The initial public offer of edible oil major Adani Wilmar Limited (AWL), an edible oil company known for the Fortune brand, received 17.37 times subscription on its final day on Monday.
The IPO received bids for 2,12,87,80,550 shares against 12,25,46,150 shares on offer, according to an update on BSE.
The category meant for non-institutional investors was subscribed 56.30 times, while Qualified Institutional Buyers (QIBs) received 5.73 times subscription and Retail Individual Investors (RIIs) 3.92 times.
The initial public offer of up to Rs 3,600 crore was in a price range of Rs 218-230 per share.
Adani Wilmar, which sells cooking oils and some other food products under the Fortune brand, is a 50:50 joint venture between business conglomerate Adani group and Singapore-based Wilmar.
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On Tuesday, Adani Wilmar Ltd had raised Rs 940 crore from anchor investors.
The proceeds of the public issue will be used to fund capital expenditure, reduce debt and for acquisitions.
AWL expected to raise up to Rs 3,600 crore through its initial public offering (IPO) that opened on January 27 and was open till January 31. On the first day of its opening, the IPO was subscribed more than 25 per cent.
The company, which is a 50:50 joint venture between Adani Group and Singapore-based Wilmar Group, aims to fund its capital expenditure and acquisitions, besides reducing debt as it seeks to expand in the food and FMCG sector.
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During FY15-20, AWL was among the top five fastest-growing packaged food companies in India by revenue, finds a recent report by Ventura, a brokerage firm. As per the prediction of this firm, over FY21-24, AWL is likely to grow its revenues at a robust CAGR of 16.7 per cent to Rs 58,959 crore.
(With Inputs From PTI)
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