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The three-day initial public offering (IPO) of edible oil major Adani Wilmar Ltd will open next week on Thursday, January 27. The company has fixed a price band of 218-230 a share for its 3,600-crore initial share sale that will conclude on January 31. The bidding for anchor investors will start on January 25.

The public issue comprises fresh issue of equity shares and there will not be any secondary offering. The company has cut its IPO size to 3,600 crore from 4,500 crore as planned earlier. 

As per market observers, shares of Adani Wilmar are commanding a premium (GMP) of 75 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. Adani Wilmar has the largest range of edible oils comprising soya bean, sunflower, mustard, and rice bran. Its Fortune brand of oil has around 20% market share in India. 

A successful IPO will make Adani Wilmar the seventh Adani group company to list on the Indian stock exchanges. Currently, Adani Transmission, Adani Green Energy, Adani Power, Adani Total Gas, and Adani Ports are listed on the bourses.

AWL, which is among the leading food FMCG companies in India with revenues of 37,195 crore, plans to aggressively look at M&A (merger and acquisition) prospects in the foods space. The company may acquire a brand or a company engaged in foods, staples and value added product categories.

ICICI Securities, HDFC Bank, BNP Paribas, Kotak Mahindra Capital, JP Morgan, BofA Securities and Credit Suisse are the book running lead managers to the issue. Link Intime India Private Ltd is the registrar of the IPO. 

 

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