Adani Wilmar IPO opens today: Should you subscribe? Here's all you need to know
Investors can bid for a lot of 65 shares, or its multiples afterwards and the minimum investment required for one lot will be Rs 14,950, at the upper range of the price band
The Initial Public Offering (IPO) of Adani Wilmar opens today, 27 January. The price band of the company shares is in the range of Rs 218-230 apiece. The subscription of Adani Wilmar will close on 31 January.
The edible oil manufacturer is looking to raise Rs 3,600 crore from its public issue. Adani Wilmar has already managed to raise almost Rs 940 crore from anchor investors ahead of its public issue.
Earlier, the company had announced a public issue of Rs 4,500 crore, but later downgraded the amount to Rs 3,600 crore.
Adani Wilmar’s IPO will comprise of fresh issue only. The proceeds from the IPO will be used for general corporate purposes, capital expenditure, funding strategic acquisition investments and repayment of debt, according to news reports.
Investors can bid for a lot of 65 shares, or its multiples afterwards. The minimum investment required for one lot will be Rs 14,950, at the upper range of the price band.
Of the total issue size, 50 percent has been reserved for Qualified Institutional Buyers (QIBs). Of the remaining issue of Adani Wilmar, 15 percent is reserved for non-institutional investors and 35 percent for retail investors.
The shares of Adani Wilmar are expected to be allotted on 3 February. The company will be listed on the Bombay Stock Exchange and National Stock Exchange on 8 February.
The Grey Market Premium (GMP) of the company has remained at Rs 45, according to Live Mint.
Link Intime India is the registrar of the Adani Wilmar issue while HDFC Bank, ICICI Securities, BNP Paribas, BofA Securities India, JP Morgan India, Credit Suisse Securities (India) and Kotak Mahindra Capital Company are the book running lead managers to the offer.
Adani Wilmar is a 50:50 joint venture between Singapore’s Wilmar Group and the Adani Group. The company’s products span the industry essentials, edible oil and packaged food and Fast Moving Consumer Goods (FMCG) categories. It also sells various FMCG and cooking oils products under the Fortune brand. The company has 22 plants across 10 states in India, which include 19 refineries and 10 crushing units.
The edible oil manufacturer’s profits rose to Rs 357 crore in April-September 2021. Adani Wilmar is the seventh company from the Adani Group to list on the exchanges.
On the BSE, the LIC shares got listed at Rs 867.20 apiece, down 8.62 per cent over the issue price of Rs 949 a share
LIC shares listed at a discount even as the benchmark BSE Sensex opened with gains later soared over 2 per cent
LIC had last month reduced its IPO size to 3.5 per cent from 5 per cent decided earlier due to the prevailing choppy market conditions