In late 2025, India’s primary markets will remain active with consumer brands tapping investors. Orkla India Limited—the company behind MTR Foods, Eastern Condiments, and Rasoi Magic—opens its IPO on October 29, 2025. Below is a structured look at the company, its IPO, and the outlook.
About Orkla India Ltd.
Incorporated in 1996, Orkla India Limited is an Indian food company with a portfolio spanning breakfast mixes, ready-to-cook (RTC), ready-to-eat (RTE) meals, spices, snacks, beverages, and desserts.
Flagship brands include:
- MTR Foods — instant mixes, masalas, RTC/RTE, vermicelli, snacks, beverages.
- Eastern Condiments — spices and convenience foods.
- Rasoi Magic — spice mixes and meal solutions.
Presence & Scale: Strong coverage across India (core markets: Karnataka, Kerala, Andhra Pradesh, Telangana), exports to ~42 countries (GCC, US, Canada), 400+ products, average 2.3 million units sold/day in FY25.
Manufacturing: 9 plants in India (installed capacity 182,270 TPA) plus contract manufacturing in India, UAE, Thailand, Malaysia.
Distribution: 834 distributors and 1,888 sub-distributors across 28 states and 6 UTs.
Promoters: Orkla ASA, Orkla Asia Holdings AS, Orkla Asia Pacific Pte Ltd.
Orkla India IPO Details
| Particulars | Details |
| IPO Type | Bookbuilding |
| Sale Type | Offer for Sale (OFS) only |
| IPO Size | ₹1,667.54 crore |
| Total Offer | 2,28,43,004 shares |
| Face Value | ₹1 per share |
| Price Band | ₹695 – ₹730 per share |
| Lot Size | 20 shares |
| Listing | BSE, NSE |
| Employee Discount | ₹69 per share |
| Lead Manager | ICICI Securities Ltd. |
| Registrar | Kfin Technologies Ltd. |
| Pre-Issue Shares | 13,69,89,230 |
| Post-Issue Shares | 13,69,89,230 |
Important IPO Timeline
| Event | Date |
| IPO Open Date | Wed, Oct 29, 2025 |
| IPO Close Date | Fri, Oct 31, 2025 |
| Tentative Allotment | Mon, Nov 3, 2025 |
| Initiation of Refunds | Tue, Nov 4, 2025 |
| Credit of Shares to Demat | Tue, Nov 4, 2025 |
| Tentative Listing Date | Thu, Nov 6, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Fri, Oct 31, 2025 |
IPO Reservation
| Investor Category | Allocation Guideline |
| QIB | Not more than 50% of Net Offer |
| Retail (RII) | Not less than 35% of Net Offer |
| NII (HNI) | Not less than 15% of Net Offer |
Orkla India IPO Lot Size
| Application | Lots | Shares | Amount (at ₹730) |
| 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 Promoter Holding
| Pre-Issue | Post-Issue | |
| Promoter Holding | 90.01% | 75% |
Orkla India Ltd. Financials (Restated)
Amount in ₹ Crore
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 3,158.20 | 3,171.30 | 3,375.19 | 3,101.96 |
| Total Income | 605.38 | 2,455.24 | 2,387.99 | 2,201.44 |
| Profit After Tax | 78.92 | 255.69 | 226.33 | 339.13 |
| EBITDA | 111.75 | 396.44 | 343.61 | 312.44 |
| Net Worth | 1,931.12 | 1,853.47 | 2,201.48 | 2,237.69 |
| Reserves & Surplus | 2,523.56 | 2,445.80 | 2,793.35 | 2,227.28 |
| Total Borrowing | 2.33 | — | 3.77 | 34.99 |
Key Performance Indicators (KPI)
| KPI | Value |
| Market Capitalisation (at issue terms) | ₹10,000.21 Cr |
| ROCE | 32.70% |
| RoNW | 13.80% |
| PAT Margin | 10.70% |
| EBITDA Margin | 16.60% |
| Price to Book | 5.40 |
| EPS (Pre / Post) | ₹18.67 / ₹23.04 |
| P/E (Pre / Post) | 39.11x / 31.68x |
Objects of the Offer (OFS)
As this is a pure OFS, the company will not receive the proceeds. Net proceeds are toward offer-related expenses, including (illustrative list as provided):
- Fees/commissions to BRLMs, registrar, and other intermediaries
- Advertising & marketing for the Offer
- Exchange listing, SEBI filing, processing and software fees
- Broker/processing charges to market intermediaries
- Printing & distribution of offer materials
- Legal, audit, professional fees and miscellaneous expenses
Industry Outlook
India’s packaged foods & spices categories benefit from:
- Rising household penetration of branded foods and RTC/RTE convenience
- Regional taste leadership translating to national brand scale
- Expanding modern trade, quick commerce, and e-commerce channels
- Export potential to GCC and developed markets via diaspora demand
With strong brands (MTR, Eastern, Rasoi Magic), multi-category presence, and broad distribution, Orkla India is positioned to leverage these trends.
Orkla India IPO: Peer Comparison
Orkla India IPO can be compared with peers like Tata Consumer Products Ltd, which operates in the fast-moving consumer goods (FMCG) and packaged food sector. Reviewing these companies helps investors understand Orkla India’s position in India’s growing branded food and beverage space, assess its competitive strengths in product diversity, regional reach, and profitability, and make informed investment decisions.
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Conclusion
Orkla India IPO provides exposure to a scaled, brand-led packaged foods player with deep regional strength and export reach. Financials indicate steady growth, healthy margins, and robust ROCE.
Key investor considerations:
- This is a 100% OFS (no fresh capital to the company).
- Monitor raw material (agri/commodities) inflation and competitive intensity in spices/RTC/RTE.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
