The non-institutional investor or high networth individual category was subscribed 56.30 times while qualified institutional investors put in bids for 5.73 times of the shares reserved for them. The retail investor category was subscribed 3.92 times.
The IPO was entirely a fresh share issue worth ₹3,600 crore by the company. Promoters and existing shareholders did not offload their stakes in the IPO. Out of the IPO proceeds, Adani Wilmar will use ₹1,900 crore for capital expenditure, ₹1,059 crore to repay debt, and ₹450 crore to fund acquisitions and investments.
Adani Wilmar had raised ₹940 crore from 15 anchor investors ahead of its initial public offer last week. About 4.09 crore shares were allotted to anchor investors at ₹230 per share.
Government of Singapore has subscribed to 39.33% of the total anchor book, while the Monetary Authority of Singapore subscribed to 8.66%. Other anchor investors include Jupiter India Fund, Sun Life Excel, Societe Generale, and domestic mutual funds such as HDFC, Nippon, and Aditya Birla Sun Life.
Majority of brokerages were positive on the IPO and recommended to subscribe to the issue citing reasonable valuations, growth plans, robust product line, sound balance sheet, and strong parentage.
Adani Wilmar is a 50:50 joint venture between Gautam Adani’s Adani Group and Singapore-based Wilmar group. It sells cooking oils and some other products under the Fortune brand.
