Mumbai [India], January 26 (ANI): The initial public offering (IPO) of Adani Wilmar, a 50:50 joint venture company between Gautam Adani-led conglomerate Adani Group and Singapore's Wilmar Group, will open for public subscription on January 27.
The IPO comprises fresh issuance of about 15.65 crore shares worth Rs 3,600 crore and the entire proceeds will go to the company. There will not be any secondary offering.
The price band has been fixed at Rs 218-230 a share for its public issue.
Investors can bid for a minimum of 65 shares and in multiples of 65 thereafter. Retail investors can invest a minimum of Rs 14,950 in one lot and their maximum investment can be Rs 194,350 for 13 lots.
The company's shares are expected to list on stock exchanges - Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) - on February 8, 2022.
After the IPO, the promoter's shareholding in Adani Wilmar will come down from the current 100 per cent to 87.92 per cent.
Adani Wilmar's flagship brand Fortune is the largest selling edible oil brand in India.
Adani Wilmar is a joint venture incorporated in January 1999 between the Adani Group, which is a multinational diversified business group with significant interests across transport and logistics, and energy and utility sectors, and the Wilmar Group, one of Asia's leading agri-business groups which was ranked among the largest listed companies by market capitalisation on the Singapore Exchange as of February 2021. (ANI)