Orkla India Secures ₹500 Crore from Anchor Investors Ahead of IPO

Orkla India, the company behind popular food brands MTR Foods, Eastern Condiments, and Rasoi Magic has raised ₹499.6 crore from 30 institutional investors through its anchor book on October 28, a day before its initial public offering (IPO) opens to the public.

Orkla India IPO Details

Orkla India IPO aims to raise a total of ₹1,667.54 crore, which is entirely an offer-for-sale (OFS) of 2.28 crore equity shares by its promoters and existing shareholders, including Orkla Asia Pacific, Navas Meeran, and Feroz Meeran. The price band for the public issue has been set between ₹695 and ₹730 per share, with the subscription period running from October 29 to 31.

The IPO is being managed by ICICI Securities, Citigroup Global Markets India, JP Morgan India, and Kotak Mahindra Capital Company. As the IPO is purely an offer-for-sale, no fresh capital will be raised by the company. All proceeds will go to the selling shareholders.

Also Read:Orkla India IPO Set to Open on Oct 29: Key Risks You Should Know

Allotment of Shares to Anchor Investors

Ahead of the IPO, Orkla India allotted 68,43,900 equity shares to anchor investors at the upper end of the price band (₹730 per share).

Prominent institutional investors participating in the anchor round include Nippon Life India, Aditya Birla Sun Life AMC, Ashoka WhiteOak, Nomura Funds, Government Pension Fund Global, Jupiter Global Fund, Pinebridge Global Funds, Baroda BNP Paribas MF, LIC MF, and Edelweiss. Other participants include Tata Investment Corporation, Bajaj Finserv MF, Aurigin Master Fund, Viridian Asia Opportunities Master Fund, Société Générale, and Copthall Mauritius Investment.

According to the company, six domestic mutual funds subscribed to 29.01 lakh shares through a total of 13 schemes.

Orkla India is majority-owned by Norway-based Orkla ASA through its subsidiary Orkla Asia Pacific, which holds a 90% stake. The remaining 10% is equally shared by Navas Meeran and Feroz Meeran.

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