NEW DELHI: The Securities and Exchange Board of India (SEBI) has approved Adani Wilmar’s Rs 4,500 crore initial public offerings (IPOs). Officials aware of the development said that the SEBI approval is given and the formal announcement is likely to come in a day or two.
FMCG major Adani Wilmar, which sells top-selling edible oil brand “Fortune”, is a joint venture between Adani Enterprise and Asian agri business Wilmar International. It plans to raise Rs 4,500 crore via fresh issuance of equity. If listed, it will be the seventh firm to be listed from the Adani group.
The company aims to be the largest food company in India by 2027. Ahead of the IPO, FMCG major Adani Wilmar opened 12 physical stores across six states under the name of Fortune Mart and is planning to start several more outlets in metros, tier-I and tier-II cities. According to the company, the physical stores, which are being launched on a franchise model, will exclusively sell Fortune and other Adani Wilmar brand products. The company had recently launched personal care products, including soap, hand wash, and sanitizers, sold under the brand name Alife.
Officials said even Star Health Insurance, leading private health insurer in India, has also got SEBI nod. With a market share of 15.8%, the insurance company is planning for a Rs 5,500 crore IPO. It will consist of a fresh issue of Rs 2,000 crore and an offer for sale of up to 6,01,04,677 equity shares by existing selling shareholders, including promoters.