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Billionaire Adani’s Food Venture Is Best-Performing Asia IPO

  • Adani Wilmar shares have almost tripled since their debut
  • Company is using funds from the IPO to make acquisitions

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.