Adani Wilmar to debut on Tuesday. What could be listing price?

moneycontrol.com:

Adani Wilmar, one of the largest FMCG companies in India, is expected to start the first day of trade with around 15 percent premium over issue price on Tuesday, experts feel, citing market leadership in branded edible oil industry and packaged food business, diversified products portfolio, healthy financials, strong brand recall, and broad customer reach.

The public issue received good response, getting subscribed 17.37 times during January 27-31, with support from all kinds of investors, though market volatility impacted a bit. Non-institutional investors took lead, putting in bids that were 56.30 times the allotted quota, followed by shareholders whose reserved portion was subscribed 33.33 times.

The portion set aside for qualified institutional buyers (QIBs) and retail investors saw 5.73 and 3.92 times subscription respectively. Employees' book was subscribed half a percent only.

Experts largely expect the listing price could be around Rs 265 against issue price of Rs 230 per share, resulting in a market capitalisation of Rs 34,500 crore against IPO value of Rs 30,000 crore.

"Adani Wilmar, a market leader in the branded edible oil and packaged food industries, is expected to give listing gains of around 15 to 20 percent. Since the issue witnessed moderate response due to ongoing negative sentiments and volatility in the secondary market, we expect it to list in the range of Rs 260-265," said Likhita Chepa, senior research analyst at CapitalVia Global Research.

The company is one of the largest oleochemical manufacturers in India.

"It has pan-India network with robust distribution infrastructure and top-quality global suppliers. It has a complete integrated business model run by professional and experienced management.