foods, Eastern Condiments, and Rasoi Magic. These brands have a significant presence in households across the country, contributing to Orkla India's market reputation as a key player in the FMCG sector.

Kfin Technologies has been appointed as the official registrar responsible for conducting the electronic processing of applications, overseeing the share allotment process, and ensuring investor queries are handled in accordance with regulatory timelines. Applicants are able to check their status via the BSE website or Kfin Technologies' online portal using their application number, demat account, or PAN ID.

For investors wishing to verify their allotment, the BSE website requires selection of 'Equity' under issue type, choosing 'Orkla India Limited' from the dropdown, entering the application number and PAN, and confirming the check by clicking "Click on 'I am not a Robot' and hit search button". The Kfin Technologies portal provides similar functionality, ensuring applicants can access their allocation details promptly.