Shares of Adani Wilmar will be listed at the bourses on Tuesday after the successful completion of IPO. The company has fixed the IPO price as ₹230 a share, at the upper end of the price band ₹218-230. The initial public offering (IPO) of Adani Wilmar, the joint venture between Adani Group and Wilmar Group of Singapore, was subscribed over 17.37 times.
The ₹3,600-crore IPO of edible oil major, which opened between January 27 and 31, had received bids for 212.87 crore shares against an offer size of 12.25 crore shares.
HNIs portion saw huge response
While qualified institutional investors put in bids for 5.73 times of the portion reserved for them, the quota for retail investors was subscribed 3.92 times and for non-institutional investors (High net worth individuals) by 56.3 times.
Adani Wilmar has also reserved a part of IPO shares for its employees and shareholders, which has seen a subscription of 51 percent and 33.33 times, respectively.
Ahead of the issue, Adani Wilmar had raised ₹940 crore from anchor investors by allocating around 4.09 crore equity shares at ₹230 apiece.
Among the anchor investors included Government of Singapore, Monetary Authority of Singapore, Jupiter India Fund, Volrado Venture Partners Fund, Societe Generale, Cohesion MK Best Ideas, Winro Commercial and Dovetail India Fund. Besides, fund houses such as HDFC Mutual Fund, Nippon Life India Trustee, Aditya Birla Sun Life Trustee and Sun Life Excel India Fund also participated in the anchor book.
Adani Wilmar, which sells cooking oils and other food products under the Fortune brand, is a 50:50 joint venture between business conglomerate Adani group and Singapore-based Wilmar.