With this Gautam Adani led Adani Group listed its seventh company and this portfolio is valued at over $153 billion. Adani Wilmar that was valued at close to Rs 35,000 crore is better known for Fortune brand of edible oil and other edible items such as rice, pulses, wheat flour and sugar.
The share price witnessed an intraday high of Rs 271.25 and low of Rs 227. Investors’ interest in Adani Wilmar was evident from the high volume of the debutant scrip despite the volatility in the market. Over 13.50 crore equity shares of Adani Wilmar were traded on NSE and close to 75 lakh shares on the BSE. On Tuesday, Nifty 50 closed with gain of 0.31 per cent at 17,266 after touching the day’s low at 17,043.65.
It’s initial public offer of Rs 3600 crore was oversubscribed by 18 times with strong interest from long term investors like GiC, HDFC, Birla and Nippon Mutual funds. The funds will be used for setting up new plants, repaying debt and making strategic acquisitions.
Adani Wilmar, over two decade old 50:50 JV, enjoys highest 18 per cent market share in India’s cooking oil business. It also has a significant presence in industrial segments with market leadership in few other product categories. Adani Wilmar diversified into the food business three years back and it is growing at 25 per cent CAGR. The company is planning to strengthen its FMCG portfolio with new product offerings in near future.