Shares of Adani Wilmar Ltd on Tuesday made a tepid market debut but soon recovered the lost ground to surge over 8 percent against the issue price of Rs 230.
The stock made its debut at Rs 221, a discount of 3.91 percent from the issue price on the BSE. But, it recovered the lost ground soon and jumped 6.52 percent to Rs 245.
Similarly, at the NSE, it declined 1.30 percent to list at Rs 227. But, the stock bounced back and zoomed 8.26 percent to Rs 249. The company commanded a market valuation of Rs 31,770.64 crore on the BSE. Adani Wilmar’s initial public offering (IPO) saw more than 17 times the demand for the shares on offer last month.
Adani Wilmar, the joint venture between Adani Group and Wilmar Group of Singapore, had set a price band of Rs 218-230 per share for the IPO, which opened for bidding on January 27. Incorporated in 1999, Adani Wilmar is an FMCG food company offering most of the essential kitchen commodities, including edible oil, flour, rice, pulses, and sugar.
Branded products account for about 73 percent of sales of edible oil, food, and FMCG in 2020-21 fiscal.
