Orkla India makes modest market debut; lists around 3% above IPO price

New Delhi: Shares of Orkla India Ltd, which owns spices and condiments brands MTR and Eastern, on Thursday listed with a premium of nearly 3 per cent against the issue price of Rs 730.

The stock started trading at Rs 751.50, up 2.94 per cent from the issue price on the BSE.

At the NSE, it listed at Rs 750.10, a premium of 2.75 per cent.

The company's market valuation stood at Rs 9,561.85 crore.

The initial public offer of Orkla India Ltd got subscribed 48.73 times on the final day of bidding on Friday last week.

The Rs 1,667-crore IPO had a price band of Rs 695 to Rs 730 per share.

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

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.