Adani Wilmar plans to raise Rs 5,000 crore through an initial public offer (IPO). The share sale will make the maker of edible oil and food products the seventh listed entity under the Adani Group. The Adani Group firm is a joint venture between Adani Group and Wilmar International - Singapore, Asia's leading Agri business group.
"They have started work on the draft red herring prospectus," the report said. The firm plans to raise funds through the sale of new shares and the shares held by the JV partners.
"But these are still under discussion, and the numbers could change closer to the filing of the IPO papers," mentioned the report.
Adani Wilmar has the largest range of edible oils comprising soya bean, sunflower, mustard and rice bran, among others.
The firm is the maker of famous Fortune brand of oil.
The company owns more than 40 units that cumulatively translate to a refining capacity of over 16,800 tonnes per day, a seed-crushing capacity of 6,000 tonnes a day and a packaging capacity of 12,900 tonnes per day, according to its website.