Adani Group is aiming to raise nearly $1 billion (approx. ₹7,000-7,300 crores) through an IPO (initial public offering) by Adani Wilmar.
The Adani Wilmar Group is eyeing a valuation of $9 billion (approx. ₹ 63,000-65,700 crores). The draft red herring prospectus (DRHP) could be filed as early as July.
Adani Wilmar is the maker of the popular edible oil brand ‘Fortune’, which was set up in 1999 as a joint venture between the Adani Group and Singapore-based Wilmar International.
Wilmar International, Asia’s leading agriculture business group owns the popular edible oil brand ‘Fortune’, and currently sells many other groceries like rice, wheat flour, pulses, etc.
According to the media reports, the airport and food businesses of the Adani Group could go public in the near future. If listed, the Adani Group will have seven infrastructure companies and one consumer business with public shareholding.
At present, the Adani Group has 6 listed companies with a combined market capitalization of over ₹8.5 lakh crores. The Adani Group’s listed companies are Adani Enterprises, Adani Green, Adani Power, Adani Total Gas, Adani Transmission, and Adani Ports.
Recently, Gautam Adani, the founder, and chairman of the Adani Group has become the second-richest Asian with $75.4 billion wealth.
“Adani Wilmar has attained considerable size and scale and has a good, diversified portfolio of products. As of now, it is planning to raise between ₹ 7,000 crores and ₹ 7,300 crores via the listing, though this is not final and the size may vary at a later stage,” Sources aware of the development said.
Adani Wilmar competes with brands such as Nature Fresh, Gemini and Sweekar, Saffola by Marico, Sundrop owned by Agro Tech Foods, Dhara of Mother Dairy, others owned by Emami Group and Patanjali.
Gemini Edibles, the Indian arm of Golden Agri-Resources, the world’s second-largest palm oil plantation company, also plans to launch an IPO and raise ₹ 1,500 crores to ₹ 1,800 crores in 2021.
Adani Wilmar exports branded edible oil including lecithin, castor & soya value added products to more than 19 countries in the Middle-East, South East Asia & East Africa including Singapore, Australia & New Zealand.
Prices of edible oil have gone up sharply in the last 1 year during COVID-19 thereby benefiting all players in this segment. So from a timing perspective, this Adani Wilmar IPO makes sense” a person aware of the development said.
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