Subscription Opens on January 27 for Adani Wilmar IPO
The subscription period for $3,600-crore Adani Wilmar’s initial public offering will begin on January 27. The company that owns the Fortune edible oil brand reportedly set a price range of 218-230 each share for its initial public offering. The deadline for submissions is January 31.
The company, a joint venture involving Adani Group with Singapore’s Wilmar, had scheduled an initial public offering of Rs 4,500 crore. Packaged food, edible oil, and industry basics are all included within the company’s product line.
According to Adani Enterprises, the issuance consists of fresh issuance of new share capital by Adani Wilmar for approximately Rs3,600 crore. The company that sells cooking oils underneath the Fortune brand is indeed a 50:50 partnership between the Adani Group of Ahmedabad and the Wilmar Group of Singapore.
Issue size: The proposal consists of the new issuance of new equity shares worth up to Rs. 3,600 crore. The firm has reduced the size of its initial public offering (IPO) from $4,500 crore to $3,600 crore.
Price band: The Ahmedabad-based firm will sell shares in the range of 218-230 per share.
Lot size: Investors could apply for as few as 65 equity shares and as many as they want. A retail investor could bid for more than 13 lots, or 845 shares, for a total of 194,350 dollars.
Shareholders quota: Qualified institutional buyers (QIBs) will receive up to 50% of the net issuance, while retail investors will receive 35%, and non-institutional buyers will receive the remaining 15%. The corporation has also set aside up to 107 crores in equity shares for qualifying employees.
The objective of the issue: The profits from the IPO will be used to fund capital expenditures for the expansion of present manufacturing facilities or even the development of new units, according to the business. A portion of the capital will also be utilized to pay down debts, fund strategic acquisitions and investments, and fulfil other corporate needs.
Adani Wilmar will be the exchange’s 7th Adani group firm, as 6 of the conglomerate’s subsidiaries have already been listed on domestic exchanges. Adani Total Gas, Adani Power, Adani Enterprises, Adani Transmission, Adani Green Energy, Adani Ports and Special Economic Zone have listed companies.