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The three-day initial public offering (IPO) of Adani Wilmar Ltd will launch on this week on Thursday, January 27, 2021. The company has fixed a price band of ₹218-230 a share for its issue through which it aims to raise up to ₹3,600 crore.
As per market observers, shares of Adani Wilmar are commanding a premium (GMP) of ₹54 in the grey market today. The company’s shares are expected to list on stock exchanges BSE and NSE on February 8, 2022.
The public issue of Adani Wilmar, which markets its edible oils and some food products under Fortune brand, comprises fresh issue of equity shares and there will not be any secondary offering.
Adani Wilmar, a 50:50 joint venture company between Gautam Adani-led congolomerate Adani group and Singapore’s Wilmar group, sells cooking oils under the Fortune brand. Apart from cooking oils, it sells food products like rice, wheat flour, and sugar. It also sells non-food products like soap, handwash, and sanitisers.
The company aims to raise funds for capital expenditure, reduce debt and for merger and acquisitions as it seeks to become India’s biggest food and FMCG company.
On the financial front, Adani Wilmar Ltd’s revenue increased to ₹24,957 crore for the six months ended September in the current fiscal year as against ₹16,273 crore in the corresponding period of the previous year. During the same period, profit grew to ₹357 crore from ₹288.7 crore.
A successful IPO will make Adani Wilmar the seventh Adani group company to list on the Indian stock exchanges. Currently, Adani Transmission, Adani Green Energy, Adani Power, Adani Total Gas, and Adani Ports are listed on the bourses.
ICICI Securities, HDFC Bank, BNP Paribas, Kotak Mahindra Capital, JP Morgan, BofA Securities and Credit Suisse are the book running lead managers to the issue. Link Intime India Private Ltd is the registrar of the IPO.
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