Core Insights - Orkla India's IPO is priced at Rs 730 per share, involving an offer for sale of 2.28 crore shares, with shares credited on November 4 and listing on BSE and NSE on November 6 [1][7] - The grey market premium (GMP) is approximately 13%, indicating a potential listing gain of nearly Rs 95 per share [1][7] - The IPO has garnered strong institutional interest, raising Rs 500 crore from prominent investors prior to the public issue [2][7] Company Overview - Orkla India, a subsidiary of Norwegian parent Orkla ASA, is a leading packaged food company in India, operating nine manufacturing facilities and offering over 400 products [7][9] - The company is well-known for its popular food brands, including MTR Foods, Eastern Condiments, and Rasoi Magic, with a significant presence in South India and exports to 42 countries [2][7] IPO Details - The IPO was open for subscription from October 29 to October 31, achieving an overall subscription rate of 48.74 times, with QIB portion subscribed 117.6 times, NII 54.4 times, and retail 7.06 times [8][9] - The IPO is entirely an offer for sale by existing promoters, reducing their stake from 90.01% to 75% post-listing [7][9] - Analysts anticipate a stable-to-positive debut for the stock, contingent on broader market sentiment on the listing day [7][9]

Core Insights - The Orkla India IPO has garnered significant interest, being subscribed 2.70 times by the end of Day 2, with strong participation from Retail Individual Investors (RIIs) and Non-Institutional Investors (NIIs) [2][6][12] - The grey market premium (GMP) for the IPO is reported at Rs 70, suggesting a potential listing price of around Rs 800, reflecting positive investor sentiment [6][10] - The IPO is a complete Offer for Sale (OFS) by Orkla ASA, with no fresh capital being raised, and the price band set between Rs 695 and Rs 730 per share [7][13] Company Overview - Orkla India, established in 1996, is a leading player in the packaged foods and condiments sector, offering over 400 products, including instant mixes, spices, and ready-to-eat meals [8][17] - The company holds a significant market share in South India, with flagship brands MTR and Eastern commanding a 31–42% market share in key markets and an 18.6% share in India's overall convenience food segment [8][17] - Orkla India operates nine manufacturing facilities across India, with a total production capacity of 182,000 tonnes per annum, supported by a robust distribution network [9][17] Financial Performance - In FY25, Orkla India reported a total income of Rs 2,455 crore and a net profit of Rs 256 crore, reflecting a 13% year-on-year growth [10][17] - The company achieved an EBITDA margin of 16.6% and a return on capital employed (ROCE) of 32.7%, indicating strong profitability and operational efficiency [10][17] Analyst Perspectives - Analysts view the Orkla India IPO as an opportunity to invest in a market-leading company with a diverse product portfolio and strong export performance [12][15] - The valuation at the upper end of the price band of Rs 730 translates to a market capitalization of approximately Rs 10,000 crore, with a P/E ratio of around 31.7x based on FY26 annualized earnings [13][16] - Recommendations from analysts suggest a "Subscribe for Long-Term" rating, highlighting the company's strong distribution network and backing from its global parent as key positives for investors [14][16]

Company Overview - Orkla India is launching an initial public offering (IPO) of 2.28 crore equity shares, totaling Rs 1,667.54 crore, with no fresh capital being raised, as proceeds will go entirely to selling shareholders, mainly Orkla ASA and its affiliates [6][12] - The IPO is priced in the range of Rs 695–730 per share, requiring a minimum investment of Rs 14,600 for retail investors [6][12] - The shares are expected to be listed on both NSE and BSE on November 6, 2025 [2][12] Business Snapshot - Orkla India owns well-known consumer brands such as MTR Foods, Eastern Condiments, and Rasoi Magic, making it a significant player in the Indian packaged foods market [7][12] - The company operates nine manufacturing facilities in India and utilizes contract manufacturing in the UAE, Thailand, and Malaysia, selling over 2.3 million units daily across 28 states and 6 union territories, with exports to 42 countries [7][8][12] - Orkla is a category leader in southern India and is expanding its presence nationally, supported by a distribution network of 834 distributors and 1,888 sub-distributors [8][12] Financial Highlights - For FY25, Orkla India reported revenue of Rs 2,455 crore, a 3% year-on-year increase, with profit after tax (PAT) rising 13% YoY to Rs 256 crore [9][12] - The company's EBITDA was Rs 396 crore, reflecting healthy margins of 16.6%, and the PAT margin stood at 10.7%, indicating strong operational efficiency [9][12] Debt and Valuation - As of March 2025, Orkla India had negligible debt of Rs 2 crore, making it virtually debt-free, with a return on capital employed (ROCE) of 32.7% and return on net worth (RoNW) of 13.8% [10][12] - At the top end of the price band, the IPO values Orkla India at a post-issue P/E of 31.7x and a market capitalization of around Rs 10,000 crore, comparable to FMCG peers like Marico and Tata Consumer [11][12] Growth Drivers - Analysts highlight significant long-term potential for Orkla India as demand for packaged foods in India grows, driven by urbanization and convenience-oriented lifestyles [11][12] - The company's focus on value-added regional brands and category innovation is expected to support sustained growth in the coming years [11][12]

Core Insights - The upcoming IPO of Canara Robeco Asset Management Company Limited (CRAMC) is set to open for public subscription from October 9 to October 13, with shares expected to be allotted on October 14 and listed on October 16 [1][5][9] IPO Details - The IPO has a price band of Rs 253 to Rs 266 per equity share, with a face value of Rs 10, and a minimum bid lot size of 56 equity shares [6][9] - The total offer size for the IPO is Rs 1,326 crore, which is entirely an offer-for-sale (OFS) by promoter shareholders, including Canara Bank and ORIX Corporation Europe N.V. [6][9] - At the upper end of the price band, the price-to-earnings (P/E) ratio based on FY25 diluted EPS is 27.82 times, while at the lower end it is 26.46 times [6][9] - The weighted average return on net worth over the past three financial years is reported at 30.97% [6][9] Financial Performance - As of June 30, 2025, Canara Robeco AMC reported closing Assets Under Management (AUM) of Rs 1,175.13 billion, with an average AUM of Rs 1,110.52 billion for the same period [7][9] - The company earned Rs 927.13 million in management fees, with total revenue from operations standing at Rs 1,210.69 million [7][9] Investor Sentiment - The grey market premium (GMP) for the IPO is currently between Rs 33 and Rs 35, indicating a premium of approximately 12.41% over the upper price band, reflecting positive investor sentiment and interest [2][9] - A higher GMP may suggest expectations of strong listing-day performance, although it is based on market rumors and does not guarantee actual gains [4][9] Allocation Structure - The IPO allocation will reserve not more than 50% of the net offer for Qualified Institutional Buyers (QIBs), at least 15% for Non-Institutional Investors (NIIs), and a minimum of 35% for Retail Individual Investors (RIIs) [8][9]