Adani Wilmar makes muted market debut, stock lists at 4% discount to issue price

The shares of Adani Wilmar listed at a 3.91% discount to their issue price on BSE and NSE today. 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.The share's debut is not as per expectations of the Dalal Street.

A majority of analysts expected the stock to list in a range of 15% to 20% premium to the issue price.

The company offered its shares in a price band of Rs 218-Rs 230. Market cap of the firm stood at Rs 28,722 crore. Total 3.19 lakh shares of the firm changed hands amounting to a turnover of Rs 7.03 crore on BSE.

Santosh Meena, Head of Research, Swastika Investmart said, "Adani Wilmar is debuting the secondary market with a minor loss against the expectation of listing gain of 10-15%. Tepid listing of Adani Wilmar can be attributed to weak market sentiments otherwise fundamental and valuations were good for this IPO. Those who applied for listing gain can maintain a stop loss of Rs 200 while long-term investors should hold it. New investors can also look at buying opportunities at initial weakness."

Aso read: Adani Wilmar makes tepid market debut: Right time to buy the stock?

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.

At 10:07 am, the stock rose 13% to Rs 249.70 against the opening price on BSE. On NSE too, the share gained 9.6% to Rs 249.

The IPO was held from January 27 to January 31.

The issue was subscribed 17.7% on the final day. The IPO received bids for 212.87 crore shares against the issue size of 12.25 crore equity shares on January 31. The portion allocated for retail investors was subscribed 3.92 times.

The employees' portion received 51% of the total bids reserved for them. Non-institutional investors placed bids for 56.3 times of the shares allocated for them. The  Adani Group firm had already collected Rs 940 crore from anchor investors. It has raised Rs 3,600 crore through the IPO.