When the IPO materialises, it will make Adani Wilmar the seventh company of the Adani group to be listed on the national bourses.
Adani Wilmar is set to launch a Rs 5,000-crore initial public offering (IPO), Livemint reported on Friday, quoting at least three people privy to this information. The edible oil and food products maker has already hired investment banks and legal advisors to start working on the prospective IPO, the report said.
According to the report, JP Morgan and Kotak Mahindra Capital have been taken on board to manage the IPO for the FMCG company, one of the three people told Mint. "They have started work on the draft red herring prospectus," the person said.
The joint venture between Adani Enterprises Ltd and Wilmar International Ltd is planning to raise funds via the sale of new shares and the shares held by the JV partners, the person said, adding the numbers may still change as the filing of IPO papers nears.
When the IPO materialises, it will make Adani Wilmar the seventh company of the Adani group to be listed on the national bourses. Adani Enterprises, Adani Ports and Special Economic Zones Ltd, Adani Transmission Ltd, Adani Power Ltd, Adani Total Gas Ltd and Adani Green Energy Ltd are already listed on Indian bourses.
According to the second person, who requested anonymity, Adani Wilmar is one of the "bigger and mature businesses in the group" that is still unlisted, adding taking it public will lead to "significant value unlocking."
While Adani Wilmar and JP Morgan refused to comment, Mint's mail to Kotak Mahindra went unanswered.
According to information on its website, Adani Wilmar owns 40 units that have a refining capacity of 16,800 tonnes per day. Not just that, the company has a seed-crushing capacity of 6,000 tonnes a day and a packaging capacity of 12,900 tonnes per day. Besides the edible oil, the brand has made its inroads into the packaged Basmati rice, pulses, soya chunks and flour business.
Adani Wilmar exports to more than 19 countries in West Asia, South-East Asia, East Africa, Australia and New Zealand.
First Published: IST