New Delhi, Jan 27 (PTI) The initial public offering of edible oil major Adani Wilmar received a 57 per cent subscription on the first day of the issue on Thursday.

The IPO received bids for 7,04,43,165 shares as against 12,25,46,150 shares on offer, according to an update on the BSE.

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The portion for retail individual investors (RIIs) received 96 per cent subscription, while qualified institutional buyers (QIBs) got 30 per cent and non-institutional investors 54 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. HRS hrs

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