Wednesday, November 29, 2023

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Adani Wilmar IPO subscribes 17 times bids on last day

Adani Wilmar, a joint venture between Adani Group and Singapore’s Wilmar Group, had its initial public offering (IPO) subscribed 17.37 times on the last and final day of the bidding process on Monday.

The issue received bids for 212.88 crore shares against the offered size of 12.25 crore shares.

Adani Wilmar, founded in 1999, is a fast moving consumer goods (FMCG) food firm that specialises in edible oil, flour, rice, pulses, and sugar. The IPO was entirely a fresh share issue worth ₹3,600 crores by the company.

Adani Wilmar plans to spend 1,900 crores on capital expenditures, 1,059 crores on debt repayment and 450 crores on the acquisition and the investments from the IPO proceeds.

Adani Wilmar has secured Rs 940 crore from 15 anchor investors ahead of its IPO. Anchor investors received about 4.09 crore shares at a price of 230 per share.

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