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IPO

Adani Wilmar's Rs.3,600-Cr IPO gets 17.37x bids

Economic Times  

The INR 3,600-crore initial public offering (IPO) of ‘Fortune' brand cooking oil maker Adani Wilmar was subscribed 17.37 times on Monday, the final day of bidding. The issue received bids for 212.88 crore shares against the offer size of 12.25 crore shares. Adani Wilmar is a 50:50 joint venture between Gautam Adani's Adani Group and Singapore-based Wilmar group. The non-institutional investor or high networth individual (HNI) 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 INR 3,600 crore. Promoters and existing shareholders did not offload their stakes in the IPO. Out of the IPO proceeds, Adani Wilmar will use INR 1,900 crore for capital expenditure, INR 1,059 crore to repay debt, and INR 450 crore to fund acquisitions and for investments. Adani Wilmar had raised INR 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 INR 230 per share.