Adani Wilmar Stock Surged 30% over the Issue Price

Shares of Adani Wilmar saw a surge of Rs 299.65 after rallying up nearly 13% on the BSE. The stock of the company surged 30% over its issue price of Rs 230 on the BSE. The company was listed with a minor loss of 1% at Rs 227 on the NSE.

Adani Wilmar, the edible oil major, is the seventh listed company of Adani Group. It is a joint venture between the Adani Group and the Wilmar Group. Adani Wilmar is also the leading manufacturer of edible oil under the brand name, Fortune. It also offers other edible products and packaged food other than oil.

The company has recently closed its IPO and the proceeds of the issue will be used to fund the capital expenditure, reduce debt and for acquisitions on its way to being the biggest food and FMCG company in India.

Adani Wilmar is one of the few major FMCG, that enjoy pan-India coverage with the huge distribution network comprising domestic trading and advanced logistics network. Separately, the company has scheduled a meeting of its Board of Directors on February 14, 2022, to consider and approve the unaudited results for the third quarter.