Adani Wilmar’s initial public (IPO) is going to come next week on January 27. The company sells its products under the brand name ‘Fortune’ and aims to make it the largest food brand in the country. Adani Wilmar’s ambitious plan sets it up against companies like ITC, Tata Consumer Products and Marico (Saffola), which are looking to consolidate their position in the food industry.
The management of Adani Wilmar, while explaining the blueprint of the IPO in a press conference said, “Fortune is the top oil brand in the country and now we are gearing up to make it the biggest food brand in the country. There are very few food brands across the board. To be successful at this, a company needs strong sourcing, manufacturing, supply chain and research capabilities. Adani Wilmar has it all.”
Adani Wilmar is all set to launch functional oils, fortified cereals and packaged and ready-to-eat products in the coming days. The company’s management indicated that they are also exploring inorganic opportunities, especially in the value-added food segment. This means that the coming days may also see the acquisition of some small food companies by Adani Wilmar.
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Angshu Malik, CEO, Adani Wilmar said, “We will focus on staple food products first. Once we achieve good quality staple production, then we will focus on value-added food products. Consider some inorganic opportunities for growth in this segment.”
Let us tell you that the IPO of Adani Wilmar will be open for bidding from January 27 to January 31. The price band for the IPO has been fixed at Rs 218-230 per share. The issue will open for anchor investors on January 25. The company said in the information given to the exchange, “Intimation for IPO of Adani Wilmar was given on 2 August 2021. Adani Enterprises thereafter submitted a red herring prospectus with SEBI on 19 January 2022 and it was approved on 20 January. “
Out of the total IPO of Rs 3600 crore, Rs 1900 crore will be used to meet the working requirements of the company. Rs 1100 crore will be used to repay debt and Rs 500 crore will be used for acquisition and investment.
Adani Wilmar is a joint venture in which Singapore’s Wilmar Group and India’s Adani Group hold 50-50 per cent.
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