Orkla India initial public offering (IPO) will open for public subscription today. The Rs 1,667-crore issue will remain open for bidding until October 31. The company raised Rs 499.6 crore from 30 institutional investors via anchor book on October 28.

Orkla India , which owns packaged food brands MTR and Eastern, has set a price band of Rs 695-730 per share. At the upper end, the valuation is estimated to be around Rs 10,000 crore.

Brokerage SBI Securities has assigned a ‘Neutral’ rating to the IPO. The brokerage noted that Orkla India is a leading player in the South Indian packaged spices and condiments market, supported by strong brand recall and consumer preference for MTR and Eastern products.

It cited the company’s diversified portfolio, wide distribution network and backing from

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