The stock which was listed at Rs 221, compared to the issue price of Rs 230, hit a new high of Rs 381 on Thursday, showing a strong rise of 72 per cent in just 3 days of listing.
In the intraday session, the scrip rallied about 20 per cent, just shy of its daily circuit, to its new peak. It was trading at Rs 337.70 at 10.15 am. The scrip had settled at Rs 318.20 on Wednesday.
BSE barometer and benchmark Sensex was trading 130.71 points or 0.22 per cent higher at 58,596.68 at the time of writing this report.
Majority of the analysts were surprised by the negative debut of the company and said that a discounted listing of Adani Wilmar is a buying opportunity for the investors.
The IPO of Adani Wilmar was open for subscription between January 27-31 as the company sold its shares in the price band of Rs 218-230 a peice. Adani Wilmar is the seventh listed company of the Adani Group.
The company raised Rs 3,600 crore via its initial stake sale as the issue was subscribed 17.37 times, thanks to heavy bidding from HNI investors.
Arafat Saiyed, Senior Research Analyst, Reliance Securities said that investors who have received the shares in the IPO, should hold them. “It is a long term play as the company is a leading player in its segment with strong potential,” he added.
The company board will meet to consider and approve the financial results for the period ended on December 31, 2021 on Monday, February 14, the company said in a regulatory filing.
In his post lising comment, Akhil Rathi, Vice President Advisory, Marwadi Shares and Finance said, Adani Wilmar is well-positioned to gain the expected growth in this industry due to its outstanding product mix, established brand name, robust distribution network, varied client base, and proven financial performance.
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