Adani Wilmar gallops after listing

Adani Wilmar made a quiet debut but after listing, it has galloped much faster. It got listed on the BSE at Rs.221 v/s IPO price of Rs.230; after this discount listing, it is now trading at Rs.265.20.

The IPO had got a good response, subscribing 17.37 times, with HNIs portion taking the lions share at 56.30 times, QIBs at 5.73 times and retail investors at 3.92 times.

In our IPO Analysis, we had given a go-ahead to the IPO, concluding, “Adani Wilmar is already #1 in revenue terms, ahead of HUL, (as HUL had revenue of Rs.24,808 cr for H1 of FY22, as against Rs. 24,900 cr of Adani) in India’s listed FMCG space. Ongoing capex supports healthy double-digit growth both on revenue and profit level, which along with attractive pricing, makes the IPO a ‘subscribe’.