02 Feb , 2022 By : Kanchan Joshi
Adani Wilmar's three-day initial public offering (IPO) saw more than 17 times subscription. Adani Wilmar, the joint venture between Adani Group and Wilmar Group of Singapore, had set a price band of Rs218-230 per share for the IPO, which opened for bidding on January 27, 2022 and closed on January 31.
Retail investors subscribed 3.92 times their part of allotted shares. Non-institutional investors sought 56 times more shares than the 2.15 crore shares reserved for them. Qualified institutional investors put in bids for 5.73 times of the portion reserved for them.
As per market observers, Adani Wilmar shares are commanding a premium (GMP) of Rs32 in the grey market today. The company's shares are expected to list on leading stock exchanges BSE and NSE on February 8, 2022.
The finalization of basis of share allotment of Adani Wilmar is expected to take place this week on Thursday, February 3, 2022 and if allotted, then the credit of shares to demat account of bidders will be done on February 7. The registrar for this IPO is Link Intime India Private Ltd, therefore the allotment application can be checked on its website here or on the BSE website here.
Incorporated in 1999, Adani Wilmar is an FMCG food company offering most of the essential kitchen commodities, including edible oil, flour, rice, pulses and sugar. The company sells cooking oils under the Fortune brand. Apart from cooking oils, it sells food products like rice, wheat flour, and sugar. It also sells non-food products like soap, handwash, and sanitisers.
The public issue of Adani Wilmar comprised only fresh issue of equity shares. At the top-end, the company's market cap works out to nearly Rs30,000 crore.
The proceeds of the public issue will be used to fund capital expenditure, reduce debt and for acquisitions as the company seeks to become India's biggest food and FMCG company.
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