Adani Wilmar, the edible oil major, opened for subscription via initial public offering (IPO) for the second day on Friday, after receiving a 57 per cent subscription on day one. It will close for bidding on January 31, 2022.
The Adani Wilmar IPO received bids for 7,04,43,165 shares as against 12,25,46,150 shares on offer, according to an update on the Bombay Stock Exchange (BSE).
According to market observers, as quoted by LiveMint, Adani Wilmar shares will be available at a premium of ₹47 during the day, ₹3 higher than its grey market premium on Thursday.
The public issue worth ₹3,600 crore received a 57 per cent subscription on the first day on a price band of ₹218-230 per share. The IPO received bids for more than 7,04,43,165 shares as against 12,25,46,150 shares on offer, stated the BSE update.
The proceeds of the public issue will be used to fund capital expenditure, reduce debt and for acquisitions.
Adani Wilmar, which sells cooking oils under the Fortune brand, is a 50:50 joint venture between business conglomerate Adani group and Singapore-based Wilmar International.
The venture also sells food products like rice, wheat flour, and sugar. It also sells non-food products like soap, handwash, and sanitisers.
A total of six Adani group companies are listed on the domestic bourses at present.
(With agency inputs)
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