Adani Wilmar is a 50:50 joint venture between Gautam Adani’s Adani group and Singapore-based Wilmar group. It sells cooking oils and some other products under the Fortune brand.
A day before listing, the Gautam Adani-led company was commanding a premium of Rs 22-25 in the unofficial market, merely 10 per cent over its issue price. The issue was commanding a premium of Rs 100 earlier.
The IPO of Adani Wilmar was open for subscription between January 27-31 when the company sold its shares in the price band of Rs 218-230 apiece.
The company raised Rs 3,600 crore via its initial stake sale as the issue was subscribed 17.37 times, thanks to heavy bidding from HNI investors.
The QIB quota was subscribed 5.73 times, whereas the HNI portion was subscribed 56.3 times. Retail allocation fetched bids for a little less than 4 times. Employee reservation received merely 50 per cent subscription.
Adani Wilmar will be the seventh listed company of the Adani Group, which has already established itself as a brand in the FMCG sector. The company is a leader in branded edible oils and packaged foods in India.