MAM
Adani Wilmar IPO to open on 27 January
Mumbai: Edible oil major Adani Wilmar Ltd has announced that it will open for public subscription next week on 27 January and conclude on 31 January.
The price band of the issue has been fixed at Rs 218 to Rs 230 per equity share of the face value of one rupee each for its Rs 3,600 crore initial share sale. Bids can be made for a minimum of 65 equity shares and in multiples of 65 equity shares thereafter, the food FMCG company announced in a virtually held press conference on Friday.
The company plans to go listed on 8 February on exchanges and the bidding for anchor investors will start on 25 January. It has cut its IPO size to Rs 3,600 crore from Rs 4,500 crore earlier. It has reserved equity shares aggregating up to Rs 107 crore for its eligible employees, who will get a discount of Rs 21 per share during the bidding process.
Adani Wilmar, a 50:50 joint venture company between Gautam Adani-led conglomerate Adani Group and Singapore’s Agribusiness group Wilmar International Ltd, sells edible oils under the Fortune brand. One of the fastest-growing food FMCG companies in India, Adani Wilmar has a range of cooking oils comprising soya bean, sunflower, mustard, and rice bran. Its Fortune brand of oil has around 20 per cent market share in India.
The firm has also leveraged its brands and distribution network to offer a wide array of packaged foods since 2013, including packaged wheat flour, rice, pulses, besan, sugar, soya chunks, and ready-to-cook khichdi.
Kotak Mahindra Capital, JP Morgan India, BofA Securities India, Credit Suisse Securities India, ICICI Securities, HDFC Bank and BNP Paribas are the lead managers to the issue. Link Intime India is appointed as the registrar to the issue. The equity shares of the company will list on both BSE and NSE.
Currently, six Adani group companies are listed on the bourses, namely Adani Enterprises, Adani Transmission, Adani Green Energy, Adani Power, Adani Total Gas, and Adani Ports and Special Economic Zone.
Brands
Hardik Jhaveri named senior director marketing at Colgate-Palmolive Asean hub
Former Hill’s Pet Nutrition general manager returns to the company to steer marketing for South Asean from Kuala Lumpur
KUALA LUMPUR:Â Hardik Jhaveri has been appointed senior director marketing for the South Asean hub at Colgate-Palmolive, marking a return to the consumer goods major after a three year stint with Hill’s Pet Nutrition. He will be based in Kuala Lumpur and will lead marketing strategy for the region.
Jhaveri joins the role after serving as general manager at Hill’s Pet Nutrition in Taipei, where he led a cross functional team and oversaw the business with full profit and loss responsibility. The role placed him at the helm of operations in Taiwan, managing growth in what he described as a start-up style environment within a global multinational.
Before that, Jhaveri spent over a decade with Colgate-Palmolive across several marketing and innovation roles in Asia. As associate director innovation for Apac excluding China, based in Hong Kong, he led new product development and launches across multiple markets.
His portfolio ranged from developing specialised oral care products such as a diabetes focused toothpaste for the Indian market to launching premium oral care experiences under the Colgate Total brand in Australia. Alongside innovation, he also worked on launch planning, brand strategy and communications for the company’s oral care portfolio.
Earlier in his Colgate-Palmolive journey, Jhaveri held roles including marketing manager innovation, senior brand manager and brand manager. His work spanned urban and rural markets in Mumbai and customer development responsibilities in the Greater Kolkata Area.
Prior to his long association with Colgate-Palmolive, Jhaveri worked as brand officer home care at Unilever, where he helped drive marketing initiatives for the Rin detergent brand, including nationwide relaunch and on ground activation campaigns.
He began his career in advertising with Bates David Enterprise, working on brands such as IDBI Bank, The Leela Hotels and The Times of India.
Jhaveri holds a post graduate programme in management from the Indian School of Business and has also completed a level 4 diploma in wine from the Wine & Spirit Education Trust.
Announcing the move, Jhaveri said he is excited to begin his new chapter at Colgate-Palmolive’s South Asean hub and thanked colleagues and mentors who supported his journey at Hill’s Pet Nutrition.
