Edible oil manufacturer Adani Wilmar’s initial public
offering (IPO) has opened for subscription today. The issue concludes on
January 31, 2022.

The Rs 3,600 crore Adani Wilmar IPO comprises fresh
equity shares at a price band of Rs 218-230 per share. The company has already
raised Rs 940 crore from anchor investors ahead of its IPO at Rs 230 apiece.
The anchor investors include the likes of the Government of Singapore, Monetary
Authority of Singapore, Societe Generale, Jupiter India Fund, HDFC Mutual Fund
(MF), Nippon India MF, and Aditya Birla Sun Life MF among others.

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On the first day of bidding, Adani Wilmar received bids
for 3.38 crore equity shares against an IPO size of 12.25 crore equity shares,.

The company is aiming to raise Rs 3,600 crore through
public issue of fresh equity shares, including Rs 107 crore for employees and
Rs 360 crore for shareholders of the company.

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From the funds raised, Rs, 1,900 crore will be utilized
for capital expenditure, Rs 1,059 crore for repayment of borrowings, and the
remaining Rs 450 crore for funding strategic acquisitions and investments.

A 50:50 joint venture between the Gautam Adani-led Adani
group and the Singapore-based Wilmar group, Adani Wilmar sells cooking oils and
other  FMCG products such as wheat flour,
soya products, besan, basmati rice, etc. under the brand name ‘Fortune’.
Earlier, the company planned an IPO size of Rs 4,500 crore but later reduced it
to Rs 3,600 crore.

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Adani Wilmar will be the seventh Adani group company to
list on the stock market. Currently, Adani Enterprises, Adani Green Energy,
Adani Power, Adani Total Gas, Adani Transmission, and Adani Ports and Special
Economic Zone (AP-SEZ) are six listed Adani group companies.

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How to subscribe to Adani Wilmar IPO

Investors willing to subscribe to Adani Wilmar IPO can
bid in a lot of 65 equity shares and multiples thereafter. To get a single lot
of Adani Wilmar, investors need to shell out Rs 14,950, at the upper price
band. The shares will be listed on both the Bombay Stock Exchange (BSE) as well
as the National Stock Exchange (NSE).

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Applicants must note that the cut-off time for UPI
mandate confirmation is Tuesday, February 1, 2021, up to 12 pm.

According to the red herring prospectus (RHP), the share
allotment will take place on Thursday, February 3, 2022, and the shares are
expected to be listed on Tuesday, February 8, 2022.

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Link Intime India is the registrar of the IPO. Kotak
Mahindra Capital Company, Credit Suisse Securities (India), J.P. Morgan India,
ICICI Securities, HDFC Bank, BofA Securities India, and BNP Paribas are the
book running lead managers to the offer.