Adani Wilmar is a 50:50 joint venture between Gautam Adani’s Adani Group and Singapore-based Wilmar Group. It sells cooking oils and some other products under the Fortune brand.
The IPO comprises a fresh issue of new equity shares of face value Re 1 for an amount of up to Rs 3,600 crore, the filing said. Promoters and existing shareholders are not offloading their stake via OFS in the issue.
The company has trimmed its issue size to Rs 3,600 crore from Rs 4,500 crore earlier. It has reserved equity shares aggregating up to Rs 107 crore for its eligible employees, who will get a discount of Rs 21 per share during the bidding process.
Investors can bid for a minimum of 65 equity shares and in multiples thereof. The issue can be subscribed till January 31, Monday.
Adani Wilmar plans to aggressively look at M&A (Merger and Acquisition) prospects in the foods space. Out of the IPO proceeds, Rs 1,900 crore will be used for capital expenditure, Rs 1,100 crore will be used for the repayment of debt and Rs 500 crore in funding strategic acquisitions and investments. The company has an annual revenue of Rs 37,195 crore.
Currently, six Adani group companies are listed on the bourses, namely Adani Enterprises, Adani Transmission, Adani Green Energy, Adani Power, Adani Total Gas, and Adani Ports and Special Economic Zone.
Fifty per cent of the net issue is reserved for qualified institutional buyers (QIBs), while non-institutional buyers will have 15 per cent of the shares allocated for them. And retail portion has been fixed at 35 per cent of the offer.
Kotak Mahindra Capital, JP Morgan India, BofA Securities India, Credit Suisse Securities (India), ICICI Securities, HDFC Bank and BNP Paribas are the book running lead managers to the issue.
Link Intime India is appointed as the registrar to the issue. The equity shares of the company will list on both BSE and NSE.
