Adani Wilmar IPO
Adani Wilmar IPO — date, price band, lot size & details 2022
Adani Wilmar listed on 8 Feb 2022 at ₹227, 1.3% below the ₹230 issue price.
Adani Wilmar is an FMCG food company and a joint venture of the Adani and Wilmar groups, selling edible oil, wheat flour, rice, pulses and sugar under brands such as Fortune. Its total income was Rs 37,195.66 crore in FY2021.
Stock price
Adani Wilmar is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 10 November.
- Open 27 Jan 2022
- Close 31 Jan 2022
- Allotment 03 Feb 2022
- Refund/credit 04 Feb 2022
- Listing 08 Feb 2022
Issue summary
The terms of the offer, as filed.
| IPO Dates | 27 to 31 Jan, 2022 |
|---|---|
| Price Band | ₹218 – ₹230 |
| Face Value | ₹1 |
| Lot Size | 65 Shares |
| Issue Size | ₹3600 Cr |
| Sale Type | Fresh capital only |
| Listing On | BSE, NSE |
| Employee Discount | Rs 21.00 per share |
| Registrar | MUFG Intime India Private Limited |
| Min Investment | ₹ 14,950 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 65 shares at the ₹230 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 65 | ₹14,950 |
| Retail (max) | 13 | 845 | ₹1,94,350 |
| S-HNI (min) | 14 | 910 | ₹2,09,300 |
| S-HNI (max) | 66 | 4,290 | ₹9,86,700 |
| B-HNI (min) | 67 | 4,355 | ₹10,01,650 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Total income rose from Rs 28,919.68 crore in FY2019 to Rs 37,195.66 crore in FY2021.
- 02Profit after tax rose from Rs 375.52 crore in FY2019 to Rs 727.65 crore in FY2021.
- 03The whole Rs 3,600 crore issue was fresh capital, with Rs 1,058.90 crore planned for repaying debt.
- 04Fortune is the largest selling edible oil brand in India, giving the company scale in its main category. EBITDA was Rs 1,430.56 crore in FY2021.
- 05The pre-issue P/E was 36.11 at the upper band of Rs 230, based on EPS of Rs 6.37.
Risks · 5
- 01Margins are thin. The source puts the EBITDA margin at 3.85%, so small moves in commodity prices can hit profit.
- 02Most edible oil raw material is imported, which adds currency and import duty risk. Total income was Rs 37,195.66 crore in FY2021.
- 03Total borrowing was Rs 1,944.36 crore on 30 September 2021.
- 04Profit after tax was Rs 357.13 crore in the six months to 30 September 2021, on total income of Rs 24,957.29 crore.
- 05Promoter holding fell from 100% before the issue to 87.92% after it.
Three years of numbers
All figures in ₹ crore, as reported in the Adani Wilmar offer document.
| Metric | 30 Sep 2021 | 31 Mar 2021 | 31 Mar 2020 | 31 Mar 2019 |
|---|---|---|---|---|
| Assets | 17,923.71 | 13,326.64 | 11,785.92 | 11,602.87 |
| Total Income | 24,957.29 | 37,195.66 | 29,766.99 | 28,919.68 |
| Profit After Tax | 357.13 | 727.65 | 460.87 | 375.52 |
| EBITDA | 889.66 | 1,430.56 | 1,419.48 | 1,253.46 |
| NET Worth | 3,651.42 | 3,298.14 | 2,570.70 | 2,111.01 |
| Reserves and Surplus | 3,537.12 | 3,183.85 | 2,456.40 | 1,996.71 |
| Total Borrowing | 1,944.36 | 1,904.01 | 2,300.28 | 1,829.46 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Adani Wilmar RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Adani Wilmar IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹6.37 | ₹5.50 |
| P/E Ratio (x) | 36.11 | 41.82 |
| Market Cap at Offer Price (₹ Cr) | ₹12,894.80 | ₹14,934.53 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹230 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹3,471.48 Cr of the issue is earmarked to named objects.
About the company
It sells essential kitchen commodities such as edible oil, wheat flour, rice, pulses and sugar, and industry essentials such as oleochemicals, castor oil and its derivatives, and de-oiled cakes. Its portfolio has three parts: edible oil, packaged food and FMCG, and industry essentials.
Its flagship brand Fortune is the largest selling edible oil brand in India. It has been adding value-added products such as rice bran health oil, fortified foods, soya chunks and khichdi.
The IPO was Rs 3,600 crore and was entirely fresh issue. Rs 1,900.00 crore was planned for capital expenditure, Rs 1,058.90 crore for repaying borrowings and Rs 450.00 crore for acquisitions and investments.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
Adani Wilmar IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
ICICI Securities
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Bofa Securities India Limited
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JP Morgan India Pvt. Ltd
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BNP Paribas
3 issues handledBest listing: HDB Financial Services (+12.8%). Weakest: Aegis Vopak Terminals (-6.4%).
Credit Suisse Securities (India) Pvt. Ltd
7 issues handledBest listing: Zomato (+52.6%). Weakest: Star Health and Allied Insurance Company (-6.1%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Adani Wilmar?
The current Grey Market Premium is ₹0.
What is the Adani Wilmar IPO price band?
₹218 to ₹230, on a face value of ₹1.
When is the allotment?
The basis of allotment is 3 February 2022, with listing on 8 February 2022.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — MUFG Intime India Private Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
