Adani Wilmar to list on February 8, m-cap at Rs 30,000 crore a | Start Learning

Adani Wilmar to list on February 8, m-cap at Rs 30,000 crore as issue priced at upper end of band

Adani Wilmar IPO | At the upper price band, the company is valued at Rs 29,898.57 crore, the market capitalisation

Adani Wilmar, the joint venture between Adani Group and Wilmar Group (Singapore), has fixed a price of Rs 230 a share, the upper end of the Rs 218-230 price band, for its initial public offering (IPO). The shares will list on the bourses on February 8.

The offer, which witnessed strong response from investors, closed for subscription on January 31. It saw a 17.37 times subscription as non-institutional investors were at the forefront with bids 56.3 times the allotted quota.

The participation from shareholders, too, was strong as their portion was subscribed 33.33 times and that of employees was booked 51 percent. Qualified institutional investors and non-institutional investors also supported the issue, buying shares 5.73 times and 3.92 times the portion set aside for them, respectively.

At the upper end of the price band, the company’s market capitalisation is valued at Rs 29,898.57 crore.

The FMCG food company raised Rs 3,600 crore through its issue. The final amount received by the company after deducting issue expenses is Rs 3,471.48 crore, which will be utilised for capital expenditure, repaying debts, and strategic acquisitions and investments, besides general corporate purposes.

In the grey market, Adani Wilmar shares traded at a premium of Rs 30-35 or 13-15 percent over the final issue price of Rs 230 a share, or a price of Rs 260-265 per share, as per IPO Watch and IPO Central.
Adani Wilmar offers primary kitchen commodities, including edible oil, wheat flour, rice, pulses and sugar, operating 22 plants in 10 states. Its branded products accounted for approximately 73 percent of the edible oil and food and FMCG sales volume for financial year 2021.

Fortune, the company’s flagship brand, is the largest selling edible oil brand in India.

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