Adani Wilmar IPO Opens, 9% Subscribed Retail Portion

Adani Wilmar IPO Opens, 9% Subscribed Retail Portion.

The Initial Public Offering (IPO) of Adani Wilmar, the major edible oil sector company, has come on the market. The much-awaited IPO of the company opened today i.e. on January 27.

With this, the retail portion of the IPO is subscribed to 9%. Bidding can be done for this till January 31.

The price band of the IPO is Rs 218-230. As far as lot size is concerned, investors can apply for a minimum of 65 shares.

Earlier on Tuesday, Adani Wilmar Limited had raised Rs 940 crore from anchor investors. The company has decided to allot about 4.09 crore equity shares to anchor investors at Rs 230 per share.

Adani Wilmar IPO Opens: The company plans to raise Rs 3,600 crore from the capital market through IPO.

According to the Red Herring Prospectus (RHP), the company proposes to use Rs 1,900 crore for capital expenditure.

Rs 1,058.9 crore for repayment/prepayment of its borrowings, and Rs 450 crore for strategic acquisition and investment funding.

On the financial front, Adani Wilmar Ltd’s revenue rose to Rs 24,957.28 crore in the six months ended Sep in the current fiscal as against Rs 16,273.73 crore in the corresponding period of the previous year.

Profit increased to Rs 357.13 crore from Rs 288.78 crore in the same period.

The company posted a revenue of Rs 37,195.65 crore and a profit of Rs 728 crore in the entire 2020-21 financial year.

The FMCG company that sells cooking oil under the Fortune brand is a 50-50 joint venture between Gautam Adani’s Adani Group and Singapore-based Wilmar Group.

The company sells essential kitchen items for Indian consumers including edible oil, wheat flour, rice, pulses, and sugar.

Omicron heavy on the economy of the world including India, IMF reduced economic growth forecast

Omicron, a new variant of coronavirus infection, can slow down economic growth around the world, including in India.

In such a situation, the International Monetary Fund (IMF) has cut the estimated economic growth rate of India and the world, making changes in the earlier estimate about the economic growth rate.

The IMF on Tuesday slashed India’s economic growth forecast for the current fiscal by 0.5 percentage points to 9 percent.

IMF Chief Economist Gita Gopinath said the slight decline is mainly due to the spread of the Omicron version.