Angel One | Adani Wilmar Ltd IPO - 3rd day Subscription Update
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FW: Angel One | Adani Wilmar Ltd IPO - 3rd day Subscription Update
On 3rd day, Adani Wilmar Ltd IPO issues fully subscribed – 17.37x ( 5 pm as per BSE website). It was subscribed 3.92 times in the retail investor category. The qualified institutional buyers (QIBs) and the non-institutional investors (NIIs) had subscribed to the issue 5.73 times and 56.30 times respectively
In terms of valuations, the post-issue TTM P/E works out to 37.7x (at the upper end of the issue price band), which is reasonable considering AWL’s historical top-line & bottom-line CAGR of ~13% and ~39% respectively over FY19-21. Further, Adani Wilmar has strong brand recall, wide distribution, better financial track record and healthy ROE. Considering all the positive factors, we believe this valuation is at reasonable levels. Thus, we recommend a subscribe rating on the issue.
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