The listing comes amid volatility in broader equities as central banks across the globe tackle high inflation and expectations of higher interest rates push foreign investors to exit domestic markets.
The company’s shares opened at 227 rupees, a 1.3% discount to the initial public offering price of 230 rupees, before rising as high as 249.5 rupees. The stock was trading 8.35% higher at 249.15 rupees by 0458 GMT.
The shares were listed at a discount “owing to the weaker sentiments of the secondary market in the last few trading sessions,” said Likhita Chepa, senior research analyst, CapitalVia Global Research Limited.
“Given (the company’s) wide distribution, healthy financials, strong brand recall, increasing reach and household consumption, its prospects appear to be optimistic over the long term.”
The IPO by the consumer goods joint venture between billionaire Gautam Adani-chaired Adani Group and Singapore’s Wilmar Group was downsized to 36 billion rupees and in late January the offering was subscribed 17.37 times.
