The issue was subscribed 27 per cent by 12.40 pm. It saw applications for 3,31,21,205 shares so far against the total issue size of 12,25,46,150 shares. The IPO is entirely a fresh issue of shares.
Ahead of the IPO, the company mobilised Rs 940 crore from 15 anchor investors. 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 were among marquee foreign investors. HDFC Mutual Fund, Nippon Life India Trustee, Aditya Birla Sun Life Trustee, and Sun Life Excel India Fund also participated in the anchor round.
The company is selling its shares in the price range of Rs 218-230 apiece. Investors can bid for a minimum of 65 equity shares and in multiples of 65 thereof. The issue can be subscribed till January 31, Monday.
Majority of the brokerages are positive on the issue and have suggested investors to bid for the IPO citing its reasonable valuations, growth plans for the future, robust product line, sound balance sheet and strong parentage.
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.
The company is a top player in large categories of soya oil and mustard oil, Reliance Securities said in its IPO note. It said that Adani Wilmar continues to focus on sustainability and with a professional and experienced board, it looks to grow over the years.
Given the differentiated product portfolio, leading market position and extensive distribution network, decent financials, likely margin improvement from current levels and valuation comfort compared to peers, the brokerage gave Adani Wilmar IPO a ‘subscribe’ rating.