Adani Wilmar Limited on Thursday announced that it will launch its IPO on January 27. The price band of the issue has been fixed at Rs 218 to Rs 230 per equity share of face value of Rs 1 each.
Adani Wilmar is a 50:50 JV between Gautam Adani-led Adani Group and Singapore-based Wilmar Group.
Angshu Mallick, CEO and managing director of Adani Wilmar Limited, said that the IPO comprises a fresh issue of new equity shares of face value of Re 1 for up to Rs 3,600 crore.
The company has trimmed the issue size from Rs 4,500 crore to Rs 3,600 crore. Equity shares aggregating to up to Rs 107 crore have been kept for its eligible employees. They will get it at a discount of Rs 21 per share at the time of bidding.
Mallick said the company will focus on increasing its market share in edible oils segment and grow food business.
He said the edible oils contribute 65 per cent of its business in volume terms and the remaining comes from food and industrial essentials segments.
The company's food business is growing by around 25 per cent annually.
Once listed, it will be the seventh company from the Adani Group to be on the bourses. Apart from Adani Enterprises, other listed ones are Adani Transmission, Adani Green Energy, Adani Power, Adani Total Gas, and Adani Ports and Special Economic Zone.
Adani Wilmar sells oil, rice, flour and other products under the brand name Fortune.
The company posted a revenue of Rs 37,195.65 crore and profit of Rs 728 crore in the entire 2020-21 fiscal.
(With PTI inputs)