OPEN APP
Home / Markets / Ipo /  Adani Wilmar IPO: What GMP signals ahead of subscription opening
Listen to this article

Adani Wilmar's three-day initial public offering (IPO) will open for public subscription this week on Thursday, January 27, 2021. The price band has been fixed at 218-230 a share for its issue through which it aims to raise up to 3,600 crore.

The public issue of Adani Wilmar, which markets its edible oils and some food products under Fortune brand, comprises fresh issue of equity shares and there will not be any secondary offering.

As per market observers, Adani Wilmar shares premium (GMP) has slipped to 45 in the grey market today. The company's shares are expected to list on stock exchanges BSE and NSE on February 8, 2022.

Adani Wilmar, a 50:50 joint venture company between Gautam Adani-led congolomerate Adani group and Singapore's Wilmar group, sells cooking oils under the Fortune brand. Apart from cooking oils, it sells food products like rice, wheat flour, and sugar. It also sells non-food products like soap, handwash, and sanitisers.

The company aims to raise funds for capital expenditure, reduce debt and for merger and acquisitions as it seeks to become India's biggest food and FMCG company.

"We are looking at more inorganic growth opportunities to grow our non-oil/FMCG business. Accordingly we've earmarked 450 crore from the IPO proceeds to acquire manufacturing units or brands in the food staples business such as wheat flour, rice and besan, ready-to-cook and ready-to-eat segments," Adani Wilmar chief executive Angshu Mallick told news agency PTI.

Currently, six Adani group companies are listed on the domestic bourses. Apart from Adani Enterprises, other listed ones are Adani Transmission, Adani Green Energy, Adani Power, Adani Total Gas, and Adani Ports and Special Economic Zone.

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.
Close
Recommended For You
×
Edit Profile
Get alerts on WhatsApp
Set Preferences My ReadsFeedbackRedeem a Gift CardLogout