Adani Wilmar IPO: Gautam Adani-led fast moving consumer goods or FMCG company, Adani Wilmar is set to open its initial public offering on Thursday, January 27 and has announced its price band. The Adani Wilmar IPO, or initial public offering, has a price band of Rs 218 to Rs 230, the company has announced. This will be the second IPO of the year, and one of the most anticipated IPOs in the market, which is again resonating with the IPO craze after a hiatus of a month. Adani Wilmar Limited is best known for its edible oil products under the brand name of ‘Fortune’.
Important things to know Adani Wilmar IPO
Adani Wilmar IPO Issue Size
Adani Wilmar Limited plans to raise Rs 3,600 crore through its first public offer. Initially, the company had an initial plan to raise Rs 4,500 crore through IPO. There will be no secondary offer. Adani Wilmar has only diluted part of the general corporate objectives and not the core objectives of the issue. It has reserved shares worth Rs 107 crore for eligible employees, who will be able to buy them at a discount of Rs 21 per share.
Adani Wilmar IPO Price Band, Lot Size
The price band for the initial share sale of the company has been fixed at Rs 218 to Rs 230 per equity share. The company had announced this on January 21.
The firm has said that bidders can buy at least 65 shares and in multiples of 65.
Adani IPO Dates, Reserved Part
The public issue of Adani Wilmar Limited will open on January 27 and close on January 31, the company announced. The listing of the IPO is likely to happen on February 8, which is next month.
Qualified institutional buyers will be able to buy 50 per cent of the shares, while 35 per cent is reserved for retail buyers. The remaining 15 per cent of the shares can be used by non-institutional buyers.
Adani Wilmar IPO GMP
According to data from ipowatch.com, the unlisted shares of Adani Wilmar IPO were trading at Rs 330 in gray market on Friday, January 21. It was Rs 100 above the upper end of its price band. High GMP of Adani Wilmar IPO indicated strong listing in stock exchanges.
Objectives of the issue
The proceeds from the IPO will be used to finance capital expenditure for expansion of the company’s existing manufacturing facilities and development of new manufacturing facilities. It will also be used for repayment/prepayment of borrowings, financing strategic acquisitions and investments and for general corporate purposes.
Of the proceeds from the IPO, Rs 1,900 crore will be used for capital expenditure, Rs 1,100 crore will be used to repay debt and Rs 500 crore will be used to finance strategic acquisitions and investments.
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