Edible oil major Adani Wilmar will hit the capital market by raising up to Rs 3,600 crore through an Initial Public Offering (IPO). The company informed that the issue will be open for subscription by the public on January 27 and will close on January 31.
Adani Wilmar is a 50:50 joint venture between Adani group and Singapore-based Wilmar group, selling cooking oils and some other food products under the Fortuna brand. The company has cut the size of its initial share sale to Rs 3,600 crore from the Rs 4,500 crore planned earlier.
The IPO proceeds will be used for capital expenditure, repayment of debt and funding strategic acquisitions and investments.
Adani Wilmar’s IPO will have 50% of the portion reserved for Qualified Institutional Buyers (QIB) while the 35% is available for retail investors to bid for and only 15% is for Non-Institutional Investors (NII). Investors can bid for a minimum of 65 equity shares and in multiples thereof, translating to a minimum investment of Rs 14,950 per investor.
Adani Wilmar will join six other companies owned by Gautam Adani upon listing, including Adani Enterprises, Adani Transmission, Adani Green Energy, Adani Power, Adani Total Gas, and Adani Ports and Special Economic Zone. ICICI Securities, HDFC Bank, BNP Paribas, Kotak Mahindra Capital, JP Morgan, BofA Securities and Credit Suisse are the book running lead managers to the public issue.
