Adani Enterprises update on proposed IPO of Adani Wilmar

Adani Enterprises announced that Adani Wilmar (AWL), a 50:50 joint venture company between the Adani group and the Wilmar group, has on 02 August 2021 filed its draft red herring prospectus with the Securities and Exchange Board of India (SEBI) in relation to its proposed Initial Public Offering (the IPO) for listing on BSE and NSE.

AWL is one of the few large FMCG food companies in India to offer most of the essential kitchen commodities for Indian consumers, including edible oil, wheat flour, rice, pulses and sugar under a diverse range of brands across a broad spectrum.

The proposed listing of AWL on the Stock Exchanges will comprise an IPO in the form of fresh issue of new equity shares by AWL for an amount of upto Rs 4500 crore (approximately USD 600 million). There will not be any secondary offering. The net proceeds from the IPO are proposed to be used by AWL for the following purposes:

(1) to fund capital expenditure for expansion of AWL's existing manufacturing facilities and developing new manufacturing facilities;
(2) repayment/prepayment of borrowings;
(3) to fund strategic acquisitions and investments; and
(4) general corporate purposes.

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