Adani Wilmar's initial public offering (IPO) worth up to Rs 3,600 crore was subscribed more than 17 times the shares on offer on Monday, the final day of the bidding process. The IPO of edible oil major Adani Wilmar - a 50:50 joint venture between the Adani Group and Singapore's Wilmar Group - had opened for subscription on January 27.

Share Market Live

NSE

At the end of the day, the Adani Wilmar IPO received bids for 212.9 crore shares as against the 12.3 crore shares on offer, exchange data showed. That meant an overall subscription of 17.4 times.

The portions reserved for qualified institutional buyers (QIBs) and non-institutional investors (NIIs) saw bookings of 5.7 times and 56 times respectively. The quota meant for retail investors was subscribed 3.9 times.

Out of the total IPO, 50 percent of the shares were reserved for QIBs, 15 percent for NIIs and the remaining 35 percent for retail investors.

Adani Wilmar shares are likely to be listed on stock exchanges BSE and NSE next week.

ALSO READ

: How to read key IPO Nos, spot red flags in DRHP

Adani Wilmar shares were available for bidding in a price range of Rs 218–230 in multiples of 65 under the IPO. The company's employees got a discount of Rs 21.

The company aims to use the proceeds from the share sale to fund capex, prepayment/repayment of borrowings, strategic acquisitions and investments, and for general corporate purposes, according to its draft red herring prospectus (DRHP).

Ahead of the IPO, Adani Wilmar said it had raised Rs 940 crore from anchor investors by allocating shares at Rs 230 apiece.

First Published:Feb 1, 2022 7:39 AM IST