India’s Adani Wilmar Ltd. is an outlier among Asia’s newly listed stocks. The food company has almost tripled since its debut while most newcomers are trading under water.
Shares in the firm, a joint venture between the group controlled by Asia’s richest person Gautam Adani and Singapore’s Wilmar International Ltd., have outperformed 121 Asian initial public offerings worth over $100 million this year. Almost two-thirds of the region’s new listings are in the red as rising interest rates and the war in Ukraine take a toll.
The Monetary Authority of Singapore and Nippon Life India were among investors in Adani Wilmar’s IPO, which makes Fortune brand cooking oils, wheat flour, rice, pulses, sugar and other food products. The