Adani Wilmar shares rise for fourth straight day, up more than 80% from issue price

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Shares of Adani Wilmar continued to extend listing gains for the fourth straight session as Adani Group stock rose around 9% to a new high of 419 each on BSE in Friday’s opening trades. Meanwhile, the meter is up around 80% from its IPO issue price of 230 per share. Its market capitalization was above 54,000 crore.

“Investors can look to hold the stock with a trailing stop of 354 and next targets of 440 – 450. Avoid new positions as the stock is fairly priced and profit booking can trigger at any time,” suggested Anuj Gupta, Vice President at IIFL Securities.

Adani Wilmar had opened its three-day initial public offering (IPO) on January 27 and the issuance closed on January 31. The show was subscribed more than 17 times. The edible oil major had finalized the issue price of its Initial sale of shares of 3,600 crores to 230 per share. The funds will be used to set up new factories, repay debt and make strategic acquisitions.

The initial sale of shares of Adani Wilmar, based in Ahmedabad, a joint venture between Adani Group and Wilmar Group of Singapore, included only a new issue of shares.

Incorporated in 1999, Adani Wilmar is an FMCG food company offering most kitchen essentials including edible oil, flour, rice, pulses and sugar. The company sells cooking oils under the Fortune brand. Besides cooking oils, he sells food products like rice, wheat flour and sugar. It also sells non-food items like soap, hand soap, and sanitizers.

The opinions and recommendations made above are those of individual analysts or brokerage firms, and not of Mint.

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