NEW DELHI: Shares of Adani Wilmar Ltd on Tuesday made a tepid market debut but soon recovered the lost ground to surge over 16 per cent against the issue price of Rs 230.
The stock made its debut at Rs 221, a discount of 3.91 per cent from the issue price on BSE.
But, it soon recovered the lost ground and jumped 15.30 per cent to settle at Rs 265.20.
Similarly, on NSE, it declined 1.30 per cent to list at Rs 227.
But, the stock bounced back and zoomed 16.23 per cent to close at Rs 267.35.
The company commanded a market valuation of Rs 34,467.48 crore on BSE.
In volume terms, 75.10 lakh shares were traded on BSE and over 13.55 crore on NSE.
Adani Wilmar's initial public offering (IPO) saw more than 17 times the demand for shares on offer last month.
Adani Wilmar, the joint venture between Adani Group and Wilmar Group of Singapore, had set a price band of Rs 218-230 per share for the IPO, which opened for bidding on January 27.
Incorporated in 1999, Adani Wilmar is an FMCG food company offering most of the essential kitchen commodities, including edible oil, flour, rice, pulses and sugar.
Branded products accounted for about 73 per cent of sales of edible oil, food and FMCG in the 2020-21 fiscal.