scorecardresearchNew high! Adani Wilmar extend gains, jumping 38% from its issue price of <span class='webrupee'>₹</span>230

New high! Adani Wilmar extend gains, jumping 38% from its issue price of 230

Updated: 09 Feb 2022, 11:19 AM IST
TL;DR.

Shares of Adani Wilmar hit a new high of 317.45 on the BSE, rising nearly 20 percent in intra-day deals as they extended listing day gains.

Adani Wilamr stock hits new high

Adani Wilamr stock hits new high

Shares of Adani Wilmar hit a new high of 317.45 on the BSE, rising nearly 20 percent in intra-day deals as they extended listing day gains. The stock has surged 38 percent from its issue price of 230 per share.

At 11:10 am, the stock was trading 17.80 percent higher at 312.40 per share on the BSE. In comparison, the Sensex was up 0.66 percent (383 points) at 58,191.88.

While the stock listed at 221 on BSE, down 4 percent from its issue price, it soon recovered to end 20 percent higher (from its listing price) at 265. On the NSE, it had listed with a minor loss of 1 percent at 227.

The IPO of Adani Wilmar, which was a 50:50 joint venture between the Adani Group and Singapore's Wilmar Group was open for subscription between January 27 and January 31. It was subscribed more than 17 times during this period.

The 3,600 crore-IPO had fixed a price band of 218-230 per share for the IPO. The firm sells its cooking oils and other food products under the Fortune brand. The firm's product portfolio is spread across three categories, - 1) Edible Oil, 2) Packaged food & FMCG – like wheat flour, rice, pulses, and sugar 3) Industry essentials.

Adani Wilmar is the seventh listed company of Adani Group. 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.

"Adani Wilmar benefits from its parentage, leveraging the in-depth understanding of local markets, extensive experience in domestic trading and advanced logistics network. The company has successfully managed to develop its “Fortune” brand in the edible oil category with a leadership position in the last 20 years," ICICI Securities had said in a note.

Meanwhile, the firm has informed exchanges that its board of directors will meet on February 14, 2022, to consider and approve unaudited financial results for the quarter and nine months ended on December 31, 2021.

 

Article
We explain here 8 most anticipated IPOs of 2022
First Published: 09 Feb 2022, 11:19 AM IST