Orkla India IPO Dips: A Rollercoaster Market Debut

Orkla India Ltd's IPO, featuring brands like MTR and Eastern, witnessed a modest debut. Despite an initial rise on BSE and NSE, shares closed lower, underscoring volatile market sentiment. The Rs 1,667-crore offer, a complete offer for sale, was oversubscribed 48.73 times in the bidding phase.

Orkla India Ltd, operator of culinary staples MTR and Eastern, saw its shares close over 2% lower than the issue price, marking a lackluster debut in the stock market on Thursday.

After opening at Rs 751.50 on the BSE, the stock's intraday movement showcased volatility, peaking at Rs 755 and dipping to Rs 693.35 before settling at Rs 713.40. It mirrored similar traits on the NSE, listing at Rs 750.10 before closing at Rs 713.65.

The company's Rs 1,667-crore IPO, entirely an offer for sale with no fresh issue, saw robust demand, being subscribed 48.73 times. Orkla India, a dynamic entity in the Indian food market, remains a popular choice due to its signature spice and ready-to-eat brands.

(With inputs from agencies.)