Orkla India IPO gets subscribed 48.73 times on final day

New Delhi, Oct 31 (PTI) The initial public offer of Orkla India Ltd got subscribed 48.73 times on the final day of bidding on Friday.

The Rs 1,667-crore IPO received bids for 77,96,62,280 shares against 1,59,99,104 shares on offer in three-day bidding, according to details available with the NSE.

Qualified Institutional Buyers' (QIBs) category fetched 117.63 times subscription while the quota for non-institutional investors garnered 54.42 times subscription. Retail Individual Investors (RIIs) part received 7.05 times subscription.

Orkla India on Tuesday said it has raised around Rs 500 crore from anchor investors.

It has fixed a price band of Rs 695 to Rs 730 per share, aiming for a valuation of around Rs 10,000 crore at the upper end.

The company's IPO is a complete offer for sale (OFS) of 2.28 crore equity shares by the promoter and other shareholders, with no fresh issue component.

Since it is an OFS, the company will not receive any proceeds from the IPO, and the entire money will go to the selling shareholders.

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

The company sells its products under the brands MTR and Eastern.

Orkla India will make its debut on the stock exchanges on November 6.

ICICI Securities, Citigroup Global Markets India, J P Morgan India and Kotak Mahindra Capital Company are the book-running lead managers to the offer. PTI SUM SUM MR