Shares of Orkla India Ltd, which owns spices and condiments brands MTR and Eastern, on Thursday ended over 2% lower against the issue price of ₹730.
The stock started trading at ₹751.50, up 2.94% from the issue price on the BSE. During the day, it hit a high of ₹755 and a low of ₹693.35. The stock later ended at ₹713.40, down 2.27%.
On the NSE, it listed at ₹750.10, a premium of 2.75%. The stock ended at ₹713.65, a decline of 2.23%.
The company's market valuation stood at ₹9,772.81 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 ₹695 to ₹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.
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