Orkla India Ltd. is set to launch its initial public offering (IPO) valued at ₹1,667.54 crore through the book-building route. The entire issue is an offer for sale (OFS) of 2.28 crore shares, which means existing shareholders will be selling their shares, and no new equity will be issued.
The IPO will open for public subscription on October 29, 2025, and close on October 31, 2025. The basis of allotment is likely to be finalised on November 3, 2025, while the company’s shares are expected to be listed on the BSE and NSE on November 6, 2025.
The price band for the issue has been fixed between ₹695 and ₹730 per share. Investors can bid for a minimum of 20 shares per lot, which requires an investment of ₹14,600 at the upper price limit. ICICI Securities Ltd. is the book-running lead manager for the issue, and Kfin Technologies Ltd. will handle the registrar responsibilities.
Orkla India Ltd. IPO Objectives
- The IPO is entirely an Offer for Sale of 2.28 crore shares. This means that the existing shareholders of Orkla India are selling their shares, and no new shares are being issued.
- Since it is a pure OFS, Orkla India Ltd. will not receive any money from the IPO. The entire proceeds from the issue, after deducting offer-related expenses and taxes, will go to the selling shareholders.
- The selling shareholders will bear all offer-related expenses, such as listing fees, legal and registrar charges, brokerage, advertising, and other regulatory costs. These expenses will be shared among the selling shareholders in proportion to the number of shares each is selling.
About Orkla India Ltd.
Orkla India is a leading multi-category Indian food company with a strong legacy. It operates under its well-known brands, MTR and Eastern. Its key product categories include Spices (pure and blended) and Convenience Foods such as ready-to-cook mixes, ready-to-eat meals, and vermicelli. It has a market cap of ₹10,000.21 Crore.
With around 400 products and an average daily sale of 2.3 million units, Orkla India ranks among the top 4 companies in revenue among leading spice and convenience food peers. The company’s deep understanding of local flavours has helped it build strong brand loyalty, especially in its core markets of Karnataka, Kerala, Andhra Pradesh, and Telangana.
Orkla India also has a strong international presence, exporting to 45 countries and holding a 22.2% market share in India’s branded spice exports. Supported by a vast distribution network and modern manufacturing facilities, the company continues to grow efficiently while maintaining high standards of quality and food safety under the guidance of its Norwegian parent, Orkla ASA.
Industry Outlook
- The Indian spices market has grown rapidly, reaching ₹1,230 billion in FY2024 and is expected to touch ₹2,080 billion by FY2029. Rising incomes, urbanisation, and demand for authentic flavours are creating growth opportunities for Orkla India.
- Consumers are increasingly choosing packaged over loose spices due to hygiene, safety, and convenience. This trend supports Orkla India’s strength in branded and packaged spice products, helping it capture a larger share of the growing market.
- Growth in e-commerce, modern retail, and regional product innovation is reshaping the market. Orkla India’s wide distribution network and focus on localised spice blends position it well to benefit from these evolving consumer trends.
How to Apply for the Orkla India IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Orkla India Ltd. IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How to Check the Allotment Status of Orkla India IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of Orkla India Ltd. IPO
Registered office: Orkla India Ltd., No.1, 2nd and 3 rd Floor, 100 Feet Inner Ring Road, Ejipura, Ashwini Layout, Vivek Nagar, Bengaluru, Karnataka, 560047
Phone: +91 8040812100
Email: investors@orklaindia.com
Orkla India Ltd. IPO Reservation
| Investor Category | Shares Offered |
| QIB (Qualified Institutional Buyers) | Not more than 50% of the Net Issue |
| Retail Investors | Not less than 35% of the Net Issue |
| NII (Non-Institutional Investors) | Not less than 15% of the Net Issue |
Orkla India Ltd. IPO Lot Size Details
| Application | Lots | Shares | Amount (₹) |
| Retail (Min) | 1 | 20 | 14,600 |
| Retail (Max) | 13 | 260 | 1,89,800 |
| S-HNI (Min) | 14 | 280 | 2,04,400 |
| S-HNI (Max) | 68 | 1,360 | 9,92,800 |
| B-HNI (Min) | 69 | 1,380 | 10,07,400 |
Orkla India Ltd. IPO Promoter Holding
The promoters of Orkla India Ltd. are Orkla ASA, Orkla Asia Holdings AS, and Orkla Asia Pacific Pte Ltd.
