Adani Wilmar IPO set to open for subscription

Palm tree at plantation in Sumatra, IndonesiaPalm tree at plantation in Sumatra, Indonesia

The initial public offering (IPO) of Adani Wilmar, a 50:50 joint venture between Wilmar International and Adani Group, will open for public subscription on 27 January, and close on 31 January, Wilmar said in a filing to SGX Thursday. 

The issue comprises new shares with a face value of 1 Indian rupee for up to 36.0 billion rupees, with no secondary offering, the filing said. 

The price band of the issue will be set by Adani Wilmar in consultation with the book-running lead managers, Wilmar said. 

Proceeds of the IPO will be used for capital expenditure, repayment of debt, funding strategic acquisitions and investments and general corporate purposes, the filing said. 

Adani Wilmar has filed its red herring prospectus for the IPO with the Registrar of Companies in Gujarat, India, the filing said. 

India-based Adani Wilmar, or AWL, is a large fast-moving consumer goods (FMCG) company offering most of the country’s essential kitchen commodities, including edible oil, wheat flour, rice, pulses and sugar, under a range of brands. Its Fortune brand is the best-selling edible oil brand in India, the company’s website said.