Mumbai, Jan 31 (IANS): Adani Wilmars initial public offering (IPO) was subscribed more than 17 times on the last bidding day on Monday.

Adani Wilmar, a joint venture between Adani Enterprises and Wilmar International, is among the largest FMCG companies in India.

On the first and second day, the issues on offer were subscribed 57 per cent and 1.13 times, respectively.

The company is known for its wide range of offerings comprising soya bean oil, sunflower oil, mustard oil, rice bran oil, wheat flour, rice, pulses, sugar among others.

The company has 22 plants in India, which are strategically located across 10 states, comprising 10 crushing units and 19 refineries.

The issue size was Rs 3,600 crore with a price band of Rs 218-230 per share.

Of the overall subscription, institutional investors subscribed 5.73 times of the total allotment, while non-institutional investors subscribed 56.3 times, retail investors 3.92 times, employees 0.51 times, and shareholders 33.33 times, data showed.

"The company has shown strong growth in revenue where it grew from Rs 29,766 crore to Rs 37,195 crore over the period of FY20 to FY21 and during the same period, profit has grown from Rs 460 crore in FY20 to Rs 727 crore in FY21," Aayush Agrawal, senior analyst at Swastika Investmart, said recently in a note.

"It will be the seventh listed company of the Adani Group, which has already established itself as a brand in the FMCG sector. The company is a leader in branded edible oils and packaged foods in India," said Agrawal, adding that hence Swastika Investmart assigned a "subscribe" rating to the IPO for listing gains as well as for long-term.

Taking Adani Wilmar's strong brand recall, wide distribution, and better financial track records into consideration, brokerage house Angel One recommended a "subscribe" rating on the issue.