Adani Wilmar reverses poor listing gains; stock heads up 8.5% in 15 minutes

• Shares of Adani Wilmar listed at ₹221 while the shares were allotted at ₹230 per share.
• The IPO received good demand from investors as it was subscribed 18.33 times on the last day of the bidding.
• The market capitalisation of the company stood at ₹28,722 crore.

Shares of fast moving consumer goods (FMCG) company Adani Wilmar – known for edible oil brand Fortune – made a dismal listing on the National Stock Exchange (NSE) and BSE at a 3.9% discount on the issue price of ₹230 apiece.

Adani Wilmar’s listing has disappointed initial public offering (IPO) investors who had expected around a 10% premium from the Adani Group company.

Even analysts had expected a 10-15% premium because of the FMCG company’s leadership in branded edible oil business.

Analysts believed the IPO of Adani Wilmar got decent subscriptions as the company is a leader in branded edible oils and packaged foods in India. The IPO valuations are slightly lower than its listed peers. The current market scenario is choppy, but can expect a listing gain of 10-15% based on GMP, Parth Nyati, founder at Tradingo, had said.

Post-listing, the market capitalisation of the company stood at ₹28,722 crore, according to BSE data.

The IPO was open between January 27 to January 31 ⁠and was oversubscribed 18.33 times by investors.

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 is now the seventh Adani Group company 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.

The company’s portfolio of products spans across three categories -- edible oil, packaged food and FMCG, and industry essentials.

The Ahmedabad-based company has witnessed good growth in revenue and profitability in the last three years.


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