Adani Wilmar IPO: This IPO will open for subscription tomorrow, January 27 and will close on January 31.
Adani Wilmar IPO: The IPO of Adani Wilmar Limited (AWL), a giant company that sells many food products including edible oil under the name of Fortune brand, is going to open tomorrow i.e. on Thursday. The company wants to raise Rs 3600 crore through this IPO. This IPO will open for subscription tomorrow, January 27 and will close on January 31. The price band for this IPO has been fixed at Rs 218-230 per share. The proceeds from the IPO will be used for capital expenditure, for debt repayment and for acquisitions. The company aspires to be the largest food and FMCG company in India.
Issue related details
- Adani Wilmar Limited on Tuesday raised Rs 940 crore from anchor investors. The company has decided to allot about 4.09 crore equity shares to anchor investors at Rs 230 per share.
- Investors can bid in a minimum of 65 equity shares and multiples thereof. Half of the issue size is reserved for qualified institutional buyers, 35 percent for retail investors and the remaining 15 percent for non-institutional investors.
- After the IPO, the public shareholding will be 12 per cent and the remaining 88 per cent will be held equally by both the promoters.
- According to the Red Herring Prospectus (RHP), the company proposes to use Rs 1,900 crore for capital expenditure, Rs 1,058.9 crore for repayment/prepayment of debt and Rs 450 crore for strategic acquisitions and investments. .
- Adani Wilmar Limited’s revenue increased to Rs 24,957.28 crore in the six months ended September in the current financial year as against Rs 16,273.73 crore in the corresponding period of the previous year.
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company statement
In a virtual press conference on January 21, Adani Wilmar CEO and Managing Director Angshu Malik had said that the company would focus on increasing its market share in the edible oil segment and growing the food business. He had said, “We are one of the fastest growing food and FMCG companies.” He expressed confidence of becoming the largest company in this segment in the coming years.
In the red herring prospectus, the company had proposed to raise up to Rs 4,500 crore, but the size of the IPO was cut later. On the matter of reducing the IPO size, Adani Wilmar’s Chief Financial Officer (CFO) Shrikant Kanhere had said that this was done to make the public issue more optimistic and efficient in terms of capital structure. At present, six companies of the Adani Group are listed on the domestic stock exchanges. These include, apart from Adani Enterprises, Adani Transmission, Adani Green Energy, Adani Power, Adani Total Gas, and Adani Ports and Special Economic Zones.
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Full company details
- Adani Wilmar is a joint venture between Ahmedabad-based Adani Group and Singapore-based Wilmar Group, in which both groups hold half-half.
- It is an FMCG food company that sells cooking items like cooking oil, wheat flour, rice, pulses and sugar. Apart from this, Oleochemicals also sells industrial products like castor oil and its derivatives and de-oiled cakes.
- Veteran food FMCG company Adani Wilmar plans to aggressively strengthen its position in the food space. The company may acquire companies in the Foods, Staples and Value Added Product categories.
- The company operates plants in 10 states of the country and has 10 crushing units and 19 refineries. Apart from this, according to the data available till 30 September 2021, the company is using 36 tolling units on lease to increase the manufacturing capacity.
- According to the company’s data for the September 2021 quarter, the company has 88 depots across the country, which is spread over 18 lakh square feet.
- Talking about the company’s financials, its net profit (Profit After Tax) was Rs 460.87 crore in the financial year 2020, which increased to Rs 727.65 crore in the next financial year 2021.
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