The issue price for the initial public offering (IPO) of Adani Wilmar Ltd, a 50:50 joint venture company between the Adani group and the Wilmar group, has been finalised at ₹230 per share.
The three-day IPO of Adani Wilmar, that concluded on January 31, saw more than 17 times subscription. The company had set a price band of ₹218-230 per share for the issue, which opened for public subscription on January 27.
Now that the pricing is finalised at the upper end, the company’s market cap works out to nearly ₹30,000 crore.
Adani Wilmar IPO’s share allotment has been announced and all eyes are now on the company’s shares listing which is expected to make its stock market debut on leading exchanges BSE and NSE next week on Tuesday, February 8, 2022.
Meanwhile, Adani Wilmar shares are commanding a premium (GMP) of ₹33 in the grey market today, as per market observers.
Through the IPO, Adani Wilmar raised ₹3,600 crore in fresh capital. 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.
Kotak Mahindra Capital Company, J P Morgan India, BofA Securities India, Credit Suisse Securities (India), ICICI Securities, HDFC Bank and BNP Paribas were the managers to the public offer.
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. For the year 2020-21, the Adani Group company had reported net profit of ₹728 crore on revenue of ₹3,790 crore. Adani Wilmar the seventh Adani group company to list on the Indian stock exchanges.
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