Adani Wilmar, the 50:50 joint venture company (JVC) of Wilmar International and India’s Adani Group, has filed a prospectus with India's Registrar of Companies on Jan 19, in relation to its proposed initial public offering (IPO) on the BSE Limited and the National Stock Exchange of India.
Under its listing, Adani Wilmar will issue up to 36 billion rupees ($651.1 million) worth of new shares at 1 rupee apiece. There will be no secondary offering.
Proceeds of the issue will be used for Adani Wilmar’s capital expenditure, repayment of debt, funding strategic acquisitions and investments and general corporate purposes.
The issue will open for subscription to the public on Jan 27, and will close on Jan 31. Its price range will be announced at least two working days before the issue.
The IPO was previously placed on hold by the Securities and Exchange Board of India in August 2021 with its processing status listed as “issuance of observations kept in abeyance”.
Shares in Wilmar closed 5 cents higher or 1.17% up at $4.34 on Jan 20.
