Orkla India IPO Last Day: Should You Apply? Check GMP, Subscription Status, and Key Details
The Orkla India IPO, the maker of popular food brands MTR and Eastern, is witnessing strong investor interest as it enters the final day of bidding today, October 31. The ₹1,667.5-crore mainboard issue opened on October 29 and will close for subscription later today. The price band for the IPO has been set at ₹695–₹730 per share.
Orkla India IPO Subscription Status
As of 10:10 a.m. on October 31, the IPO had been subscribed 3.28 times, receiving bids for 5.25 crore shares against the 1.59 crore shares on offer.
Retail investors subscribed 2.33 times their quota.
Non-institutional investors (NIIs) subscribed 9.77 times.
The Qualified Institutional Buyers (QIBs) portion saw a modest 0.06x subscription so far.
Earlier, the company had successfully raised ₹500 crore from anchor investors ahead of the public issue, with strong participation from leading domestic and global institutions.
Orkla India IPO GMP Today
According to market observers, the grey market premium (GMP) for Orkla India stands around ₹802 per share, implying a premium of ₹72 over the upper price band of ₹730. This reflects a GMP of nearly 9.8%, suggesting moderate listing gains for investors.
The GMP is sentiment-driven and tends to fluctuate with market conditions, representing the extra amount investors are willing to pay over the issue price in the unlisted market.
Orkla India IPO: Should You Apply?
Analysts have shared mixed views on the IPO.
SBI Securities notes that Orkla India is virtually debt-free, has healthy margins and return ratios, and generates consistent annual cash flows of ₹300–₹400 crore. Its brands MTR and Eastern enjoy strong dominance in Karnataka and Kerala markets.
Over the past three years, Orkla India has delivered a 5% CAGR in sales, 12.9% in EBITDA, and 22.9% in PBT. However, its adjusted PAT declined from ₹338 crore in FY23 to ₹289 crore in FY25 due to a one-time tax reversal.
At the upper price band of ₹730, the IPO is valued at 34.6x FY25 earnings. SBI Securities considers it fairly valued and has assigned a ‘Neutral’ rating, preferring to monitor post-listing performance.
In contrast, Arihant Capital has given a ‘Subscribe for long-term’ recommendation, highlighting the company’s capital-efficient, debt-free business model and strong cash flow generation. The brokerage values Orkla India at a P/E of 31.68x FY25 earnings, reflecting its leadership position, steady margins, and robust growth potential.
For FY25, Orkla India reported:
Revenue: ₹2,394.7 crore
Adjusted EBITDA: ₹396.4 crore (EBITDA margin: 16.6%)
PAT: ₹255.7 crore (PAT margin: 10.7%)
Arihant also highlighted the company’s high return ratios, with ROCE at 32.7%, outperforming most peers in the FMCG sector.
About Orkla India
Formerly known as MTR Foods, Orkla India is a multi-category Indian food company manufacturing spices, masalas, ready-to-eat meals, sweets, and breakfast mixes under popular brands MTR, Eastern, and Rasoi Magic.
Currently, Orkla Asia Pacific Pte. Ltd and Orkla ASA collectively hold 90% stake, while Navas Meeran and Feroz Meeran own 5% each. The IPO is a complete Offer for Sale (OFS), meaning the company will not receive any fresh capital from this issue. All proceeds will go to the selling shareholders.
Orkla India IPO Details at a Glance
| Particulars | Details |
|---|---|
| IPO Size | ₹1,667.5 crore |
| Type | 100% Offer for Sale (OFS) |
| Price Band | ₹695 – ₹730 per share |
| Face Value | ₹2 per share |
| Lot Size | To be confirmed |
| Valuation (upper band) | ~₹10,000 crore |
| Anchor Investors Raised | ₹500 crore |
| Issue Opens | October 29, 2025 |
| Issue Closes | October 31, 2025 |
| Allotment Date | November 3, 2025 |
| Listing Date | November 6, 2025 |
| Listing Exchange | NSE & BSE |
Bottom Line
The Orkla India IPO offers investors exposure to a well-established FMCG player with strong brands, steady financials, and efficient operations. While valuations appear on the higher side, long-term investors may consider subscribing given its growth potential and dominant regional presence.
Listing Date: November 6, 2025 — all eyes will be on how Orkla India performs on debut.
