Adani Wilmar IPO filing ‘under process,’ with hold removed

Palm oil plantation in Sumatra, IndonesiaPalm oil plantation in Sumatra, Indonesia

The Adani Wilmar draft red herring prospectus for its proposed initial public offering (IPO) is now “under process,” by the Securities and Exchange Board of India (SEBI), more than a month after the regulator had moth-balled the filing.

In August, the proposed initial public offering (IPO) of Adani Wilmar (AWL), a 50:50 joint venture between the Adani Group and Singapore-listed Wilmar International, had been put on hold by SEBI. The IPO was planned for BSE and the National Stock Exchange of India.

At the time, SEBI had listed the proposed IPO’s processing status as “issuance of observations kept in abeyance.” An issuance of observations would mean SEBI has provided a go-ahead for an IPO, but keeping it in abeyance means it is in suspension for 30 to 90 days, or potentially longer.

On Monday, Wilmar advised shareholders and investors that the proposed listing of Adani Wilmar and the issue price of the IPO shares were subject to many factors, including the book-building process, receiving applicable approvals and prevailing market conditions.

“As there is no assurance that the proposed listing will proceed, shareholders and investors are advised to exercise caution when dealing with the securities of the company,” Wilmar said in a filing to SGX.