Issue Price for Initial Public Offering (IPO) of adani vilmare Ltd., a 50:50 Joint Venture Company between Adani Group and Wilmar Group has been finalized 230 per share.
three days Adani Wilmara IPO, which ended on January 31, got more than 17x subscriptions. The company had fixed the price band of 218-230 per share for the issue, which opened for public subscription on January 27.
Now that the price has been finalized on the upper end, the company’s market cap is approx. 30,000 crores.
The share allotment of Adani Wilmar IPO has been announced and all eyes are now on the listing of shares of the company, which is expected to make its stock market debut next week on Tuesday, February 8, 2022 on major exchanges BSE and NSE.
Meanwhile, Adani is commanding the premium (GMP) of Wilmar’s share. 33 in the gray market today, according to market observers.
Adani Wilmar raised through IPO 3,600 crore in new capital. The proceeds of the public issue will be used to fund capital expenditure, reduce debt and take over acquisitions as the company seeks to become India’s largest food and FMCG company.
Kotak Mahindra Capital Company, JP Morgan India, BofA Securities India, Credit Suisse Securities (India), ICICI Securities, HDFC Bank and BNP Paribas were the managers of the public offering.
Established in 1999, Adani Wilmar is an FMCG food company offering most of the essential kitchen items including edible oil, flour, rice, pulses and sugar. The company sells cooking oil under the Fortune brand. Apart from cooking oil, it sells food products such as rice, wheat flour and sugar.
It also sells non-food products such as soaps, handwashes and sanitizers. For the year 2020-21, the Adani Group company had reported a net profit of 728 crore on the revenue of 3,790 crores. Adani Wilmar is the seventh Adani Group company to be listed on the Indian stock exchanges.
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