Adani Wilmar Ltd, the equal joint venture between Adani Enterprises Ltd and Wilmar International Ltd, and the owner of the Fortune brand of edible oils to open its IPO on 27th January 2022 and closes on 31st January 2022 with a price band of Rs. 218-230 per equity share. It plans to go listed on February 8 on exchanges. The firm has cut its IPO size to Rs 3,600 crore from Rs 4,500 crore earlier. The proceeds from the issue worth Rs 1,900 crore will be used for capital expenditure, Rs 1,058.90 crore for repayment of debt and Rs 450 crore will be used for funding strategic acquisition and investment.
As of March 2021, the market share of its edible oil stood at 18.3 percent, making Fortune the No 1 edible oil brand in India. For the period ended September 2021, the firm reported a consolidated total income of Rs 24,957.29 crore as against Rs 16,273,73 crore a year ago. Net profit for the period stood at Rs 357.13 crore versus Rs 288.79 crore last year. As of September 2021, the aggregate outstanding borrowings of the firm (on consolidated level) was at Rs 9,191.55 crore. In addition, as of September 30, 2021, it had 36 tolling units across India to cater to the excess demand and ensure its presence across different parts of the country, which produce mustard oil, rice bran oil, wheat flour, rice, pulses, sugar, soya chunks and khichdi with raw materials it provide.