Adani Wilmar, Star Health Insurance IPOs get Sebi go-ahead: Report
The initial public offer (IPO) plans of Adani Wilmar and Star Health Insurance have received approval from the Securities and Exchange Board of India (Sebi), according to a report. Adani Wilmar, which is an equal joint venture between Adani Enterprises Ltd and Singapore-based Wilmar International Ltd and the owner of the Fortune brand of edible oils, filed draft documents for its proposed initial public offering in August.
Mint reported last month that the Adani Wilmar IPO, which was put on hold by the markets regulator, is back on track, with Sebi resuming the approval process for the share sale.
According to CNBC TV-18, Adani Wilmar plans to raise ₹4,500 crore through a fresh issue of equity shares. It said that the total IPO size of private-sector insurer Star Health Insurance will be around ₹5,500 crore. Star Health, which is backed by billionaire investor Rakesh Jhunjhunwala, plans to raise ₹2,000 crore via a fresh issue of equity, it added.
The remaining will constitute an offer-for-sale of 60 million shares from its promoters and shareholders and 75 per cent of shares of this IPO will be reserved for qualified institutional buyers (QIBs), 15 per cent for non-institutional bidders and 10 per cent for retail investors.
CNBC TV-18 cited people familiar with the matter as saying that the IPO will value Adani Wilmar at ₹37,500 to ₹45,000 crore and Adani Enterprises’ stake in the company is likely to be valued at ₹18,750 to ₹22,500 crore.
This will be the seventh listed company from Adani Group.
According to the Adani Wilmar draft red herring prospectus (DRHP), Kotak Mahindra Capital, JP Morgan, Bofa Securities, Credit Suisse, ICICI Securities, HDFC and BNP Paribas are the bankers to the issue.