| Particulars | Shareholding (%) |
| Promoter Holding (Pre-Issue) | 90% |
| Promoter Holding (Post-Issue) | - |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Key Performance Indicators for Orkla India Ltd. IPO
| Particulars | Fiscal 2025 |
| Revenue from Operations Growth (%) | 1.6% |
| Adjusted EBITDA Margin (%) | 16.6% |
| Adjusted EBIT Margin (%) | 14.0% |
| PAT Margin (%) | 10.7% |
| Cash Conversion (%) | 124.8% |
Orkla India Ltd. IPO Prospectus
Orkla India Ltd. IPO Registrar and Lead Managers
Orkla India Ltd. IPO Lead Managers
- ICICI Securities Ltd.
Registrar for Orkla India Ltd. IPO
Kfin Technologies Ltd.
Phone: 04067162222, 04079611000
Email: orklaindia.ipo@kfintech.com
Website: https://ipostatus.kfintech.com/
Financial Performance of Orkla India Ltd.
| Particulars | Fiscal 2025 (₹ million) | Fiscal 2024 (₹ million) | Fiscal 2023 (₹ million) |
| Revenue from Operations | 23,947.1 | 23,560.1 | 21,724.8 |
| Revenue from customers within India | 18,721.5 | 18,792.8 | 17,677.2 |
| Consolidated volume growth | 3.5% | 1.5% | 1.8% |
| Adjusted EBITDA | 3,964.4 | 3,436.1 | 3,124.4 |
| Restated Profit for the Year (PAT) | 2,556.9 | 2,263.3 | 3,391.3 |
Orkla India Peer Comparison For FY25
| Metric | Orkla India Ltd | TATA Consumer Products Ltd |
| Revenue from Operations (₹ million) | 23,947 | 176,183 |
| Revenue CAGR 2022-25 (%) | 9.2% | 12.3% |
| EBITDA Margin (%) | 16.6% | 13.5% |
| PAT Margin (%) | 10.7% | 7.3% |
| ROCE (%) | 32.7% | 24.6% |
Strengths and Opportunities for Orkla India Ltd. IPO
- Category market leader in South India, with deep understanding of local consumer tastes.
- Dominant market shares in Karnataka (31.2%) and Kerala (41.8%) packaged spices.
- Multi-category food company, continually innovating with new products and formats like "Wok N Roll."
- Extensive distribution with MTR and Eastern, reaching over 67% of retail outlets in core markets.
- Capital efficient business model, leveraging contract manufacturing for cost-effective product launches.
- Growing profitability demonstrated by expanding Adjusted EBITDA and PAT margins year-over-year.
- Efficient working capital management and strong cash conversion ratios highlight operational discipline.
- Experienced management supported by the strong governance and global expertise of parent Orkla ASA.
Risks and Threats for Orkla India Ltd. IPO
- High raw material cost volatility affects profitability and operational stability, increasing financial risks.
- Product contamination risks may trigger regulatory actions, recalls, and reputational damage.
- Under-utilised manufacturing units reduce efficiency, increasing fixed costs and lowering profit margins.
- Supplier dependency exposes company to interruptions, price fluctuations, and limited alternative sourcing options.
- Regulatory litigation under FSS Act could result in fines, legal costs, and reputational harm.
- Third-party MTR restaurant association may negatively impact brand perception and product trust.
- Distribution network dependency risks sales disruption, channel shifts, and competitive pressure from rivals.
- Audit report qualifications signal potential financial reporting weaknesses, affecting investor confidence.
