FMCG major Adani Wilmar made a weak debut on February 8 with the stock listing at a 4% discount to the issue price before rallying 7%. The stock opened at Rs 227 on the NSE and Rs 221 on the BSE against an issue price of Rs 230.

After a subdued opening, the stock rallied 18% from the day’s low to Rs 267.90 apiece. It has surged 16.4% from the issue price of Rs 230. On the National Stock Exchange, Adani Wilmar (AWL) closed at Rs 267.35 against the opening price of Rs 230.

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The Rs 3,600 crore public issue had received a good response from investors as it was subscribed 17.3 times during January 27-31, 2022. The portion reserved for non-institutional investors was subscribed 56.30 times and the shareholders’ quota was booked 33.33 times. The portions kept for retail investors and qualified institutional buyers were subscribed 3.92 times and 5.73 times, respectively.

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Santosh Meena, head of research, Swastika Investmart Ltd, said, “Adani Wilmar is debuting the secondary market with a minor loss against the expectation of a listing gain of 10-15%. Those who applied for listing gain can maintain a stop loss of Rs 200 while long-term investors should hold. New investors can also look at buying opportunities at the initial weakness.”

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The market capitalization of Adani Wilmar has increased to Rs 33,746.15 crore from Rs 28,722.90 crore at listing. In terms of volumes, a total of 44.09 lakh shares have been traded on the BSE, while 9.67 crore shares were exchanged on the NSE.

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In FY21, Adani Wilmar registered 58% growth in consolidated profit at Rs 727.65 crore and 25% growth in revenue at Rs 37,090.42 crore as compared to the previous year.

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Adani Wilmar is a joint venture between the Adani Group and the Singapore-based Wilmar group. Incorporated in 1999, the company offers a wide range of packaged foods such as edible oil, wheat flour, pulses and rice under a diverse range of brands to cater to various price points. Its flagship brand Fortune is the largest selling oil brand in India.