New Delhi, Jan 28 (PTI) The initial public offer of edible oil major Adani Wilmar Limited received 1.13 times subscription on the second day of offering on Friday.

The IPO received bids for 13,85,77,270 shares against 12,25,46,150 shares on offer, according to an update on BSE.

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The category for Retail Individual Investors (RIIs) was subscribed 1.85 times, while non-institutional investors received 88 per cent subscription and Qualified Institutional Buyers (QIBs) 39 per cent.

The IPO of up to Rs 3,600 crore is in a price range of Rs 218-230 per share.

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Adani Wilmar, which sells cooking oils and some other food products under the Fortune brand, is a 50:50 joint venture between business conglomerate Adani group and Singapore-based Wilmar.

On Tuesday, Adani Wilmar Ltd had raised Rs 940 crore from anchor investors.

The proceeds of the public issue will be used to fund capital expenditure, reduce debt and for acquisitions.

The public issue will close on January 31.

Kotak Mahindra Capital Company, JPMorgan India, BofA Securities India, Credit Suisse Securities (India), ICICI Securities, HDFC Bank Ltd and BNP Paribas are the managers to the offer.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)