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Adani Wilmar IPO to open on 27 January

Price band fixed at Rs 218-230 per share of the face value one rupee each.

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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.

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