Adani Wilmar share price jumps 20% second day in row; records 70% surge from listing price

Shares of newly-listed Adani Wilmar, which is a manufacturer of edible oil and other FMCG products, hit another 20% upper circuit on Wednesday for the second day in a row. The stock was listed at Rs 221, compared to the issue price of Rs 230. But it hit a new high of Rs 381 on Thursday, registering a strong rise of 72% in just three days of listing. In the intraday session, the scrip rallies around 20% just a little less than the daily circuit to its new peak.

Earlier this morning, it was trading at Rs 337.70 and on Wednesday, the scrip had settled at Rs 318.20. The stock made its debut at a discounted price on BSE of 3.91% but it soon recovered the lost ground and hiked 15.30% to settle at Rs 265.20. Similarly, on NSE, the stock declined 1.30% to list at Rs 227 but the stock ended up bouncing back and zooming 16.23% to close at Rs 267.35.

Subscription Status of Adani Wilmar IPO

With 12.3 crore shares on offer, Adani Wilmar IPO attracted bids for 212.9 crore shares. According to exchange data, this is a subscription of 17.4 times. As per the market observers, Adani Wilmar IPO GMP (grey market premium) today is ₹30. However, all eyes lie on how shares of the seventh Adani group company to list on the share markets, will perform in a volatile market. The portions reserved for qualified institutional buyers (QIBs) and non-institutional investors (NIIs) were subscribed 5.7 times and 56.3 times respectively. The quota meant for retail investors was booked 3.9 times.

On Friday, Edible oil major Adani Wilmar finalised the issue price of its Rs 3,600 crore initial public offering (IPO) at Rs 230 per share. In a regulatory filing, Adani Enterprises said Adani Wilmar has finalised the issue price for the equity shares at Rs 230 apiece. The price band of the IPO was Rs 218-230 per share.  

The company, which deals in various cooking oils and other edible products such as wheat flour, soya products, basmati rice, etc. under the Fortune brand, has cut its IPO size to Rs 3,600 crore from Rs 4,500 crore planned earlier. It is a 50:50 joint venture company between Gautam Adani-led Adani group and Singapore’s Wilmar group.

(Image: Twitter)