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Adani Wilmar IPO opens today: Everything you need to know

Adani Wilmar IPO: The Rs 3,600 crore initial public offering (IPO) of edible oil manufacturer Adani Wilmar is available from January 27-31, 2022. It has a price band of Rs 218-230 per share.

By: Express Web Desk | New Delhi |
Updated: January 27, 2022 4:38:53 pm
adani wilmar ipoAdani Wilmar sells various cooking oils and other edible products such as wheat flour, soya products, basmati rice etc. under the Fortune brand. (Image source: Company website)

Adani Wilmar IPO: The initial public offering (IPO) of edible oil manufacturer Adani Wilmar will open for subscription on Thursday, January 27, 2022.

The Rs 3,600 crore Adani Wilmar IPO will be available for subscription till Monday, January 31, 2022, and the price band of the company has been fixed at Rs 218-230 per share.

Adani Wilmar is a 50:50 joint venture company between Gautam Adani-led Adani group and Singapore’s Wilmar group. It sells various cooking oils and other edible fast moving consumer good (FMCG) products such as wheat flour, soya products, besan, basmati rice etc. under the Fortune brand. The company cut its IPO size to Rs 3,600 crore from the Rs 4,500 crore planned earlier.

The IPO comprises only a fresh issue of equity shares and there will not be any secondary offering. The proceeds from the offer will be used for capital expenditure, repayment/prepayment of debt, funding strategic acquisitions and investments and general corporate purposes.

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Upon its listing, Adani Wilmar will become the seventh Adani group company to debut on the stock market. At present, six Adani group companies are listed on the domestic exchanges – Adani Enterprises, Adani Transmission, Adani Green Energy, Adani Power, Adani Total Gas, and Adani Ports and Special Economic Zone.

Half of the issue size has been reserved for qualified institutional buyers (QIBs), 35 per cent for the retail investors and the remaining 15 per cent is for non-institutional investors.

Investors who wish to subscribe to Adani Wilmar IPO can bid in a lot of 65 equity shares and multiples thereafter. At the upper price band, they will be shelling out Rs 14,950 to get a single lot of Adani Wilmar. The shares will be listed on both BSE as well as the National Stock Exchange (NSE).

The applicants also must note that the cut-off time for UPI mandate confirmation is Tuesday, February 1, 2021, upto 12:00 pm. If they fail to do so then their application may not be considered.

Kotak Mahindra Capital Company, J.P. Morgan India, BofA Securities India, Credit Suisse Securities (India), ICICI Securities, HDFC Bank and BNP Paribas are the book running lead managers to the offer while Link Intime India is the registrar of the issue.

Before heading into the IPO, Adani Wilmar on Tuesday raised nearly Rs 940 crore (Rs 9,39,89,99,910) from 15 anchor investors in lieu of 4,08,65,217 equity shares at Rs 230 each, data from the stock exchanges showed.

The anchor investors include the likes of Government of Singapore, Monetary Authority of Singapore, Societe Generale, Jupiter India Fund, HDFC Mutual Fund (MF), Nippon India MF and Aditya Birla Sun Life MF among others.

The share allotment is likely to take place on Thursday, February 3, 2022, and the shares are expected to be listed on Tuesday, February 8, 2022, according to the timeline given in the red herring prospectus (RHP).

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