Orkla India IPO Day 2: Subscriptions Rise as Retail and NII Backing Strengthens

The second day of bidding for Orkla India's public offer saw continued investor interest, lifting total subscription to 1.39 times by mid-day on Wednesday. The issue, which opened on October 29 and is set to close on October 31, has drawn active participation across investor categories.

Retail investors pushed that segment to a 1.42 times subscription, while non-institutional investors (NIIs) showed robust appetite with a 3.13 times subscription. Institutional demand remained subdued, with Qualified Institutional Buyers (QIBs) contributing just 2% of bids. The employee portion drew strong support too, being oversubscribed 4.62 times — a sign of confidence from inside the company.

The IPO had closed Day 1 with a 79% subscription rate, fuelled by solid retail interest and notable applications from high-net-worth individuals.

Grey Market Premium (GMP) Trends Downward

Market trackers report the grey market premium for the Orkla India IPO at ₹68 today. Using the upper price band of ₹730 per share, the stock could list near ₹798 — about a 9.32% premium over the issue price.

That said, GMP readings have softened recently. Over the prior week the premium swung between ₹68 and ₹145, pointing to a more cautious outlook among unofficial market participants as the subscription window winds down.

IPO Price Band and Offer Details

The issue is priced in the ₹695–₹730 range, valuing Orkla India at roughly ₹10,000 crore at the top end. This offer is a complete offer-for-sale (OFS) of 2.28 crore equity shares, meaning the company will not raise fresh cash from the issue.

Promoters Orkla Asia Pacific Pte Ltd and Orkla ASA, together with shareholders Navas Meeran and Feroz Meeran, are selling part of their holdings through this offering.

Currently, Orkla Asia Pacific Pte Ltd and Orkla ASA jointly control 90% of the business, while Navas Meeran and Feroz Meeran each hold 5%.

Company Snapshot

Previously operating as MTR Foods, Orkla India is the maker of familiar brands such as MTR, Eastern and Rasoi Magic. Its range spans spices, ready-to-eat meals, breakfast mixes and sweets — products that serve millions of households in India and are finding growing traction overseas.

With deep roots in South India and an expanding national footprint, Orkla India is steadily reinforcing its place in the packaged foods market.

Final Day Ahead

As the IPO moves into its final day of bidding, sentiment remains cautiously optimistic. Strong brand recognition and healthy demand from retail and NII segments have kept investor attention focused on final subscription tallies and the listing performance expected next week.