Adani Wilmar IPO to open on Thursday; should you subscribe?

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Adani Wilmar IPO to open on Thursday; should you subscribe?
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Adani Wilmar’s initial public offer (IPO) to raise up to Rs 3,600 crore will hit Dalal Street on Thursday. The IPO of edible oil major Adani Wilmar, a 50:50 joint venture between the Adani Group and Singapore’s Wilmar Group, comprises fresh issuance of equity shares. The subscription window for the initial share sale will be open till January 31.

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Potential investors will be able to bid for Adani Wilmar shares in a price band of

Rs 218–230, in multiples of 65. The company’s employees will get a discount of Rs 21.

Global Tech News Daily

Out of the IPO, 50 percent of the shares are reserved for qualified institutional buyers (QIBs), 15 percent for non-instutitional investors (NIIs) and the remaining 35 percent for retail investors.

ALSO READ: How to read key IPO Nos, spot red flags in DRHP

Global Tech News Daily

Adani Wilmar aims to use the proceeds from the share sale to fund capex, prepayment/repayment of borrowings, strategic acquisitions and investments, and for general corporate purposes, according to the company’s draft red herring prospectus (DRHP).

Ahead of the IPO, Adani Wilmar said it had raised Rs 940 crore from anchor investors, by allocating 4.1 crore equity shares at Rs 230 apiece.

Should you subscribe to the Adani Wilmar IPO? Here’s what brokerages say:

Angel One

The brokerage recommends subscribing to the Adani Wilmar IPO. The company’s post-issue trailing 12 months (TTM) price-to-earnings ratio works out to be 37.6 times at the upper end of the price band, which is reasonable given its historical top-line and bottom-line CAGR of around 13 percent and 39 percent respectively over FY19-21, according to Angel One.

“Adani Wilmar has a strong brand recall, wide distribution, a better financial track record and a healthy return on equity (RoE),” it added.

Choice Broking

The brokerage has a ‘subscribe’ rating on Adani Wilmar. At Rs 230, Adani Wilmar is demanding a P/E multiple of 37.5 times its TTM earning of Rs. 6.1, which is at a discount to the peer average of 57.6 times, according to Choice Broking.

“Its edible oil business is likely to have a secular growth trend, but there is a huge untapped market for its food and FMCG business segment,” the brokerage added.

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