Adani Wilmar stock speeds up by 12% as bulls take control after a 4% discount listing against issue price

8 Feb 2022 , 10:51 AM

Adani Group-backed FMCG company, Adani Wilmar (AWL) picked up steam in its stock level after making a debut on a discount note on Tuesday against the IPO issue price. AWL listed today at a 4% discount against the offering’s upper price band.

On BSE, AWL was listed at Rs221 per share which was lower by 3.9% against the IPO’s upper price band.

However, the stock revived and accelerated to its 52-week high level. Compared to the listing price, the stock has skyrocketed by 14% so far. The stock has surged by nearly 10% so far against the IPO price band.

At around 10.51 AM, AWL stock was trading at Rs247.50 per piece up by 11.99% against the listing price. Against the IPO upper price band, the current stock level is a rise of 7.6%.

At present, AWL’s market capitalisation stood nearly Rs32,265cr.

On BSE, AWL shares are listed and admitted to dealings on the Exchange in the list of ”B” Group Securities.

AWL had launched its IPO from January 27 to January 31, at a price band of Rs218 to Rs230 per share. The IPO was oversubscribed by 17.37 times with HNIs and retail investors making the most buying.

Adani Wilmar is one of the large FMCG food companies in India to offer most of the essential kitchen commodities for Indian consumers, including edible oil, wheat flour, rice, pulses and sugar. The company is a joint venture incorporated in January 1999 between the Adani Group, which is a multinational diversified business group with significant interests across transport and logistics, and energy and utility sectors, and the Wilmar Group, one of Asia’s leading agribusiness groups which were ranked among the largest listed companies by market capitalization on the Singapore Exchange as of February 2021.