Adani Wilmar Ltd, a 50:50 joint venture company between Gautam Adani-led Adani Group and Singapore-based Wilmar International, has filed the draft red herring prospectus (DRHP) with markets regulator SEBI for an initial public offer (IPO).
The Rs 4,500-crore IPO will be entirely a primary issuance of shares.
The IPO aims to value Adani Wilmar at Rs 37,500-45,000 crore and Adani Enterprises’ stake in the company is likely to be valued at Rs 18,750-22,500 crore, sources said.
This will be the seventh listed company from Adani Group.
“The proposed listing of AWL on the stock exchanges will comprise an IPO in the form of fresh issue of new equity shares by AWL for an amount of up to Rs 45,000 million (approximately USD 600 million). There will not be any secondary offering,” Adani Enterprises Ltd (AEL), the flagship firm of Adani Group, said in a regulatory filing.
Kotak Mahindra Capital, JP Morgan, Bofa Securities, Credit Suisse, ICICI Securities, HDFC and BNP Paribas are the bankers to the issue, as per the company’s DRHP.
The company will utilise the fresh issue proceeds for capital expenditure of up to Rs 1,900 crore, expansion of food manufacturing capacity in India, repayment/prepayment of borrowings of up to Rs 1,170 crore and funding strategic acquisitions and investments of up to Rs 500 crore.
Adani Wilmar’s net worth in FY21 increased to Rs 3,298 crore from Rs 2,570 crore in FY20 and Rs 2,111 crore in FY19.
In FY21, the company reported revenue of Rs 37,195 crore, rising from Rs 29,767 crore in FY20 and Rs 28,919 crore in FY19. Net profit was at Rs 727 crore, Rs 460 crore and Rs 375 crore, in FY21, FY20 and FY19, respectively.