Adani Wilmar IPO to open tomorrow; GMP at ₹50 per share
- FMCG company Adani Wilmar will open its IPO on January 27 and will close on January 31.
- Adani Wilmar is a 50:50 joint venture between Gautam Adani's Adani Group and Singapore-based Wilmar Group.
- Shares of the company are currently commanding a GMP of 25%, which is ₹50 per share from the IPO price.
AdvertisementFast moving consumer goods (FMCG) company Adani Wilmar, known for edible oil 'Fortune', is all set to open its initial public offering (IPO) on January 27 and will close on January 31. The IPO opens with a price band of ₹218-230.
The company’s portfolio of products spans across three categories -- edible oil, packaged food and FMCG, and industry essentials.
The IPO is a complete fresh issue of equity shares of ₹3,600 crore and no existing promoters or shareholders will be selling any shares.
Adani Wilmar is a joint venture between Adani Group and Singapore-based Wilmar, which was formed in 1999. It sells cooking oils under the Fortune brand as well as various other food products like rice and sugar.
Adani Wilmar will be the seventh Adani Group company to get listed on Indian exchanges as currently six Adani group companies are listed namely Adani Enterprises, Adani Transmission, Adani Green Energy, Adani Power, Adani Total Gas, and Adani Ports and Special Economic Zone.
IPO might gain good traction considering currently shares of the company are commanding a grey market premium (GMP) of 25%, which is ₹50 per share from the IPO price.
The Ahmedabad-based company has witnessed good growth in revenue and profitability in the last three years.
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