Orkla India IPO GMP rises as company fixes price band ahead of issue launch next week

Orkla India IPO GMP rises.

Orkla India shares are quoting a grey market premium of about 10 percent ahead of the company’s initial public offering opening next week.

According to data from platforms tracking the grey market, the shares are commanding a premium of around Rs 70 in the unregulatd market. Investorgain has pegged the GMP at Rs 70, indicating a listing gain of 9.59 percent.

The company has fixed a price band of Rs 695-730 per share for the Rs 1,667 crore IPO, which will open on October 29 and close on October 31. The issue, offering only shares through an offer for sale, will see all proceeds go to selling shareholders. Bidding for anchor investors will be held on October 28.

At the upper end of the price band, the company’s valuation would be close to Rs 10,000 crore.

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Orkla India, formerly known as MTR Foods, is a multi-category packaged food company. It sells products such as spices, masalas, ready-to-eat items, sweets and breakfast mixes under brands including MTR, Eastern and Rasoi Magic.

Citing a Technopak report, the company said the domestic packaged food market was valued at Rs 10,180 billion in FY24, registering a compound annual growth rate of 10.8 per cent since FY19.

The company’s equity shares are proposed to be listed on the stock exchanges on November 6.