Adani Wilmar stock closes 16% higher on market debut

Adani Wilmar shares closed 16% higher to the issue price on its market debut today. The stock of the Adani Group firm ended at Rs 268.25, up 16.63% to the issue price of Rs 230.

Market cap of the firm rose to Rs 34,863 crore on NSE. Total 13.55 crore shares of the firm changed hands amounting to a turnover of Rs 3,635 crore on the NSE.

On BSE, the stock closed 15.30% higher to the IPO issue price of Rs 230 today. The share was stuck in the upper circuit of 20% since afternoon trade and closed at the same level compared to the opening price of Rs 221.

Market cap of the firm rose to Rs 34,467 crore. Total 75.10 lakh shares of the firm changed hands amounting to a turnover of Rs 190.69 crore on BSE. The IPO was held from January 27 to January 31.

Mohit Nigam, Head-PMS, Hem Securities said, "The company is a joint venture between the Adani group and Wilmar group, and is India's leading manufacturer of edible oil under the Fortune brand. Besides oil, the company offers products like wheat flour, rice, pulses, sugar and packaged food. The company's focus on growth of FMCG and packaged food business and shift to value added products will result in increasing market share and expansion of margins. It benefits from its parentage, leveraging the in-depth understanding of local markets, extensive experience in domestic trading and advanced logistics network. We advise investors to hold the company for the long term for good returns seeing the company's product portfolio."

Earlier, the shares of Adani Wilmar listed at a 3.91% discount to their issue price on BSE. Shares of the Adani Group firm made their market debut at Rs 221 on BSE. The issue price of the IPO stood at Rs 230.

On NSE, the stock listed at Rs 227, down 1.30% to issue price. Market cap of the firm rose to Rs 29,502 crore. Total 2.20 crore shares of the firm changed hands amounting to a turnover of Rs 500.19 crore on the NSE.