Adani Wilmar Ltd., an Indian food company, surged in its stock trading debut following a US$482 million ($648.1 million) initial public offering, the country’s largest in two months.
Shares of the company, an equal joint venture between the business group controlled by Asia’s richest person Gautam Adani and Singapore’s Wilmar International Ltd., rose as much as 16% to 266.8 rupees ($4.80) on Tuesday. The stock was priced at 230 rupees in the IPO, at the top of a marketed range.
