Adani Wilmar's shares sale via initial public offering which began yesterday, January 27, was subscribed 61 per cent by 10:06 am on second day of subscription, data from stock exchanges showed. Adani Wilmar received total of 7.47 crore bids for 12.25 crore shares on the offer. Over 4.24 crore bids were received at the cut-off price, the data showed.
Retail investors were participating in larger numbers as portion reserved for them was subscribed 58 per cent while non-institutional investors and qualified institutional buyers were showing tepid response to the IPO as pie reserved for them was subscribed 4 per cent and zero per cent each respectively.
Adani Wilmar is planning to raise Rs 3,600 crore through IPO by selling shares in the price band of Rs 218-230 per share. A retail investor can bid for minimum one lot of 65 shares upto maximum of 13 lots. At the upper price band, one lot of Adani Wilmar shares will cost Rs 14,950.
50 per cent of the shares in the IPO are reserved for qualified institutional buyers (QIBs), which include financial institutions, foreign institutional investors, banks and insurance companies. 35 per cent of shares are reserved for retail investors and 15 per cent of the portion is set aside for non-institutional investors, which also include high net worth individuals.
The Ahmedabad-based Adani Wilmar, is a joint venture between Adani Group and the Wilmar Group. The company is an FMCG company engaged in manufacturing edible oil, wheat flour, rice, pulses, and sugar.
The company markets popular edible oil brand Fotune, which is the country's largest selling edible oil brand. Recently the company has focused on value-added products and has launched products such as edible oil products, rice bran health oil, fortified foods, ready-to-cook soya chunks, khichdi, etc in line with this. The company has strong raw material sourcing capabilities and was India's largest importer of crude edible oil as of March 31, 2021.