Orkla India IPO to Open on October 29; Price Band Set at ₹695–₹730 per Share
Bilkul Bazaar | By Rafat Quadri
Ahmedabad | 27 Oct 2025
Orkla India Limited, formerly known as MTR Foods Private Limited, is set to launch its Initial Public Offering (IPO) on Wednesday, October 29, 2025, with the issue closing on Friday, October 31, 2025. The Anchor Investor bidding will take place a day earlier, on Tuesday, October 28, 2025.
The IPO, valued at ₹1,667.54 crore, comprises an Offer for Sale (OFS) of up to 22,843,004 equity shares, meaning the proceeds will go to selling shareholders rather than the company itself.
This includes:
Up to 20,560,768 shares by Orkla Asia Pacific Pte. Ltd;
Up to 1,141,118 shares each by Navas Meeran and Feroz Meeran.
The price band has been fixed at ₹695–₹730 per equity share of face value ₹1 each. Bids can be made for a minimum of 20 shares and in multiples thereafter. A ₹69 per share discount will be offered to eligible employees under the Employee Reservation Portion.
The company’s equity shares will be listed on both the BSE and NSE, with the BSE designated as the lead exchange. The IPO follows the book-building process in accordance with SEBI’s ICDR Regulations, with the following reservation structure:
Not more than 50% for Qualified Institutional Buyers (QIBs)
Not less than 15% for Non-Institutional Investors (NIIs)
Not less than 35% for Retail Individual Investors
Within the QIB category, up to 60% may be allocated to Anchor Investors, with one-third reserved for domestic mutual funds.
All investors (except Anchor Investors) must apply via the ASBA process, with UPI applicable for retail investors.
The IPO subscription window runs from October 29 to October 31, with tentative allotment on November 3, credit of shares on November 4, and listing on November 6, 2025.
Company Snapshot
Orkla India, incorporated in 1996, is a leading multi-category Indian food enterprise known for its rich legacy in South Indian cuisine, operating under the MTR Foods, Eastern Condiments, and Rasoi Magic brands.
Its portfolio includes over 400 products, spanning spices (blended and pure) and convenience foods like ready-to-cook (RTC), ready-to-eat (RTE) items, vermicelli, and dry mixes.
Flagship offerings include Sambar Masala, Rasam Masala, Gulab Jamun Mix, Rava Idli Mix, and the 3-Minute Breakfast range.
In FY 2025, Orkla India sold an average of 0.23 crore units per day and earned ₹486.17 crore from exports across 40+ countries, accounting for 20.6% of its total product sales. The company operates nine manufacturing units in India, supported by 21 contract manufacturers across India, UAE, Thailand, and Malaysia. Its robust distribution network includes 843 distributors, 1,800 sub-distributors, and over 6.86 lakh retail touchpoints across 28 states and 5 union territories.
Management Speaks
At a press meet held on Monday in Ahmedabad, Sanjay Sharma, MD & CEO, Orkla India, expressed optimism about the company’s public debut.
“This IPO marks a new chapter in our journey of bringing authentic Indian flavors to the world. From the humble beginnings of MTR to our diversified portfolio today, we’ve remained true to our purpose—making everyday food experiences convenient, authentic, and delightful. The strong investor interest reinforces our commitment to quality, innovation, and sustainable growth,” said Sanjay Sharma, Managing Director and CEO of Orkla India Limited.
In a lighter vein, Sharma—who confessed to being fond of cooking—added with a smile, “Sambar and Tamarind Rice masala are my favorite spice package; it represents the perfect balance of warmth, taste, and tradition—values we hold close at Orkla India.”
Suniana Calapa, CFO, Orkla India, highlighted the company’s financial discipline and consistent growth trajectory.
“Our focus on operational efficiency, premiumization, and product innovation has enabled us to deliver strong financial performance. With an EBITDA margin of 16.6% and ROCE of 32.7%, we are well-positioned to sustain our growth momentum and create long-term value for our stakeholders,” she stated.
Adding their perspectives, Rajat Rawal and Prateek Singh from ICICI Securities Ltd, one of the Book Running Lead Managers, said:
“The Orkla India IPO offers investors a rare opportunity to participate in India’s fast-evolving packaged food sector through a trusted brand legacy,” noted Rajat Rawal.
“Strong fundamentals, robust distribution, and a deep emotional connection with consumers make Orkla India a compelling investment story,” added Prateek Singh.
Market Outlook
The IPO has generated strong pre-listing interest, with a Grey Market Premium (GMP) of ₹110 as of October 27, suggesting an estimated listing price of around ₹840—a potential 15% gain over the upper price band.
At a P/E of 39x, analysts consider the valuation attractive relative to peers like Tata Consumer Products, given Orkla India’s superior margins and brand strength.
Lead Managers and Registrar
The issue is being managed by ICICI Securities Limited, Citigroup Global Markets India Pvt. Ltd., J.P. Morgan India Pvt. Ltd., and Kotak Mahindra Capital Company Limited, with KFin Technologies Ltd. serving as the registrar.
(Rafat Quadri can be reached at editorbilkul@gmail.com)
Disclaimer: This news is for informational purposes only. Please refer to official offer documents and consult a financial advisor before investing.
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