NEW DELHI: Adani Wilmar's IPO (initial public offering) saw over 17 times more subscribtion than shares on offer. The issue garnered bids for over 212 crore shares, worth over Rs 48,000 crore, as against an offer size of 12.25 shares.
The subscription was led by high networth individuals (HNI) as this category got subscribed by 56 times. The qualified institutional buyer (QIB) portion of the IPO was subscribed 5.73 times, while the shareholder category saw 33 times subscription. Employee quota remained undersubscribed at 51 per cent.
Likhita Chepa, senior research analyst at CapitalVia Global Research said that investors can subscribe this issue for long term while short-term investors can consider booking profits after 35 to 40 per cent return in one year.
She added, "Considering the current GMP and prevailing volatility in the market, investors who have subscribed the issue for listing gains can expect 15 to 18 per cent gains on the listing day."
According to another senior analyst, the on-going bearish sentiments in equity market and slew of tepid listing in recent past has already impacted GMP (grey market premium) of Adani Wilmar, meaning the listing gain would not be in high double digit figure. The GMP has declined about 50 per cent in a week, from a high of Rs 70 per share to Rs 23 on Thursday.