Orkla India was a new listing today and it was a quite timid; as against the IPO price of Rs.730, it got listed on the BSE at Rs.751.50,rose to Rs.755 but soon fizzled below the IPO price to Rs.693 and is now trading at Rs.726.

The IPO had overall subscribed 48.73x, with QIBs at the highest at 117.63x, HNIs at 54.42 and Retail at 7.05x.

Orkla India is a spices and convenience food (ready-to-eat, ready-to-cook) company owning brands MTR and Eastern, which are 101 and 41 year old brands respectively. Company enjoys 19% all India market share, in convenience foods, with leading presence in South Indian states of Karnataka, Kerala, Andhra Pradesh, Telangana.

In our IPO Analysis, we had concluded - Orkla India’s IPO can be skipped for now and must be tracked for quarterly financial performance post listing.