Adani Wilmar hires investment banks to raise Rs 5,000 crore via IPO – Business News , Firstpost

The newest to be a part of the record of firms which can be trying to go public is Adani Wilmar. The agency, which is a three way partnership between the Adani Group and Wilmar International – Singapore, is trying to raise Rs 5,000 crore by means of an preliminary public providing (IPO), Mint reported.

A profitable IPO would make Adani Wilmar the seventh Adani Group entity to be listed on the Indian bourses, following Adani Green Energy Ltd, Adani Power Ltd, Adani Enterprises, Adani Transmission Ltd, Adani Total Gas Ltd, and Adani Ports and Special Economic Zones Ltd.

Adani Wilmar boasts of the most important vary of edible oils comprising sunflower, soya bean, and rice bran, amongst others. The agency has employed investment banks similar to JP Morgan and Kotak Mahindra Capital to handle the preliminary public provide (IPO).

The report quoted a supply requesting anonymity as saying, “They have started work on the draft red herring prospectus (DRHP).”

The DRHP is a doc that incorporates particulars of firms which can be issuing an IPO. The doc, ready by service provider banks, has particulars of the enterprise similar to financials, operations, trade positioning, promoters of the corporate and different data that may information a possible investor.

The agency reported an 18 % improve in income to Rs 26,486 crores for a interval of 9 months, ending 31 December, Hindustan Times reported.

For the identical interval, the agency’s working revenue elevated by 5 % to Rs 1,050 crore. Despite the COVID-19 setback, the firm’s income rose 31 % to Rs 10,267 crores, within the quarter ending 31 December.

With this, Adani Wilmar will be a part of firms similar to Nazara Technologies, Kalyan Jewellers, Ease My Trip, Rail Tel, Indigo Paints which have provided IPOs in latest occasions.