One more company from the Adani group will hit the capital markets. The ₹3,600-crore initial public offering of edible oil major Adani Wilmar opens today for public subscription. The IPO has been priced at ₹218-230 a share, and the market lot is 65 shares.

About 50 per cent of the issue size has been reserved for qualified institutional buyers, 35 per cent for retail investors and 15 per cent for non-institutional investors (HNIs).

Usage of funds

The IPO is entirely a fresh issue, which means no promoters or other shareholders will sell shares in the IPO through offer-for-sale. The public issue proceeds will be used to fund capital expenditure, reduce debt and for acquisitions.

The offer comprises shares worth Rs 107 crore for its employees and ₹360 crore worth of shares for shareholders of the company.

Anchor investors

On Tuesday, Adani Wilmar Ltd had raised Rs 940 crore from anchor investors by allocating around 4.09 crore equity shares at ₹230 apiece.

The investors included Government of Singapore, Monetary Authority of Singapore, Jupiter India Fund, Volrado Venture Partners Fund, Societe Generale, Cohesion MK Best Ideas, Winro Commercial and Dovetail India Fund. Besides, fund houses such as HDFC Mutual Fund, Nippon Life India Trustee, Aditya Birla Sun Life Trustee and Sun Life Excel India Fund also participated in the anchor book.

Adani Wilmar, which sells cooking oils and other food products under the Fortune brand, is a 50:50 joint venture between business conglomerate Adani group and Singapore-based Wilmar.

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