Orkla India, the maker of iconic South Indian food brands MTR Foods, Eastern Condiments, and Rasoi Magic, has successfully raised INR 499.6 crore from 30 marquee anchor investors ahead of its much-anticipated Initial Public Offering (IPO). The anchor book allocation, finalized on 28 October 2025, marks a strong vote of confidence from both domestic and global institutional investors.
Orkla India Anchor Book Overview
According to the company’s communication to stock exchanges, the Board of Directors of Orkla India approved the allocation of 68,43,900 equity shares of face value INR 1 each to anchor investors at the upper end of the price band—INR 730 per share (including a premium of INR 729). The total anchor portion amounts to INR 499.60 crore.
The anchor round saw participation from a mix of global funds, domestic mutual funds, and institutional investors. Prominent names among them include Nippon Life India Mutual Fund, Aditya Birla Sun Life Mutual Fund, LIC Mutual Fund, Baroda BNP Paribas Mutual Fund, Nomura Funds Ireland, Government Pension Fund Global, Jupiter India Fund, PineBridge Global Funds, Edelweiss Mutual Fund, and Tata Investment Corporation.
Other significant participants included Bajaj Finserv Consumption Fund, Aurigin Master Fund, Amundsen Diversified Master Fund ICAV, Société Générale – ODI, and Copthall Mauritius Investment Limited.
Out of the total allocation, 29,01,920 equity shares (42.4%) were allotted to six domestic mutual funds through a total of 13 schemes, underlining robust domestic institutional interest.
Orkla India Anchor Investors and Key Allocations
Among the largest allocations were:
- Nippon Life India Trustee – Nippon India Small Cap Fund: 8,34,560 shares (INR 60.92 crore)
- Aditya Birla Sun Life Consumption Fund: 5,47,960 shares (INR 40 crore)
- Nomura Funds Ireland – India Equity Fund: 6,84,940 shares (INR 50 crore)
- Government Pension Fund Global: 3,96,160 shares (INR 28.92 crore)
- Jupiter India Fund: 4,65,840 shares (INR 34.01 crore)
- Ashoka WhiteOak India Opportunities Fund: 5,01,400 shares (INR 36.60 crore)
- PineBridge Global Funds: 3,96,160 shares (INR 28.92 crore)
- Tata Investment Corporation and Reliance General Insurance: 1,78,080 shares each (INR 13 crore)
Orkla India IPO Structure and Details
The INR 1,667.54 crore IPO of Orkla India is entirely an Offer for Sale (OFS) of 2.28 crore equity shares by the promoter and existing shareholders — Orkla Asia Pacific, and individuals Navas Meeran and Feroz Meeran. There is no fresh issue component, meaning the company will not receive any proceeds; the funds will go entirely to selling shareholders.
Orkla Asia Pacific, a subsidiary of Norwegian conglomerate Orkla ASA, currently holds a 90% stake in Orkla India, while Navas Meeran and Feroz Meeran own 5% each. The IPO price band has been set at INR 695–730 per share, implying a market capitalization of around INR 10,000 crore at the upper end.
The issue opens for subscription on 29 October 2025 and closes on 31 October 2025. The allotment is expected to be finalized on 03 November 2025, with listing scheduled for 06 November 2025 on both the BSE and NSE.
Company Overview
Founded in 1996, Orkla India is one of India’s leading multi-category food enterprises, operating with a legacy of rich culinary heritage. Its portfolio spans over 400 products, ranging from blended and pure spices to convenience foods such as ready-to-cook (RTC) and ready-to-eat (RTE) meals, breakfast mixes, snacks, and desserts.
The company operates nine manufacturing facilities in India with a combined installed capacity of 1,82,270 TPA, supported by 21 contract manufacturers across India, the UAE, Thailand, and Malaysia. It maintains a robust distribution network with 843 distributors, 1,800 sub-distributors, and more than 6.86 lakh retail touchpoints across India.
Exports contribute significantly to the business, generating INR 486.17 crore (20.6%) of total sales in FY25 across more than 40 international markets, including the GCC countries, the United States, and Canada.
Financial Performance
For the fiscal year ended 31 March 2025, Orkla India reported:
- Revenue: INR 2,455.24 crore
- Profit After Tax (PAT): INR 255.69 crore
- EBITDA: INR 396.44 crore
- Net Worth: INR 1,853.47 crore
The company’s financials reflect steady growth with a 13% rise in PAT and 3% revenue growth over FY24. Its debt level stands at only INR 2.33 crore, highlighting a robust and well-capitalized balance sheet.
At the IPO’s upper price band, the company’s P/E ratio stands between 37.17–39.04, with Return on Net Worth (RONW) at 13.8% and EBITDA margin at 16.6% for FY25.
Market Sentiment and Grey Market Premium
Ahead of the IPO opening, Orkla India’s shares were commanding a grey market premium (GMP) of INR 78 per share on 29 October 2025, indicating a potential 10.7% listing gain over the issue price. The GMP trend, observed over the preceding days, showed active investor appetite for the offering.
IPO Management
The issue is managed by ICICI Securities, Citigroup Global Markets India, J.P. Morgan India, and Kotak Mahindra Capital as Book Running Lead Managers (BRLMs). The registrar for the offer is KFin Technologies.
Conclusion
The robust Orkla India anchor book subscription highlights strong institutional confidence in its business model, brand portfolio, and growth trajectory. With a legacy built on the trusted MTR and Eastern brands and a well-diversified product range, the company enters the public market on a solid foundation.
If investor enthusiasm in the anchor round is any indication, Orkla India’s debut on 06 November 2025 could set a positive tone for the broader IPO market heading into November.
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