Adani Wilmar, a 50:50 joint venture (JV) company between Wilmar International and the Adani group, has filed its draft red herring prospectus with the Securities and Exchange Board of India (SEBI) on Aug 2.
The prospectus was filed in relation to the proposed initial public offering (IPO) of Adani Wilmar for listing on the BSE Limited and National Stock Exchange of India.
The proposed listing will comprise an IPO in the form of new equity shares issued by Adani Wilmar for an amount of up to 45,000 million rupees (US$600 million or $811.7 million).
There will be no secondary offering.
The net proceeds from the IPO will be used to fund capital expenditure for the expansion of Adani Wilmar’s existing manufacturing facilities and developing new manufacturing facilities. It will also towards the repayment and prepayment of borrowings, fund strategic acquisitions and investments as well as general corporate purposes.
The proposed listing and issue price of the IPO shares will be subject to several factors including the book building process under Indian regulations and more.
As at 11.09am, shares in Wilmar are trading 11 cents higher or 2.6% up at $4.41.
