Adani Wilmar shares surge for fourth straight day, up over 80% from issue price
Premium- Adani Wilmar shares made stock market debut on Tuesday
- The public issue was subscribed more than 17 times
Shares of Adani Wilmar continued to extend listing gains for the fourth consecutive session as the Adani Group stock was up about 9%, hitting a new high of ₹419 apiece on the BSE in Friday's early deals. Meanwhile, the counter is up about 80% from its IPO issue price of ₹230 per share. Its market capitalisation stood above ₹54,000 crore-mark.
“Investors can look to hold the stock with trailing stop loss of ₹354 and next targets of ₹440 - 450. Avoid fresh position as the stock is fairly priced and profit booking may trigger any time," suggested Anuj Gupta, Vice President at IIFL Securities.
Adani Wilmar had opened its three-day initial public offering (IPO) on January 27 and the issue closed on January 31. The issue was subscribed more than 17 times. The edible oil major had finalised the issue price of its ₹3,600 crore initial share sale at ₹230 per share. The funds will be used for setting up new plants, repaying debt and making strategic acquisitions.
The initial share sale of Ahmedabad-based Adani Wilmar, a joint venture between Adani Group and Wilmar Group of Singapore, comprised only fresh issue of equity shares.
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. The company sells cooking oils under the Fortune brand. Apart from cooking oils, it sells food products like rice, wheat flour, and sugar. It also sells non-food products like soap, handwash, and sanitisers.
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