Mumbai, October 29, 2025:
Dalal Street is buzzing with excitement as two major IPOs — Orkla India Foods Ltd and Fusion Microfinance II Ltd — lit up investor sentiment this week. Both public issues witnessed massive demand from institutional and retail investors, signaling strong confidence in India’s mid-cap growth story.
The Orkla India Foods IPO, valued at ₹4,100 crore, was oversubscribed 2.3 times on Day 1, while Fusion Microfinance II’s ₹980 crore issue drew an impressive 3.1x subscription by noon on Wednesday.
“It’s an IPO season to remember! Both these companies have strong fundamentals and growth visibility — retail enthusiasm is the highest we’ve seen post-budget,” said Radhika Menon, Head of Research at Anand Rathi Financial Services.
🏭 Orkla India Foods: Riding the FMCG Wave
Orkla India Foods, known for its popular packaged food brands and sustainable sourcing model, has drawn massive attention from both domestic and foreign investors.
Analysts highlight that the company’s robust distribution network, 15% CAGR in revenues, and FMCG sector tailwinds make it one of the most attractive issues of 2025.
On Day 1, the retail portion was oversubscribed 2.8 times, while the QIB category saw bids worth ₹1,950 crore.
“With the FMCG sector expected to grow steadily post-Diwali, Orkla’s valuation seems fair given its expansion into Tier-2 and Tier-3 cities,” explained Amitabh Ghosh, Senior Analyst at ICICI Direct.
The IPO price band was fixed at ₹355–₹370 per share, with an expected listing premium of 15–20%, according to grey market data.
👩💼 Fusion Microfinance II: Women-Centric Lending Model Impresses Investors
Fusion Microfinance II, which focuses on women entrepreneurs in rural India, became another investor favorite. Backed by strong institutional support, the company’s IPO saw robust demand from HNIs and retail investors alike.
The firm reported a net profit jump of 26% YoY in FY25, reflecting its operational efficiency and growing loan book.
“Microfinance companies have been outperformers in the last 12 months. Fusion’s clean loan book and high collection efficiency make it a fundamentally strong play,” noted Neha Chauhan, Analyst at Prabhudas Lilladher.
The IPO’s price band of ₹425–₹440 per share is considered attractively priced. GMP trackers showed a premium of ₹52–₹58 per share, indicating potential listing gains.
💬 Market Experts on the IPO Rush
Both issues opened amid high optimism as India’s IPO market continues its post-pandemic revival. Analysts see a clear trend of retail participation increasing, driven by easy online application processes and strong returns from previous listings like CromaTech and Senco Finance earlier this year.
“Retail investors are no longer shy of IPOs. They understand business models, valuations, and risk better. The confidence is real,” said Ajay Kakkar, market veteran and ex-CFO of HDFC Securities.
According to data from NSE, over 9 lakh applications were received within the first six hours of bidding.
🌏 IPO Trend: India Leads Global Listings
Interestingly, India’s IPO market has outperformed several global peers in 2025.
While IPO activity in the U.S. and Europe remains subdued, India recorded over 47 listings this year, raising nearly ₹62,000 crore, making it Asia’s most active IPO destination after China.
“India’s macroeconomic stability, digital penetration, and retail investor base have made it a global IPO hotspot,” said Rakesh Verma, Economist at PwC India.
💰 Investor Tips: What Should You Watch?
Market experts recommend focusing on:
Companies with steady earnings and clear growth visibility
IPOs backed by strong brand equity or niche segments
Avoiding overhyped issues with high valuations
“If you’re investing in IPOs this festive season, check fundamentals and avoid speculative rushes,” advises Menon of Anand Rathi.
🎯 Outlook: IPO Season to Continue Till December
The success of Orkla and Fusion IPOs may pave the way for more listings in November and December, including Mamaearth Retail, RBL FinTech, and Zetaverse Technologies.
Dalal Street expects this trend to continue, especially as liquidity remains abundant and domestic consumption surges ahead of the festive season.
“We’re in a golden phase for Indian IPOs — both participation and performance are strong,” concluded Verma.
🧭 Key Takeaways
📊 Orkla India Foods oversubscribed 2.3x on Day 1
💸 Fusion Microfinance II sees 3.1x bids within hours
🧾 Grey Market Premiums hint at 15–20% listing gains
🌍 India ranks among top 3 global IPO markets in 2025
💥 Retail participation at all-time high
