The Initial Public offering (IPO) of Adani Wilmar Limited (AWL) received a strong response from all the investors, and garnished over 17 times subscription on the last day and final day of the bidding process, an official statement highlighted.
The issue garnered bids for Rs 212.87 crore shares as against the issue price of 12.25 crore on the final day of bidding.
Investors poured in bids worth nearly Rs 49,000 crore, 17.3 times more than the issue size.
Qualified institutional investors put in bids for 5.73 times of the portion reserved for them. QIB are vital to a public issue as their portion has to get at least 90% subscription.
Retail investors subscribed 3.92 times their part of allotted shares. The shareholder category saw 33 times subscription, while employee quota remained under-subscribed at 51%.
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. At the top-end, the company’s market cap works out to nearly Rs 30,000 crore.