Public Market

IPO

MTR Foods brand owner Orkla India’s Rs.1,667-Cr IPO oversubscribed 48x

Business Line   Orkla India Ltd   Orkla India  

The initial public offering (IPO) of Bengaluru-based Orkla India Ltd was oversubscribed 48.73 times. The IPO was entirely an Offer for Sale (OFS) of 2.28 crore equity shares to raise INR 1,667 crore, with a price band of INR 695-730 per share.The public offering received bids for 77.96 crore shares against 1.59 crore shares on offer. The qualified institutional buyers (QIB) portion was subscribed 117.63 times, non-institutional investors (NIIs) 54.42 times, the retail segment 7.05 times, and the employee portion 15.13 times. Under the OFS, shares were offloaded by promoter Orkla Asia Pacific Pte and shareholders Navas Meeran and Feroz Meeran.ICICI Securities, Citigroup Global Markets India, J P Morgan India, and Kotak Mahindra Capital Company acted as the book-running lead managers for the offer. Orkla India , formerly known as MTR Foods, operates as a multi-category food company with prominent regional brands including MTR, Eastern, and Rasoi Magic.Ahead of the public offer, Orkla India raised approximately INR 500 crore from anchor investors.